MKT 100 MIDTERM EXAM COMPREHENSIVE
STUDY GUIDE WITH SOLUTIONS
◉ Promotion Strategy.
Answer: - Describing the offering and its value to your potential and
current customers
- Covers advertising, sales promotions, public relations, personal
selling, special events, and digital marketing.
- Sometimes it involves educating potential customers about the
value of an offering and sometimes it means simply making
customers aware of where they can find a product.
◉ Place (Distribution) Strategy:.
Answer: - Refers to how and where the product is distributed and
made available. Includes distribution channels (stores, online
platforms, wholesalers, direct-to consumer) and logistics
- Also making sure that the user understands how to get the most
out of the product and is taken care of if he or she requires service
later.
◉ Product Life Cycle.
Answer: 1. Introduction: When the product is developed. Product is
released into the market for the very first time
,2. Growth: Consumers start to take action. They buy the product,
and the product begins to increase in sales
3. Maturity: In this stage, the sales slow down, indicating that the
market has begun to reach saturation
4. Decline: The sales drip at this stage due to change in consumer
behaviour and demand.
◉ Marketing Concept.
Answer: - Focus on consumer wants and needs to distinguish its
offerings from those of its competitors
- Integrate all the organization's activities, including production, to
satisfy customer wants
- Achieve long-term goals for the organization by satisfying
customers wants and needs legally and responsibly
◉ Production Orientation.
Answer: - Beginning in the late 1800s
- Best way to compete was reducing production costs. Companies
thought that good products would sell themselves to customers who
wanted them.
- Ex: Henry Ford's Model A automobile. His production line made the
automobile cheap and affordable for everyone
- Lasted until the 1920s
,◉ Selling Oriented.
Answer: - Believed it was necessary to push their products by
heavily emphasizing aggressive sales techniques. (Push approach)
- Ex: Companies like Fuller Brush Company and Hoover Vacuum
began selling door-to-door.
◉ Product Orientation.
Answer: - Companies believed that a way to compete eas to create
products different from the competition, so they focused on product
innovation
- Companies like Procter & Gamble created many products that
served the same basic function but with a slight twist or difference
in order to appeal to different consumers
◉ Marketing Orientation.
Answer: - Developed from about 1950-1990
- Focusing on the needs of consumers and creating what customers
wanted.
◉ One-to-One Era.
Answer: - Current Era?
- The way to compete is building relationships with customers one
at a time and seek to serve each customer's needs individually.
, ◉ Service Dominant Logic Era.
Answer: - Current Era?
- Approach to business that recognizes that consumers wants value
no matter how it is delivered, whether it's via a product, a service, or
a combination of the two
◉ Key Aspects of Marketing.
Answer: 1. Marketing helps create value
2. Marketing is about satisfying customer needs and wants
3. Marketing always entails an exchange between parties
4. Marketing requires marketing mix decisions
5. Marketing can be performed by both companies and individuals
6. Marketing occurs in many situations
◉ Need.
Answer: - The basic human needs required for survival (food, water,
shelter)
- People also have needs for education, recreation, entertainment.
- Necessary for survival and can be satisfied using any number of
products.
◉ Want.
STUDY GUIDE WITH SOLUTIONS
◉ Promotion Strategy.
Answer: - Describing the offering and its value to your potential and
current customers
- Covers advertising, sales promotions, public relations, personal
selling, special events, and digital marketing.
- Sometimes it involves educating potential customers about the
value of an offering and sometimes it means simply making
customers aware of where they can find a product.
◉ Place (Distribution) Strategy:.
Answer: - Refers to how and where the product is distributed and
made available. Includes distribution channels (stores, online
platforms, wholesalers, direct-to consumer) and logistics
- Also making sure that the user understands how to get the most
out of the product and is taken care of if he or she requires service
later.
◉ Product Life Cycle.
Answer: 1. Introduction: When the product is developed. Product is
released into the market for the very first time
,2. Growth: Consumers start to take action. They buy the product,
and the product begins to increase in sales
3. Maturity: In this stage, the sales slow down, indicating that the
market has begun to reach saturation
4. Decline: The sales drip at this stage due to change in consumer
behaviour and demand.
◉ Marketing Concept.
Answer: - Focus on consumer wants and needs to distinguish its
offerings from those of its competitors
- Integrate all the organization's activities, including production, to
satisfy customer wants
- Achieve long-term goals for the organization by satisfying
customers wants and needs legally and responsibly
◉ Production Orientation.
Answer: - Beginning in the late 1800s
- Best way to compete was reducing production costs. Companies
thought that good products would sell themselves to customers who
wanted them.
- Ex: Henry Ford's Model A automobile. His production line made the
automobile cheap and affordable for everyone
- Lasted until the 1920s
,◉ Selling Oriented.
Answer: - Believed it was necessary to push their products by
heavily emphasizing aggressive sales techniques. (Push approach)
- Ex: Companies like Fuller Brush Company and Hoover Vacuum
began selling door-to-door.
◉ Product Orientation.
Answer: - Companies believed that a way to compete eas to create
products different from the competition, so they focused on product
innovation
- Companies like Procter & Gamble created many products that
served the same basic function but with a slight twist or difference
in order to appeal to different consumers
◉ Marketing Orientation.
Answer: - Developed from about 1950-1990
- Focusing on the needs of consumers and creating what customers
wanted.
◉ One-to-One Era.
Answer: - Current Era?
- The way to compete is building relationships with customers one
at a time and seek to serve each customer's needs individually.
, ◉ Service Dominant Logic Era.
Answer: - Current Era?
- Approach to business that recognizes that consumers wants value
no matter how it is delivered, whether it's via a product, a service, or
a combination of the two
◉ Key Aspects of Marketing.
Answer: 1. Marketing helps create value
2. Marketing is about satisfying customer needs and wants
3. Marketing always entails an exchange between parties
4. Marketing requires marketing mix decisions
5. Marketing can be performed by both companies and individuals
6. Marketing occurs in many situations
◉ Need.
Answer: - The basic human needs required for survival (food, water,
shelter)
- People also have needs for education, recreation, entertainment.
- Necessary for survival and can be satisfied using any number of
products.
◉ Want.
