MAR 3023 EXAM 1 |59 QUESTIONS WITH SOLUTIONS
What is marketing? - -Product development to satisfy unmet consumer needs
-Great Marketing (3 things) - -1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
-Marketing Defininition - -The process by which companies determine what products or
services may be of interest to customers and the strategy to use in sales, communications
and business development
-Simple Trade Era - -(Pre-1860's) Products were made by hand, grown, or traded in small
quantites. It lasted up until the Industrial Revolution
-Production Era - -(Pre-1920's) Demand exceeded supply. Model T, demand was there so
Ford could afford to make one color. Inward focus, technical development
-Sales Era - -(1920's) Sell what we make. "Changing their minds". Focus on: aggressive
promotion (vaccuum). Short term profit maximization
-Marketing Era - -(1940's-1990's) Customers became the central focus of the organization.
Make what we sell
-Relationship Marketing Era - -(1920's-2010) Long term relations and customer retention.
Rewards Cards. Chick fil a and Disney
-Societal Marketing Era - -(1960's-present) Green Marketing. Add society's best interest
into the mix. Corporate social repsonsibility. Firm now serves 3 entities (stockholders,
customers, society)
-The 4 P's - -Product: speaks to customers needs
Place: makes products avalible in quantities desired
Promotion: inform individuals or groups about the organizaition and its product services
(adverstising, public relations, personal selling, promotions, gorilla marketing, viral
marketing)
Pricing: decisions and actions associated with establishing pricing objectives and policies
-Popular macro-marketing strategies - -Creating (value, relationships), segmenting
markets, identifying opportunities
-Value - -difference between what you have to pay versus what your getting in return
(value meal)
-Market opportunity - -where circumstances and timing meet to create strategic windows
, -Core competencies - -things a firm does well
-Warren Buffet - -Berkshire Hathaway
-Berkshire Hathaway - -Geico, Heinz, Dairy Queen, Fruit of the Loom
-Pepsi - -Mountain Dew, 7UP, Sobe, Aquafina, Frito Lay, Tropicana, Quaker, Gatorade
-SWOT - -Strengths, weakness, opportunity, threat
-SBU - -Strategic business unit: a division or unity within a larger parent company
-Origins of Marketing Strategy - -Mission satement, coporate strategy, business unit
strategy, marketing strategy, 4 P's
-Market share - -% of a market that actually buys a specific product. Apple has 81% of the
digital music player industry
-BCG Grid - -Star, cash cow, ?, dog
Cash cow- 2015 iPod for apple
Star- 2005 iPod
?- 2005 Sony mp3 player
Dog- 2015 Zune mp3 player
-What is the key to internal marketing? - -Empowerment: giving employees the power to
act immediately, decisively, and without fear in oder to attain satisfaction and delight.
Nordstrom
-Environmental forces - --Competitive
-Economic
-Legal and regulatory
-Political
-Technological
-Sociocultural
-Types of competitors - --Brand (coke vs pepsi)
-Product (coke vs red bull)
-Generic (publix brand)
-Total budget (coke vs candy bar)
-Monopoly - -when an organization has no competitors so that it is the sole source of
supply
-Oligopoly - -when a few sellers control supply, usually due to entry barriers
What is marketing? - -Product development to satisfy unmet consumer needs
-Great Marketing (3 things) - -1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
-Marketing Defininition - -The process by which companies determine what products or
services may be of interest to customers and the strategy to use in sales, communications
and business development
-Simple Trade Era - -(Pre-1860's) Products were made by hand, grown, or traded in small
quantites. It lasted up until the Industrial Revolution
-Production Era - -(Pre-1920's) Demand exceeded supply. Model T, demand was there so
Ford could afford to make one color. Inward focus, technical development
-Sales Era - -(1920's) Sell what we make. "Changing their minds". Focus on: aggressive
promotion (vaccuum). Short term profit maximization
-Marketing Era - -(1940's-1990's) Customers became the central focus of the organization.
Make what we sell
-Relationship Marketing Era - -(1920's-2010) Long term relations and customer retention.
Rewards Cards. Chick fil a and Disney
-Societal Marketing Era - -(1960's-present) Green Marketing. Add society's best interest
into the mix. Corporate social repsonsibility. Firm now serves 3 entities (stockholders,
customers, society)
-The 4 P's - -Product: speaks to customers needs
Place: makes products avalible in quantities desired
Promotion: inform individuals or groups about the organizaition and its product services
(adverstising, public relations, personal selling, promotions, gorilla marketing, viral
marketing)
Pricing: decisions and actions associated with establishing pricing objectives and policies
-Popular macro-marketing strategies - -Creating (value, relationships), segmenting
markets, identifying opportunities
-Value - -difference between what you have to pay versus what your getting in return
(value meal)
-Market opportunity - -where circumstances and timing meet to create strategic windows
, -Core competencies - -things a firm does well
-Warren Buffet - -Berkshire Hathaway
-Berkshire Hathaway - -Geico, Heinz, Dairy Queen, Fruit of the Loom
-Pepsi - -Mountain Dew, 7UP, Sobe, Aquafina, Frito Lay, Tropicana, Quaker, Gatorade
-SWOT - -Strengths, weakness, opportunity, threat
-SBU - -Strategic business unit: a division or unity within a larger parent company
-Origins of Marketing Strategy - -Mission satement, coporate strategy, business unit
strategy, marketing strategy, 4 P's
-Market share - -% of a market that actually buys a specific product. Apple has 81% of the
digital music player industry
-BCG Grid - -Star, cash cow, ?, dog
Cash cow- 2015 iPod for apple
Star- 2005 iPod
?- 2005 Sony mp3 player
Dog- 2015 Zune mp3 player
-What is the key to internal marketing? - -Empowerment: giving employees the power to
act immediately, decisively, and without fear in oder to attain satisfaction and delight.
Nordstrom
-Environmental forces - --Competitive
-Economic
-Legal and regulatory
-Political
-Technological
-Sociocultural
-Types of competitors - --Brand (coke vs pepsi)
-Product (coke vs red bull)
-Generic (publix brand)
-Total budget (coke vs candy bar)
-Monopoly - -when an organization has no competitors so that it is the sole source of
supply
-Oligopoly - -when a few sellers control supply, usually due to entry barriers
