Mktg 301 Study guides, Class notes & Summaries

Promotion correct answers Short term incentives to bring customers back or have them sign up for the first time (how you communicate to your customer about a product/service) • Ex: bounce back- Papa John's coupons on the pizza box (lead to higher loyalty) Promotion Mix: Goals correct answers • To persuasively communicate customer value and build customer relationships • To deliver a clear, consistent, and compelling message o Ex: Chipotle's integrity • Integrated Marketing Comm...

Promotion Mix correct answers The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. (How you convey your message) Promotion Mix parts (5) correct answers 1. Advertising 2. Sales promotion 3. Personal selling 4. Public relations 5. Direct marketing Advertising correct answers Any paid form of non-personal presentation and promotions of ideas, goods, or services by identified sponsor Sales promotion cor...

Strategic Planning correct answers Strategy = a matching process between external and internal factors internal = organizations goals and capabilities (focuses on publics, competitive advantage) external = Marketing Opportunities (focuses on consumer trends, economy, nature) Steps in Strategic Planning correct answers 1. Define the company mission statement (corporate) 2. Setting company objectives and goals (corporate) 3. Designing the business portfolio (corporate) 4. Planning m...

Marketing correct answers process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return The Marketing Concept correct answers a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do Types of Products correct answers physical objects, people, organizations, places, information Selling (S...

Mission Statement correct answers -A statement of the organization's purpose -What is our business? Who is the customer and what do they value? What are our core competencies? What should our business be? -Good mission statements are market oriented, specific, realistic, motivating, and illustrative of distinctive competencies Strategic Planning (Internal/External) correct answers Internal- organization's goals and capabilities External- marketing opportunities Strategy is a matching pr...

Hershey and Mars (the maker of M&Ms) offer tasty chocolate at affordable prices. However, they also contribute to a national obesity epidemic that harms consumer health. This statement is indicative of an ABSENCE of a _____ philosophy in their operations. A. marketing concept B. product concept C. production concept D. societal marketing concept E. new-idea correct answers societal marketing concept The marketing concept: A. is the same as the production concept. B. includes generating...

marketing correct answers the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return needs correct answers states of felt deprivation wants correct answers the form human needs take as they are shaped by culture and individual personality demands correct answers human wants that are backed by buying power market offerings correct answers some combination of products, services, information, or ex...

Hershey and Mars (the maker of M&Ms) offer tasty chocolate at affordable prices. However, they also contribute to a national obesity epidemic that harms consumer health. This statement is indicative of an ABSENCE of a _____ philosophy in their operations. correct answers Societal Marketing Concept The marketing concept: correct answers includes generating profits through customer satisfaction Customers can be classified into four relationship groups, according to their profitability and pr...

price correct answers the amount of money charged for a product or service, or the sum of all the values that customers exchange for the benefits of having or using the product or service value-based pricing correct answers uses the buyer's perceptions of value rather than the seller's cost (example: Burberry or other luxury brands) cost-based pricing correct answers sets prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort ...

Hershey and Mars (the maker of M&Ms) offer tasty chocolate at affordable prices. However, they also contribute to a national obesity epidemic that harms consumer health. This statement is indicative of an ABSENCE of a _____ philosophy in their operations. A. marketing concept B. product concept C. production concept D. societal marketing concept E. new-idea - Answers societal marketing concept The marketing concept: A. is the same as the production concept. B. includes generating profi...