BUS 343 Introduction to Marketing
Midterm exam prep with possible
questions and answer Simon Fraser
University
,What is Marketing? - --- Creating value for customers
- Satisfying needs and wants
- Building strong customer relationships
Goals of Marketing - --- Attract new customers
-Keep and grow current customers
4 P's of Marketing - --Product, Price, Place, Promotion
The 5 Step Marketing Process - --Research, Design strategy, Implement, Monitor/Control,
Equity
Research - --The 5 Step Marketing Process: Understand the marketplace and customer needs
and wants
Design Strategy - --The 5 Step Marketing Process: Design a customer driven marketing strategy
Implement - --The 5 Step Marketing Process: Construct an integrated marketing program that
delivers superior value
Monitor/Control - --The 5 Step Marketing Process: Build profitable relationships and create
customer delight
Equity - --The 5 Step Marketing Process: Capture value from customers to create profits and
customer equity
, Consumers' Basic Needs - --Physical, Social, Individual
Physical - --Consumers' Basic Needs: Food, clothing, warmth, safety
Social - Basic Needs - --Consumers' Basic Needs: Belonging, affiliation
Individual - --Consumers' Basic Needs: Self-esteem, self-expression, knowledge
Strategic Planning - --the process of developing and maintaining a strategic fit between the
company's goals and capabilities and its changing marketing opportunities
Mission Statement - --a statement of the organization's purpose - what it wants to accomplish
in the larger environment
SWOT analysis - --strengths, weaknesses, opportunities, threats
Internal - Strengths - --SWOT analysis: internal capabilities that may help a company reach its
objectives
Internal - Weaknesses - --SWOT analysis: Internal limitations that may interfere with a
company's ability to achieve its objectives
External - Opportunities - --SWOT analysis: External factors that the company may be able to
exploit to its advantage
Midterm exam prep with possible
questions and answer Simon Fraser
University
,What is Marketing? - --- Creating value for customers
- Satisfying needs and wants
- Building strong customer relationships
Goals of Marketing - --- Attract new customers
-Keep and grow current customers
4 P's of Marketing - --Product, Price, Place, Promotion
The 5 Step Marketing Process - --Research, Design strategy, Implement, Monitor/Control,
Equity
Research - --The 5 Step Marketing Process: Understand the marketplace and customer needs
and wants
Design Strategy - --The 5 Step Marketing Process: Design a customer driven marketing strategy
Implement - --The 5 Step Marketing Process: Construct an integrated marketing program that
delivers superior value
Monitor/Control - --The 5 Step Marketing Process: Build profitable relationships and create
customer delight
Equity - --The 5 Step Marketing Process: Capture value from customers to create profits and
customer equity
, Consumers' Basic Needs - --Physical, Social, Individual
Physical - --Consumers' Basic Needs: Food, clothing, warmth, safety
Social - Basic Needs - --Consumers' Basic Needs: Belonging, affiliation
Individual - --Consumers' Basic Needs: Self-esteem, self-expression, knowledge
Strategic Planning - --the process of developing and maintaining a strategic fit between the
company's goals and capabilities and its changing marketing opportunities
Mission Statement - --a statement of the organization's purpose - what it wants to accomplish
in the larger environment
SWOT analysis - --strengths, weaknesses, opportunities, threats
Internal - Strengths - --SWOT analysis: internal capabilities that may help a company reach its
objectives
Internal - Weaknesses - --SWOT analysis: Internal limitations that may interfere with a
company's ability to achieve its objectives
External - Opportunities - --SWOT analysis: External factors that the company may be able to
exploit to its advantage
