GSB 524 Midterm Study Guide
Questions and answers
(verified for accuracy)
What is Marketing? - answer Marketing is the existential question of every
organization: What are we, and what aren't we, exactly?
Every organization engages in some level of marketing.
Marketing determines what the firm is, what the firm is not, and exactly what
that means.
Marketing determines what is sold, where it is sold, how much it costs, and
how consumers find it
What differentiates Marketing's role from that of other areas of the firm? -
answer Marketing is the only revenue-generating area in an organization.
What are the 4 P's of Marketing? - answer 1. Product: What product/service
are we offering and why?
2. Price: How much money (and effort) should a product cost?
3. Placement: Where will we sell the product/service and why?
4.Promotion: How do we make consumers aware of the product/service?
What are the eras of Marketing? - answer The Production Era
The Sales Era
The Relationship Era
The Triple Bottom Line Era
,The Production Era - answer - Dominated by production orientation
- A management philosophy that emphasizes the most efficient ways to
produce and distribute products
- Marketing played an insignificant role
- Henry Ford's Model T and Ivory soap are examples of products that were
created under a production orientation
The Sales Era - answer - When product availability exceeds demand,
businesses may focus on one-time sales of goods rather than repeat
business
- Dominated by selling orientation
- Managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
The Relationship Era - answer - Focused on a customer orientation
- A management philosophy that emphasizes satisfying customer's needs
and wants
- Marketing becomes more important in the firm
- Total Quality Management (TQM) is widely followed in the marketing
community
The Triple Bottom Line Era - answer - Make money and a contribution
- Focuses on building long-term bonds with customers
- Triple orientation seeks to maximize the financial, social, and environmental
bottom lines
- Social marketing concept:
- Management philosophy that marketers must satisfy customers' needs in
ways that also benefit society and deliver value to the firm
- As governments have become less able and/or willing to maintain well
being, firms have felt pressure to do so instead
- Sustainability:
, - Creating products that meet present needs and ensuring that future
generations can have their needs met- Green marketing is one type of
sustainable business practice
What are the causes of the evolution of marketing era to era? - answer
Production - How to make as much stuff as possible
Selling - How to sell as much as possible
Relationship - Firms have competition, need to differentiate themselves and
focus on customers
Triple Bottom Line - Make a profit, provide a benefit to society, protect the
environment
What is greenwashing? - answer Overwhelming people with sustainable
things, pushing sustainability
What is a sustainable competitive advantage and what are some examples
of products or services that you would consider to have an SCA? - answer
Sustainable: able to be maintained at a certain rate or level; able to be
upheld or defended
Competitive: as good as or better than others of a comparable nature
Advantage: condition or circumstance that puts one in a favorable or
superior position
What would be an example of the different kinds of SCA? - answer Price -
Operational Excellence (ex: iPhone)
Product - Product Excellence (ex: Rolex)
Placement - Locational Excellence (ex: McDonalds)
Promotions - Customer Excellence (ex: Geico)
What is the Boston Consulting Group matrix and what are examples for each
category? - answer Stars (highest growth and share) - iPhone
Questions Marks (high growth, low share) - Apple TV
Questions and answers
(verified for accuracy)
What is Marketing? - answer Marketing is the existential question of every
organization: What are we, and what aren't we, exactly?
Every organization engages in some level of marketing.
Marketing determines what the firm is, what the firm is not, and exactly what
that means.
Marketing determines what is sold, where it is sold, how much it costs, and
how consumers find it
What differentiates Marketing's role from that of other areas of the firm? -
answer Marketing is the only revenue-generating area in an organization.
What are the 4 P's of Marketing? - answer 1. Product: What product/service
are we offering and why?
2. Price: How much money (and effort) should a product cost?
3. Placement: Where will we sell the product/service and why?
4.Promotion: How do we make consumers aware of the product/service?
What are the eras of Marketing? - answer The Production Era
The Sales Era
The Relationship Era
The Triple Bottom Line Era
,The Production Era - answer - Dominated by production orientation
- A management philosophy that emphasizes the most efficient ways to
produce and distribute products
- Marketing played an insignificant role
- Henry Ford's Model T and Ivory soap are examples of products that were
created under a production orientation
The Sales Era - answer - When product availability exceeds demand,
businesses may focus on one-time sales of goods rather than repeat
business
- Dominated by selling orientation
- Managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
The Relationship Era - answer - Focused on a customer orientation
- A management philosophy that emphasizes satisfying customer's needs
and wants
- Marketing becomes more important in the firm
- Total Quality Management (TQM) is widely followed in the marketing
community
The Triple Bottom Line Era - answer - Make money and a contribution
- Focuses on building long-term bonds with customers
- Triple orientation seeks to maximize the financial, social, and environmental
bottom lines
- Social marketing concept:
- Management philosophy that marketers must satisfy customers' needs in
ways that also benefit society and deliver value to the firm
- As governments have become less able and/or willing to maintain well
being, firms have felt pressure to do so instead
- Sustainability:
, - Creating products that meet present needs and ensuring that future
generations can have their needs met- Green marketing is one type of
sustainable business practice
What are the causes of the evolution of marketing era to era? - answer
Production - How to make as much stuff as possible
Selling - How to sell as much as possible
Relationship - Firms have competition, need to differentiate themselves and
focus on customers
Triple Bottom Line - Make a profit, provide a benefit to society, protect the
environment
What is greenwashing? - answer Overwhelming people with sustainable
things, pushing sustainability
What is a sustainable competitive advantage and what are some examples
of products or services that you would consider to have an SCA? - answer
Sustainable: able to be maintained at a certain rate or level; able to be
upheld or defended
Competitive: as good as or better than others of a comparable nature
Advantage: condition or circumstance that puts one in a favorable or
superior position
What would be an example of the different kinds of SCA? - answer Price -
Operational Excellence (ex: iPhone)
Product - Product Excellence (ex: Rolex)
Placement - Locational Excellence (ex: McDonalds)
Promotions - Customer Excellence (ex: Geico)
What is the Boston Consulting Group matrix and what are examples for each
category? - answer Stars (highest growth and share) - iPhone
Questions Marks (high growth, low share) - Apple TV
