UTK Marketing 300 Exam 1 Questions and
Answers
modern marketing - -creation, delivery, and communication of value to a specific set of
customers at a specific price.
-needs - -states of felt deprivation.
-wants - -form taken by human needs when shaped by culture and individual personality
-demands - -human wants that are backed by buying power
-production concept - --holds that customers will favor products that are available and
affordable.
-focus on high speed efficiency and distribution
-product concept - --holds that customers will favor products with the most quality,
performance, and features.
-focus on product development & research development
-selling concept - --consumers will not buy enough products without a large
sales/promotion effort.
-focus on advertising/promotion and large sales force
-marketing concept - --achieving goals depends on knowing wants/needs of target
audience and delivering desired product better than the competitors do.
-societal marketing concept - --companies should consider consumer wants, the
companies requirements, consumer long-term interest, and society's long-term interest.
-marketing myopia - -pay more attention to a specific products than tp the benefits and
experiences produced.
-marketing - -process by which companies engage customers, build strong relationships,
and create customer value in order to capture value from customers in return.
-What are the 3 levels of strategy? - -corporate, strategic business units (SBUs), and
tactical (operational level).
-steps in strategic planning - -defining the company mission -->
setting company objectives and goals -->
designing the business portfolio -->
*****planning, marketing, and other
strategic functions*****
, -The BCG Growth Matrix - -High market growth rate / High relative market share = STAR
High market growth rate / Low relative market share = QUESTION MARK
Low market growth rate / High relative market share = CASH COW
Low market growth rate / Low relative market share =DOG
-Product/Market Expansion Grid - -IN ORDER OF RISK
(#1) Existing Marketing / Existing Products = MARKET PENETRATION
(#2) New Market / Existing Products =
MARKET DEVELOPMENT
(#3) Existing Marketing / New Products =
PRODUCT DEVELOPMENT
(#4) New Market / New Products =
DIVERSIFICATION
-market segmentation - -dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require separate products or
marketing programs
-market segment - -group of customers who respond in a similar way given a set of
marketing efforts
-market targeting - -evaluating each market segment's attractiveness and selecting one or
more segments to enter
-differentiation - -actually differentiating the market offering to create superior customer
value. (once the company has taken this position, it must take strong steps to deliver and
communicate that position to target customers).
-positioning - -arranging for a product to occupy a clear, distinctive, and desirable place
relative to competing products in the minds of the target consumers.
-Marketing Information System - -consists of people and procedures for:
1. assessing information needs
2. developing the needed information
3. helping decision makers to use the information
4. to generate and validate actionable customer and market insights
Answers
modern marketing - -creation, delivery, and communication of value to a specific set of
customers at a specific price.
-needs - -states of felt deprivation.
-wants - -form taken by human needs when shaped by culture and individual personality
-demands - -human wants that are backed by buying power
-production concept - --holds that customers will favor products that are available and
affordable.
-focus on high speed efficiency and distribution
-product concept - --holds that customers will favor products with the most quality,
performance, and features.
-focus on product development & research development
-selling concept - --consumers will not buy enough products without a large
sales/promotion effort.
-focus on advertising/promotion and large sales force
-marketing concept - --achieving goals depends on knowing wants/needs of target
audience and delivering desired product better than the competitors do.
-societal marketing concept - --companies should consider consumer wants, the
companies requirements, consumer long-term interest, and society's long-term interest.
-marketing myopia - -pay more attention to a specific products than tp the benefits and
experiences produced.
-marketing - -process by which companies engage customers, build strong relationships,
and create customer value in order to capture value from customers in return.
-What are the 3 levels of strategy? - -corporate, strategic business units (SBUs), and
tactical (operational level).
-steps in strategic planning - -defining the company mission -->
setting company objectives and goals -->
designing the business portfolio -->
*****planning, marketing, and other
strategic functions*****
, -The BCG Growth Matrix - -High market growth rate / High relative market share = STAR
High market growth rate / Low relative market share = QUESTION MARK
Low market growth rate / High relative market share = CASH COW
Low market growth rate / Low relative market share =DOG
-Product/Market Expansion Grid - -IN ORDER OF RISK
(#1) Existing Marketing / Existing Products = MARKET PENETRATION
(#2) New Market / Existing Products =
MARKET DEVELOPMENT
(#3) Existing Marketing / New Products =
PRODUCT DEVELOPMENT
(#4) New Market / New Products =
DIVERSIFICATION
-market segmentation - -dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require separate products or
marketing programs
-market segment - -group of customers who respond in a similar way given a set of
marketing efforts
-market targeting - -evaluating each market segment's attractiveness and selecting one or
more segments to enter
-differentiation - -actually differentiating the market offering to create superior customer
value. (once the company has taken this position, it must take strong steps to deliver and
communicate that position to target customers).
-positioning - -arranging for a product to occupy a clear, distinctive, and desirable place
relative to competing products in the minds of the target consumers.
-Marketing Information System - -consists of people and procedures for:
1. assessing information needs
2. developing the needed information
3. helping decision makers to use the information
4. to generate and validate actionable customer and market insights
