MBA 706 CHEN: EXAM 1 CORRECT
100%
What is marketing? - ANSWER- Helps to build brand equity and the company
reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
Marketing management framework - ANSWER- 5Cs, STP, and 4Ps
- Interdependent
5Cs - ANSWER- Who?
- Customer
- Company
- Context
- Collaborators
- Competitors
STP - ANSWER- Why/How?
- Segmentation
- Targeting
- Positioning
What can be marketed? - ANSWER- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Product/production orientation - ANSWER- Focus on building a better gadget
- Ford Model T
Sales orientation - ANSWERFocus on convincing the custom that your product
works the best for them
Customer orientation - ANSWERFocus on identifying customers wants before
formulating attractive solutions
Evolution of modern marketing - ANSWER- Product/production orientations > Sales
orientation > Customer orientation
- Degree of customization increased from product to customer orientation
, 4Ps - ANSWER- What?
- Product
- Price
- Place
- Promotion
Patterns of consumer behavior - ANSWER- Phases consumers go through when
making a purchase
- Different kinds of purchases that consumers make
- How consumers sense and perceive, become motivated, form attitudes, and make
decisions
- The cultural differences that influence consumers
Purchase process - ANSWER- Pre-purchase
- Purchase
- Post-purchase
Pre-purchase - ANSWER- Identify need/want
- Search for solutions
- Consideration set
Puchase - ANSWER- Narrow consideration se
- Decide on retail channel
Post-purchase - ANSWER- Customer satisfaction
- Likelihood of repeat
- Generate word of mouth
High involvement - ANSWER- B2C: Specialty
- B2B: New buy
- Action: Needs research and serious thought
- Less price sensitivity
- Brand communities and events
- Word of mouth
- Selective distribution
- Provide consumers with information
Marketing science of consumer behavior - ANSWER- Sensation and perception
- Learning, memory, and emotions
- Motivation
- Attitudes
- Behavioral economics
Purchase process users - ANSWER- B2B and B2C
- The amount of time spent on particular stage depends of what is being bought
Purchase types - ANSWER- Consumer
100%
What is marketing? - ANSWER- Helps to build brand equity and the company
reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
Marketing management framework - ANSWER- 5Cs, STP, and 4Ps
- Interdependent
5Cs - ANSWER- Who?
- Customer
- Company
- Context
- Collaborators
- Competitors
STP - ANSWER- Why/How?
- Segmentation
- Targeting
- Positioning
What can be marketed? - ANSWER- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Product/production orientation - ANSWER- Focus on building a better gadget
- Ford Model T
Sales orientation - ANSWERFocus on convincing the custom that your product
works the best for them
Customer orientation - ANSWERFocus on identifying customers wants before
formulating attractive solutions
Evolution of modern marketing - ANSWER- Product/production orientations > Sales
orientation > Customer orientation
- Degree of customization increased from product to customer orientation
, 4Ps - ANSWER- What?
- Product
- Price
- Place
- Promotion
Patterns of consumer behavior - ANSWER- Phases consumers go through when
making a purchase
- Different kinds of purchases that consumers make
- How consumers sense and perceive, become motivated, form attitudes, and make
decisions
- The cultural differences that influence consumers
Purchase process - ANSWER- Pre-purchase
- Purchase
- Post-purchase
Pre-purchase - ANSWER- Identify need/want
- Search for solutions
- Consideration set
Puchase - ANSWER- Narrow consideration se
- Decide on retail channel
Post-purchase - ANSWER- Customer satisfaction
- Likelihood of repeat
- Generate word of mouth
High involvement - ANSWER- B2C: Specialty
- B2B: New buy
- Action: Needs research and serious thought
- Less price sensitivity
- Brand communities and events
- Word of mouth
- Selective distribution
- Provide consumers with information
Marketing science of consumer behavior - ANSWER- Sensation and perception
- Learning, memory, and emotions
- Motivation
- Attitudes
- Behavioral economics
Purchase process users - ANSWER- B2B and B2C
- The amount of time spent on particular stage depends of what is being bought
Purchase types - ANSWER- Consumer
