Si Chen Exam 1 MBA 706
_______ are the tools that firms can use/manipulate to achieve their goals and are the foundation of the marketing
framework - ANS -traditional 4ps
\"The means by which a company can identify its own strengths and weaknesses as they relate to external opportunities
and threats. It is thus a way of helping management to select a position in that environment based on known factors. -
ANS -marketing audit
\A process which covers the full spectrum of activities firms use in order to understand environmental changes and their
implications.
An integral part of the ongoing process by which companies develop, implement, control and review strategies and plans
at both the corporate and the business unit levels. - ANS -formal environmental scanning
\a set of marketing tools that the firm uses to pursue its marketing objectives in the target - ANS -Marketing mix
\CCDVTP Stands for - ANS -This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
\Companies which fail to identify ____ will suffer a loss of opportunity, market share or competitive advantage - ANS
-strategic windows
-ex. swiss watch industry
\competence is ___ term - ANS -short
\Competitive advantage ____ over time, _____ to their competitors, ___ absolute - ANS -sustain over time, relative to
their competitors, not absolute
-Usually firms will have more than 1 competitive advantage in order to succeed in a market.
, -ex. Walmart, Ikea, Southwest have a sustainable competitive advantages.
\Competitors are influenced by - ANS -consumers and external environment
\Costs associated with selling goods - ANS -costs
\Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and ultimately the profitability of the firm. - ANS
-who; how many
\Define "open technology" or "open innovation" - ANS -From Philip Kotler: Find the best ideas, wherever they come from!
\determined by consumers. They will consider price (budget), product itself (utilities), place (physical energy required),
promotion (budget), competitor's offerings, & other factors. - ANS -Quantity
\Economic, demographic, technological, political, legal, social and cultural factors. - ANS -Marco environment
\focus on tailoring products and services in response to groups and individual consumer needs - ANS -time based
competition
\focuses on large groups of consumers trying to predict there behavior - ANS -mass marketing
\focuses on satisfying indidvual consumer needs and wants - ANS -one to one marketing
\If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition we would get: - ANS -Product
-->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
\In a very simple economic model: a retailer's profits = - ANS -sales revenue - costs
\list some examples of additional 4ps - ANS -personnel, personality of a store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
\list the Marketing Shift of Focus - ANS -- mass marketing
- just in time
- time based competition
- one to one marketing
\Marketing entails an exchange of what? - ANS -Money, goods, information
\Marketing strategy assesses what? (4) - ANS -•Organizational capabilities
_______ are the tools that firms can use/manipulate to achieve their goals and are the foundation of the marketing
framework - ANS -traditional 4ps
\"The means by which a company can identify its own strengths and weaknesses as they relate to external opportunities
and threats. It is thus a way of helping management to select a position in that environment based on known factors. -
ANS -marketing audit
\A process which covers the full spectrum of activities firms use in order to understand environmental changes and their
implications.
An integral part of the ongoing process by which companies develop, implement, control and review strategies and plans
at both the corporate and the business unit levels. - ANS -formal environmental scanning
\a set of marketing tools that the firm uses to pursue its marketing objectives in the target - ANS -Marketing mix
\CCDVTP Stands for - ANS -This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
\Companies which fail to identify ____ will suffer a loss of opportunity, market share or competitive advantage - ANS
-strategic windows
-ex. swiss watch industry
\competence is ___ term - ANS -short
\Competitive advantage ____ over time, _____ to their competitors, ___ absolute - ANS -sustain over time, relative to
their competitors, not absolute
-Usually firms will have more than 1 competitive advantage in order to succeed in a market.
, -ex. Walmart, Ikea, Southwest have a sustainable competitive advantages.
\Competitors are influenced by - ANS -consumers and external environment
\Costs associated with selling goods - ANS -costs
\Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and ultimately the profitability of the firm. - ANS
-who; how many
\Define "open technology" or "open innovation" - ANS -From Philip Kotler: Find the best ideas, wherever they come from!
\determined by consumers. They will consider price (budget), product itself (utilities), place (physical energy required),
promotion (budget), competitor's offerings, & other factors. - ANS -Quantity
\Economic, demographic, technological, political, legal, social and cultural factors. - ANS -Marco environment
\focus on tailoring products and services in response to groups and individual consumer needs - ANS -time based
competition
\focuses on large groups of consumers trying to predict there behavior - ANS -mass marketing
\focuses on satisfying indidvual consumer needs and wants - ANS -one to one marketing
\If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition we would get: - ANS -Product
-->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
\In a very simple economic model: a retailer's profits = - ANS -sales revenue - costs
\list some examples of additional 4ps - ANS -personnel, personality of a store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
\list the Marketing Shift of Focus - ANS -- mass marketing
- just in time
- time based competition
- one to one marketing
\Marketing entails an exchange of what? - ANS -Money, goods, information
\Marketing strategy assesses what? (4) - ANS -•Organizational capabilities
