MKTG 451 EXAM 1_114 QUESTIONS WITH
VERIFIED ANSWERS
- power shift to customers
-massive increase in product selection
-audience and media fragmentation
-changing value proposition
-privacy, security and ethical concerns
-unclear legal jurisdiction - CORRECT ANSWER The Challenges and opportunities
of marketing in today’s economy
Marketers help firms design and deliver products that meet customer needs -
CORRECT ANSWER What is the purpose of marketing?
Good, service, idea, person, company, and industry - CORRECT ANSWER What is a
product?
-Two or more parties
-Desire and ability to satisfy these needs
-Something to exchange
-A way for the parties to communicate - CORRECT ANSWER Marketing requires
corporate, business, functional - CORRECT ANSWER Levels of strategy
Top management makes overall strategy for entire firm
,Supply chain: work with suppliers to help procure products that will give you
economy of scale
Cut down on costs and produce products that have fast turnover. Don't sit on the
shelf - CORRECT ANSWER Corporate level of strategy
managers set direction for products and create opportunities - CORRECT ANSWER
Business level strategy
Group of specialists set strategic direction for their departments ex) HR, Finance,
Ramp’d, marketing managers - CORRECT ANSWER Functional level of strategy
the study of the internal and external factors that affect marketing strategies -
CORRECT ANSWER Situation Analysis (SWOT)
internal, customers, firms external - CORRECT ANSWER SWOT summarizes info
about 3 key environments
SWOT analysis
Marketing goals and objectives
Marketing strategy
Marketing implementation
Evaluation and control - CORRECT ANSWER Marketing plan structure
, A written document that provides the blueprint or outline of the organizations
marketing activities, including the implementation, evaluation and control of
those - CORRECT ANSWER Marketing Plan
Answers "what business are we in" where we are now and why we exist
-Clear and concise
-Explains the organizations reason for existence - CORRECT ANSWER Mission
Statement
Answers "what do we want to become" where do we see ourselves
-Tends to be future oriented
-Represents where the organization is headed - CORRECT ANSWER Vision
Statement
Aggregates buyers into groups that:
• Have common needs
• Will respond similarly to a marketing action
• Targeting involves choosing a market segment to which marketing will be
directed
• Effective positioning: using humor, stand out against competition - CORRECT
ANSWER Market Segmentation
turning marketing strategies and plans into marketing actions to accomplish
strategic marketing objectives - CORRECT ANSWER Marketing Implementation
VERIFIED ANSWERS
- power shift to customers
-massive increase in product selection
-audience and media fragmentation
-changing value proposition
-privacy, security and ethical concerns
-unclear legal jurisdiction - CORRECT ANSWER The Challenges and opportunities
of marketing in today’s economy
Marketers help firms design and deliver products that meet customer needs -
CORRECT ANSWER What is the purpose of marketing?
Good, service, idea, person, company, and industry - CORRECT ANSWER What is a
product?
-Two or more parties
-Desire and ability to satisfy these needs
-Something to exchange
-A way for the parties to communicate - CORRECT ANSWER Marketing requires
corporate, business, functional - CORRECT ANSWER Levels of strategy
Top management makes overall strategy for entire firm
,Supply chain: work with suppliers to help procure products that will give you
economy of scale
Cut down on costs and produce products that have fast turnover. Don't sit on the
shelf - CORRECT ANSWER Corporate level of strategy
managers set direction for products and create opportunities - CORRECT ANSWER
Business level strategy
Group of specialists set strategic direction for their departments ex) HR, Finance,
Ramp’d, marketing managers - CORRECT ANSWER Functional level of strategy
the study of the internal and external factors that affect marketing strategies -
CORRECT ANSWER Situation Analysis (SWOT)
internal, customers, firms external - CORRECT ANSWER SWOT summarizes info
about 3 key environments
SWOT analysis
Marketing goals and objectives
Marketing strategy
Marketing implementation
Evaluation and control - CORRECT ANSWER Marketing plan structure
, A written document that provides the blueprint or outline of the organizations
marketing activities, including the implementation, evaluation and control of
those - CORRECT ANSWER Marketing Plan
Answers "what business are we in" where we are now and why we exist
-Clear and concise
-Explains the organizations reason for existence - CORRECT ANSWER Mission
Statement
Answers "what do we want to become" where do we see ourselves
-Tends to be future oriented
-Represents where the organization is headed - CORRECT ANSWER Vision
Statement
Aggregates buyers into groups that:
• Have common needs
• Will respond similarly to a marketing action
• Targeting involves choosing a market segment to which marketing will be
directed
• Effective positioning: using humor, stand out against competition - CORRECT
ANSWER Market Segmentation
turning marketing strategies and plans into marketing actions to accomplish
strategic marketing objectives - CORRECT ANSWER Marketing Implementation
