exam 1 (1,2,3)

Question 1

what is marketing?

Answer 1

Marketing is the activity, set of
institutions, and processes for creating,
communicating, delivering, and
exchanging offerings that have value
for customers, clients, partners, society
at large” (AMA approved 2017)

Question 2

what are the marketing 4Ps?,what do they each do?

Answer 2

1.Product – creating blank
2.Promotion – communicating blank
3.Place – delivering blank
4.Price – exchanging blank

Question 3

what is the Marketing mix? What are the 4 Ps again? notes*

Answer 3

The controllable set of
decisions or activities that the
firm uses to respond to the
wants of its target markets

• product price promotion place

*Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the marketing mix.

Question 4

What does Product in marketing mix mean?

Answer 4

Product in marketing mix means
‘creating value’ through
developing
- Product features and benefits,
- Service related to the product, &
- Branding

Question 5

What do ideas include?
What does marketing create and how?
bicyle safety example *

Answer 5

Ideas include thoughts,
opinions and
philosophies, etc.

Marketing creates value
by promoting ideas, such
as bicycle safety.

*In the example promoting bicycle safety, the exchange of value occurs when the children listen to the sponsors’ presentation and wear their helmets while bicycling, which means they have adopted, or become “purchasers” of, the safety idea that the group marketed.

Question 6

What is price? Why must a price be determined?

Answer 6

Price is everything a buyer pays in exchange
for the product or service.

Question 7

what is part of place within the marketing 4 Ps?

Answer 7

“Distribution” channel is one of marketing mix.
It is also called PLACE in marketing 4 Ps.

Question 8

What are/what do distribution channels deal with ? (3 types of flow)(how do they flow)

Answer 8

Distribution channels deal with flows of product,
information, and money.

There are:
Product flow: manu to distri channel to end customer
Money flow: end customer to distr to manu
Information flow: manu to/from dist to/from end customer

Question 9

communicating the value of promotion(when does marketing communication take place)

Answer 9

Any time the consumer (or relevant
stakeholders) encounters the brand,
marketing communication can take
place.

Question 10

Progress check:
What is the def of marketing?
What are the 4 components of the marketing mix?

Answer 10

1. Marketing is the activity, set of institutions, and processes for creating , communicating,delivering,and exchanging offerings that have value for customers ,clients,partners,society at large.”
   2.product ,price,place , promotion

Question 11

Marketing Evolution: (the order) hint 5 **

Answer 11

Production to Sales to Marketing to Value-based marketing to Tech augmented marketing

*Marketing has been through several eras. This exhibit graphically represents the changes over time from an emphasis on production to one based on value-based marketing.

The production-oriented era took place around the turn of the 20th century, when most firms believed a good product would sell itself.

In the sales-oriented era, production and distribution techniques became more sophisticated and supply outpaced demand. Firms found an answer to overproduction by focusing on sales.

Question 12

what is value based marketing about?, How to increase perceived value customer value? (ex: theres a lipstick) *

Answer 12

• Value-based marketing is about satisfying customer needs
  and wants and providing a good (perceived) value to
  customers.
• A good value doesn’t necessarily mean inexpensive.
• How to increase perceived value customer value?
   Increase product benefit
   Increase service benefit
   Increase brand benefit
   Reduce price

ex:The
Hermès lipstick costs several
times the amount of a lipstick
purchased at a drug or discount
store. But its customers derive
its value based on Hermès
exclusivity and reputation.

*When Hermès ventures into a new market, such as by introducing lipsticks, it features the same design, production, and ingredient standards that it would apply to anything it makes. Hermès insists on high-quality production processes. In developing its new lipstick line, the company under-went two years of dedicated research and development. It wants to establish its reputation and image as a company that consumers can trust to provide them with the highest quality, regardless of what they purchase.

Some customers are willing to pay asking prices for all types of personal care products at all price levels because to those individuals what they get for what they give is a good value.

Question 13

What is the definition of marketing adopted by AMA in 2017?
a)Marketing is the act of satisfying and retaining customers.
b)Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, society at large.
c)Marketing is the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
d)Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses.

Answer 13

b) Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, society at large.

Question 14

What are the four components of the marketing mix?
a)Product, Process, Project, Promotion
b)Product, Price, Place, Promotion
c)Project, Product, Process, Presence
d)Project, Proposal, Progress, Program

Answer 14

b)Product, Price, Place, Promotion

Question 15

What are the sequence of different marketing eras?
a)Tech augmented –> Sales –> Marketing –> Production –> Value-based
b)Production –> Sales –> Marketing –> Value-based –> Tech augmented
c)Production –> Marketing –> Sales –> Value-based –> Tech augmented
d)Tech augmented –> Marketing –> Sales –> Production –> Value-based

Answer 15

b)Production –> Sales –> Marketing –> Value-based –> Tech augmented

Question 16

[True/False] Providing a good value means always selling at a low price?

Answer 16

false

Question 17

Value-based marketing is
a)about satisfying customer needs and wants and providing a good (perceived) value to customers.
b)about satisfying customer needs and wants only.
c)about satisfying customer needs and wants but not providing a good (perceived) value to customers

Answer 17

a)about satisfying customer needs and wants and providing a good (perceived) value to customers.

Question 18

Marketing strategy

1.can be defined as STP but not marketing mix.
2.includes mainly decisions about product, price, communication and place.
3.is about identifying opportunities and implementing marketing mix.
4.is the reason why the business exists.

Answer 18

3.is about identifying opportunities and implementing marketing mix.

Question 19

If the primary business objective is to increase profit by ten percent, what is an effective action toward this goal?

1.Start a new product line.
2.Spend more on marketing and product design.
3.Increase return on marketing expenses.
4.Do not change anything, eventually the profits will increase with time.

Answer 19

3.Increase return on marketing expenses.

Question 20

Marketing strategy should be built on

1. internal weaknesses and external threats.
2. Internal weaknesses and external opportunities.
   3.internal strengths and external opportunities.
   4.internal strengths but not external opportunities.

Answer 20

3.internal strengths and external opportunities.

Question 21

[True/False] Performance metrics are used to explain why things happened and also project the future.

Answer 21

true

Question 22

___ is one of marketing performance metrices which helps to project the future performance.
1.Customer satisfaction
2.Revenue
3.Sales units
4.Total discounted amount

Answer 22

1.Customer satisfaction

Question 23

What are the most appropriate sequence of creating marketing plan?
1.Business mission and objectives –> Situation analysis –> STP –> Marketing mix
2.Marketing mix –> Business mission and objectives –> STP –> Situation analysis
3.STP –> Business mission and objectives –> Marketing mix –> Situation analysis
4.Situation analysis –> Marketing mix –> STP –> Business mission and objectives

Answer 23

1.Business mission and objectives –> Situation analysis –> STP –> Marketing mix

Question 24

What do the four quadrants of the portfolio analysis represent?
1.Stars, cash cows, question marks, dogs
2.Market penetration, market development, diversification, product development
3.Strengths, weaknesses, opportunities, threats
4.Introduction, growth, saturation, decline

Answer 24

1.Stars, cash cows, question marks, dogs

Question 25

When you decide to increase sales by focusing on current market with current product, you are pursuing ___________________ strategy. 1.market penetration 2.market development 3,product development 5,diversification

Answer 25

1.market penetration

Question 26

What type of strategy is growing the business from existing customers? 1.Product development and market penetration 2.Market penetration and diversification 3.Market development and product development 4.Diversification and market development

Answer 26

1.Product development and market penetration

Question 27

Which growth strategy is the riskiest? 1.Diversification 2,Market penetration 3.Market development 4.Product development

Answer 27

1.Diversification

Question 28

What are the 4 Es in digital marketing? Excite, Educate, Experience, Engage Entry, Exit, Execute, Exercise Exercise, Endure, Exceed, Excel Enter, Engage, Engineer, Entertain

Answer 28

Excite, Educate, Experience, Engage

Question 29

Kiley saw an ad on Facebook that asked followers to post a picture of themselves wearing their favorite pair of Keds sneakers. Ten winners would be selected from the submissions and would receive a coupon for a free pair of Keds. The objective of this digital marketing plan was to educate the customer about the shoes. engage with the company’s digital platform. express opinions about the shoes. excite the customer about the shoes.

Answer 29

excite the customer about the shoes.

Question 30

Alain wants to upgrade his look before a job interview. A friend tells him about a men's clothing line that allows potential customers to virtually try on suits and see what looks best. It even offers an interactive "custom fit" feature. After checking out his options, Alain takes his measurements and orders a suit without ever leaving his office. Virtually trying on a suit best describes which of the 4E framework objectives? energize experience excite educate engage

Answer 30

experience

Question 31

Digital contents a.include text, graphic but not video. b.must be in alignment with target market but not positioning. c.should use appropriate keywords to improve organic and paid search. .do not influence google search results.

Answer 31

should use appropriate keywords to improve organic and paid search.

Question 32

What type of information do companies analyze when conducting sentiment analysis? shipment tracking data sales forecasts bounce rates customer comments

Answer 32

customer comments

Question 33

how does marketing create value? (4) *what is value to marketing?what do value oriented marketers do?

Answer 33

-adding value -marketing analytics -social and mobile marketing -ethical and societal marketing - *Value is central to marketing. Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings. They use available customer data to find opportunities to satisfy their customers’ needs better, keep down costs, and develop long-term loyalties.

Question 34

____ are pervasive in marketimg

Answer 34

Ethical issues are pervasive in marketing

Question 35

when do ethical challenges arise *what is there in addition to personal ethical challenges?

Answer 35

An ethical challenge arises when there is a conflict between one or more of stakeholder groups. Investors (what do they want?) Customers Employees Suppliers Government/community *In addition to personal ethical challenges, there is organizational ethical challenges.

Question 36

True or false “Ethical challenges in business increase when there is a mismatch between expectations and abilities.” True or false “A firm primarily engaged in acquiring customers is at greater risk of acting in an unethical fashion than one seeking growth from existing customers.”

Answer 36

true. both

Question 37

what are some ethical challenges in 4P decisions(4)

Answer 37

Product failures Price discrimination and fixing Chanel manipulation False advertising ...

Question 38

Whats marketing strategy? (3)

Answer 38

A firm’s target market, marketing mix, and method of obtaining a sustainable competitive advantage. or A marketing strategy identifies (1) a firm’s target market(s), (2) a related marketing mix (its four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage.

Question 39

Marketing plan process (3 phases,5 steps) segmentation is , an implementation*

Answer 39

planning phase 1.Define the Business Mission and Objectives 2.Conduct a Situation Analysis (swot analysis) --------------------------------- implementation phase + marketing strategy 3.Identify and Evaluate Opportunities Using Segmentation, Targeting, and Positioning (STP) *After completing the situation analysis, the next step is to identify and evaluate opportunities for increasing sales and profits using STP (segmentation, targeting, and positioning). With STP, the firm first divides the marketplace into subgroups or segments, determines which of those segments it should pursue or target, and finally decides how it should position its products and services to best meet the needs of those chosen targets. *When a firm decides which segments to pursue, it must determine how it wants to be positioned within those segments Market positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. 4.Implement Marketing Mix and Allocate Resources(product,price,place,promotion) *In the fourth step of the planning process, marketers implement the actual marketing mix—product, price, promotion, and place—for each product and service on the basis of what they believe their target markets will value. At the same time, marketers make important decisions about how they will allocate their scarce resources to their various products and services. -------------------------------- control phase  5.Evaluate Performance Using Marketing Metrics

Question 40

what are metrics used for? what are the 2 performance metrics?

Answer 40

Metrics are used to explain why things happened and also to project the future. Financial performance metrices - Sales units - Revenue - Gross profit Marketing performance metrices - Market share - Customer satisfaction - Customer loyalty - Customer retention rate - Brand awareness - Brand perception - Purchase intent - Website traffic - Product reviews

Question 41

Portfolio analysis (BCG matrix)who was it developed by ?(remember in class activity) explain the 4 types in the grid

Answer 41

One of the most popular portfolio analysis methods, developed by the Boston Consulting Group (BCG), requires that firms classify all their products or services into a two-by-two matrix <- relative market share Stars Question Mark (market share^) Cash Cow Dog One of the most popular portfolio analysis methods, developed by the Boston Consulting Group (BCG), requires that firms classify all their products or services into a two-by-two matrix. Stars (upper left quadrant) occur in high-growth markets and are high market share products. That is, stars often require a heavy resource investment in such things as promotions and new production facilities to fuel their rapid growth. Cash cows (lower left quadrant) are in low-growth markets but are high market share products. Because these products have already received heavy investments to develop their high market share, they have excess resources that can be spun off to those products that need it.  Question marks (upper right quadrant) appear in high-growth markets but have relatively low market shares; thus, they are often the most managerially intensive products in that they require significant resources to maintain and potentially increase their market share. Dogs (lower right quadrant) are in low-growth markets and have relatively low market shares. Although they may generate enough resources to sustain themselves, dogs are not destined for “stardom” and should be phased out unless they are needed to complement or boost the sales of another product or for competitive purposes. 

Question 42

Growth strategies (4 types) Cases: pepsi co, hertz,marvel studio *

Answer 42

1.Market penetration (current products and services & markets) 2.Product development (new products and services & current markets) 3.Market development(current products and services & new market development) 4.Diversification(new products and services & new markets) *The growth strategies model is crucial for students to understand. Fundamentally, all strategies involve one or a combination of the four factors pictured in this slide. Each can be used to achieve different objectives.

Question 43

in general one brand needs to have one ______

Answer 43

In general, one brand needs to have one marketing strategy (STP & Marketing Mix)

Question 44

if you have multiple brands, you need to do ____

Answer 44

portfolio analysis

Question 45

what is star, question mark, cash cow, and dog stand for?

Answer 45

star: consolidate/expand question mark: invest/improve or divest cashh cow: harvest dog: divest

Question 46

do portfolio analysis in practice ( explain it in a graph) x/y axis. what is "relative market share"

Answer 46

y axis: market growth rate x axis: relative market share star is top right question mark is top left cash cow is bottom right dog is bottom left Relative market share is the market share (or revenue) divided by the market share of the largest competitor in the sector

Question 47

bcg matrix practice: Brand A: sales rev is $200 mil, mgr is 40%,rms is 1.5 Brand B:sales rev is $1 bil, mgr is 5%,rms is 2.0 Brand C:sales rev is $100 mil, mgr 30%,rms is 0.1

Answer 47

A= star/consolidate B=cash cow/harvest C=Question mark/invest/improve or divest

Question 48

whats market penetration ,marvelexamples and what are market penetration strategies

Answer 48

* Current product or service. Current markets. * Marvel used a market penetration strategy by expanding the distribution of its films: * Theaters. * YouTube, Google Play, Apple TV, Amazon Prime, Disney+, Vudu * DVDs (in a variety of retail locations). Market Penetration Strategies * Encourage current users to consume more of the current product * Coupons, loyalty cards, or serving size changes (for example, value package). * Acquire new customers to the business

Question 49

Product Development ands new/current, marvel examples

Answer 49

* New product or service. Current markets. * Marvel launched several successful series on Netflix, including Jessica Jones, The Defenders, Iron Fist, and Luke Cage *The third growth strategy option, a product development strategy, offers a new product or service to a firm’s current target market.

Question 50

Market Development, whats current/new, marvel examples, what are market dev strategies

Answer 50

* Current product or service. New markets. * Marvel pursues such a market development strategy when it enhances the viewing of its movies by expanding into more global markets. Market Development Strategies * Targeting growing ethnic groups in the U.S. * Global expansion

Question 51

whats new/current of diversification, related/unrelated diversification (marvel examples) (whats diversification strategy,related/unrelated diversifcation)

Answer 51

* New product or service. New markets. * Related vs. unrelated diversification. * Marvel has pursued related diversification with its home décor. * If Marvel ventured into the child day care service industry, it would be an unrelated diversification because it is so different from its core business and therefore very risky. *A diversification strategy introduces a new product or service to a market segment that currently is not served. Diversification opportunities may be either related or unrelated. In a related diversification opportunity, the current target market and/or marketing mix shares something in common with the new opportunity. In other words, the firm might be able to purchase from existing vendors, use the same distribution and/or management information system, or advertise in the same newspapers to target markets that are similar to their current consumers. In contrast, in an unrelated diversification, the new business lacks any common elements with the present business.

Question 52

what are the 4 Es in digital marketing?

Answer 52

excite, educate,experience,engage * Excite customers with relevant offers. * Educate them about the offering. * Help them experience products or services. * Give them an opportunity to engage with the firm’s digital marketing activities.

Question 53

what are the 7C online marketing framework? what does the framework do

Answer 53

This framework encompasses seven critical elements that marketers must consider carefully when devising an online marketing strategy and designing websites and blogs to target and appeal to both potential and current customers Core goals, Contextual elements, Content, Connection Community, Communication, Commerce,

Question 54

what is the wheel of Social media engagement (5,ICNDT) *

Answer 54

(information, connected, network, dynamic, Timeliness) *Firms work hard to engage customers, and social media provide them with unique abilities to target and participate in dynamic conversations with individual customers, leading to excellent returns on their investments in social media efforts.

Question 55

engagement Process (Listen-Analyze-Do)

Answer 55

Listen: * Listening helps determine digital marketing objectives and strategies. * Sentiment analysis allows marketers to analyze and determine consumers attitudes and preferences *From a market research point of view, companies can learn a lot about their customers by listening to (and monitoring) what they say on their social networks, blogs, review sites, and so on.  Analyze: sentiment analysis -Sentiment analysis focuses on the polarity of a text (positive, negative, neutral) -It also goes beyond polarity to detect specific feelings and emotions (angry, happy, sad, etc), urgency (urgent, not urgent) -Analysis of social media comments Do: * Even the greatest analysis has little use if firms fail to implement what they have learned from analyzing their social and mobile media activity. * Develop and implement campaigns using social media or other marketing actions.

Question 56

what is influencer marketing

Answer 56

* A marketing strategy that uses opinion leaders, popular on social media, to drive marketing messages to a targeted audience. * Firms hire (or encourage) these well-known names to promote brand messages to their networks of followers. Big-time influencers like Ariana Grande have millions of followers and can command almost a million dollars for a sponsored post. *Influencer marketing is a strategy that uses opinion leaders, popular on social media, to drive marketing messages to a targeted audience. Firms hire (or encourage) these well-known names to promote brand messages to their networks of followers.

Question 57

whats excite the customer about (within 4 es) (2 example)

Answer 57

Use digital offers to excite customers! ex:Lush Cosmetics encourages customers to post pictures of themselves using its products on social media by promising that if they use #LushLife, they might find themselves featured on its official page. *To excite customers, an offer must be relevant to its targeted customer. Relevancy can be achieved by providing personalized offers, which are determined through insights and information obtained from customer relationship management and/or loyalty programs.

Question 58

whats educate the customer (within 4Es) example

Answer 58

Educate customers about the value and benefits of product/service. Digital marketing is very effective for promoting ideas. To educate women about how to perform breast self-exams, the #KnowYourLemons campaign posted pictures of a dozen lemons to teach people about 12 shapes and lumps they should be looking for when they themselves for cancer each month. *By engaging in appropriate education, marketers are expanding the overlap of the benefits that they provide with the benefits that customers require.

Question 59

whats experience the product or service (within 4Es) example

Answer 59

Digital marketing offers experience-based information. Sephora maintains its own YouTube channel with dedicated videos that make product recommendations for specific occasions like date night. *One of a website’s most useful contributions may be the vivid information it provides about a firm’s goods and services—how they work, how to use them, and where they can be obtained.

Question 60

whats engage the customer about within 4 Es, example, what are some ways customers can be encouraged to engage? what do positively engaged consumers tend to do?how abt negatively? IHOP/IKEA

Answer 60

Let customers engage with firm and its own social networks. IKEA engages customers with its “Kreative” app that enables customers to select an item from its catalog and then, by using the camera within the app, visualize the item in their home or office. * Encourage customers to use social media tools such as blogging and microblogging * Offer customers ways to actively engage with the firm’s products, services, and their own social networks. * Positively engaged consumers tend to be more profitable consumers, purchasing 20 to 40 percent more than less engaged customers do. * But negative engagement has the potential to be even more damaging than positive engagement is beneficial. *When IHOP temporarily re-branded itself to as IHOb to introduce burgers. It experienced an enormous increase in social media mentions, ensuring substantial awareness of its new menu offerings.

Question 61

core goals(online marketing goal should be ____ )

Answer 61

part of 7C online marketing framework * The basis of any marketing strategy is its goals. * Online marketing goal should be SMART. (Any marketing goal should be SMART). specific; measureable; achievable; relevant; time-based *SMART - Specific - Measurable - Achievable - Relevant, and - Time-bound

Question 62

contextual elements

Answer 62

part of 7C online marketing framework * Consistent color & font * Navigation * Must be in alignment with the target market. The contextual elements, such as its design, of LEGO’s website is in alignment with its young target market.

Question 63

content (what does it include, what must it be aligned with)

Answer 63

part of 7C online marketing framework * Text, graphic, video and audio * Must be in alignment with the target market and positioning. * Devise appropriate keywords to improve organic search. * Keyword choice should be based on positioning.

Question 64

community *(whats a blog/webblog,microblog,personal blog)

Answer 64

part of 7C online marketing framework * Allow customers to interact. * Blog (weblog) * Personal blog * Professional blog * Corporate blog * Microblogs (e.g., Twitter) *Blog (weblog): an online diary with periodic posts that allows people to share their thoughts, opinions, and feelings with the entire world; corporate blogs are a new form of marketing communications. Microblog: differs from a traditional blog in size. Consists of short sentences, short videos, or individual images. Twitter is an example of a microblog. Personal blog: website created by and usually for individuals, with relatively few marketing implications.

Question 65

communication * (how do companies use it with customer and for what)

Answer 65

part of 7C online marketing framework * Provide a mechanism for customers to communicate with the firm. Live chat, instant message, telephone, or email Live chat Live chat requires a human agent to be available to respond in real time. This solution is best suited for situations where a personal approach is needed, such as customer support or sales. Chatbots Chatbots can operate without the need for human intervention, or they can reduce it to a minimum. Chatbots are best suited for automating simple tasks, answering FAQs, or providing information. *The communication vehicles that appear on any website or blog determine how effectively the firm can interact with, educate, and engage site visitors.

Question 66

commerce * (sephora ex)

Answer 66

part of 7C online marketing framework * Customers want a range of online purchase options. - Website purchase - Mobile app purchase * Desktop usage is greater, and conversion rates higher, for online purchases. * The most loyal customers use multiple channels. *Although Sephora has long maintained a good reputation for its interactive website, the company remains in constant pursuit of a strategy that enables it to reach both current and potential new customers through the most channels at the most frequent times. Its mobile app, Sephora to Go, encourages customers to sign up for the loyalty program and create a Beauty Insider account, which grants them a mobile version of their loyalty card. They can check their loyalty points at any time, as well as redeem them however they wish. Furthermore, users of the to Go app can engage in any activity they would pursue in stores. The close alignment across these channels provides a seamless experience.

Question 67

connection(what does it get customers to do? what are some online strategies for connections),connection=?

Answer 67

part of 7C online marketing framework * To get customers to interact and connect with the firm continuously and in a positive manner * Connection = Engagement *Call-to-action buttons such as Buy Now, Learn More, or Show Your Support encourage visitors to delve deeper into a website, to explore other pages and, in general, spend more time on the site.

Question 68

whats the influencer marketing chain of events(4) *

Answer 68

brand and its message > influencer> influencers followers>impact *If the goal is to prompt sales, the firm needs to determine whether the influencer is the source of a subsequent purchase by one of his or her followers, a measurement that is difficult to accurately obtain. Exhibit 3.8 depicts how a company can use an influencer to broadcast its message to its network and ultimately influence the followers’ purchases.

Question 69

what are the ethical considerations for influencer (3)*

Answer 69

Fraudulent Influence * The incentive to boost follower numbers accordingly has led to various unethical behaviors. Disclosing Advertising * If an influencer is being paid to promote a product, that information should be clear in the post. Sincerity * Effective influence attempts require followers to believe that the influencer actually likes and appreciates the product. --------- *Several ethical situations have arisen with the growth of influencer marketing. These concerns involve not only fraud committed by influencers seeking to falsely represent their reach and relevance but also issues with whether posts are clearly labeled as advertising and whether the promotions are sincere.

Question 70

whats the information effect (part of 5 parts of wheel of social media engagement) * (what must a firm do with info)

Answer 70

* Social media generate and circulate A LOT OF information about the firm and its brands. What can a firm do? (1) Try to understand what’s going on (2) Feed information (How about interjecting a humorous advertisement into a social network?) *Information—whether because it is funny, cute, instructive, surprising, or interesting—is the key to turning the wheel. But the relevance of the information, and therefore its impact, depends on its context and the receiver. Marketers work hard to provide information that is somehow contextually relevant, such as interjecting a humorous advertisement into a social network of users who like to joke around and share funny pictures. As we think further about the information effect and the incredible magnitude of information being conveyed through reviews, Facebook posts, tweets, Snaps, and so on, it raises the question: What can and should marketers do with all of it? The amount of information available can be overwhelming, even for the best marketers. Even when they know a lot about potential customers, marketers continue to find it challenging to create appeals that consumers embrace and to leverage the information they obtain from consumers in ways that encourage shoppers to purchase from them.

Question 71

whats the connected effect (part of 5 parts of wheel of social media engagement) *

Answer 71

Social media satisfy humans’ innate need to connect with other people. *This connection in social media is bidirectional: People learn what their friends are interested in, but they also broadcast their own interests and opinions to those friends. Humans seek connections to other people, and social media have provided them with a new, easy, and engaging way to do so.

Question 72

whats the network effect * (part of wheel of sm engagement)

Answer 72

social media may spread news and information instantaneously globally. *The network effect is the outcome of social media engagement in which every time a firm or person posts information, it is transferred to the poster’s vast connections across social media, causing the information to spread instantaneously.  One way that companies can extend their network effects is by paying celebrities or pseudo-celebrities with large followings (i.e., bigger networks), hiring them to write posts about or upload pictures with their products. Discuss examples of YouTube celebrities or popular people on Instagram who they know write sponsored posts about different products.

Question 73

dynamic effect (part of 5 parts of wheel of social media engagement) *whats are 2 ways there’s impact of dynamic effect

Answer 73

Social media provide dynamic effect - Information is exchanged to network participants through back-and-forth communications. *The impact of the dynamic effect of social media engagement is twofold. First it describes the way in which information is exchanged to network participants through back-and-forth communications in an active and effective manner. Second, the dynamic effect expands the impact of the network effect by examining how people flow in and out of networked communities as their interests change

Question 74

whats the timeliness effect (part of 5 parts of wheel of social media engagement)

Answer 74

* Social media deal with timely matters, current issues. What must firms do? * Firms must engage with the customer at the right place and time. * Responding in a timely manner can impact customers’ buying intentions. *The timeliness effect of social media engagement is concerned with the firm being able to engage with the customer at the right place and time—that is, 24/7 from any location. To be effective, firms must, in fact, respond quickly, or the timeliness effect benefit diminishes. 

Question 75

hydro flask ch 1 case *

Answer 75

The shift, from people in the past rarely even carrying water to modern consumers rarely being without their own bottles, is largely a result of marketing efforts. For example, health-related campaigns have encouraged consumers to drink more water. The environmentally driven effort to get people to stop using single-use plastic bottles for their water has been a long and continuing process, but more responsible uses are clearly spreading throughout society.

Question 76

progress check * What is the definition of marketing? What are the four components of the marketing mix?

Answer 76

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, society at large” Product, price, place, and promotion

Question 77

ch 1 how do companies utilize marketing analytics

Answer 77

Companies collect massive amounts of data about how, when, why, where, and what people buy. *Modern marketers rely on sophisticated data analytics to define and refine their approaches to their customers and their markets. Companies such as Starbucks, CVS, Kroger, Netflix, and Amazon collect massive amounts of data about how, when, why, where, and what people buy, and then analyze those data to inform their choices. 

Question 78

* True or false“Ethical challenges in business increase when there is a mismatch between expectations and abilities.”

Answer 78

true

Question 79

*True or false“A firm primarily engaged in acquiring customers is at greater risk of acting in an unethical fashion than one seeking growth from existing customers.”

Answer 79

true

Question 80

* If we spend more time and resources marketing cigarettes and alcohol than health clubs and language learning software...........

Answer 80

If we spend more time and resources marketing cigarettes and alcohol than health clubs and language learning software, we can reasonably expect that use of “vice” products might increase, while use of “virtuous” products might decrease.

Question 81

progress check 2 * 1.What are the various eras of marketing? 2.Value-based marketing? 3.Does providing a good value mean selling at a low price?

Answer 81

1.Production, Sales, Marketing, Value-Based, Tech-augmented . 2.Value-based marketing is about satisfying customer needs and wants and providing a good (perceived) value to customers. 3.Value-based marketing isn’t just about low price, it is also about creating strong product, service and brand.

Question 82

what is strategy? *

Answer 82

Strategy? - a plan for military operations and movements during a war or battle. - a plan of action or policy designed to achieve a major or overall aim.

Question 83

ch 2 : *PepsiCo --- Guilt-free category --- 45%, why did they release guilt free snacks

Answer 83

PepsiCo profits boosted by sales of “guilt-free” snacks and drinks as the company tries to appeal to more health-conscious customers. PepsiCo notes consumer trends, such as an increasing interest in healthy options, demands for more variety in flavors, and growing globalization in consumption. PepsiCo continues to innovate and expand in its efforts to circumvent competition and hold on to its market share.

Question 84

whats a mission statement * (ex: coke and pepsi have dif ones)

Answer 84

The mission statement, a broad description of a firm’s objectives and the scope of activities it plans to undertake, attempts to answer two main questions: What type of business are we? What do we need to do to accomplish our goals and objectives? PepsiCo’s Mission Statement emphasizes the global nature of its products, while Coke’s evokes emotions like happiness.

Question 85

* whats used to set corpoate goals (hint: 5 letters)

Answer 85

The above goal criteria can be useful for setting corporate goal. A related conventional wisdom is ”Goal should be SMART” S: Specific M: Measurable A: Attainable R: Realistic T: Time dependent

Question 86

how do firms conduct a situational analysis? what do they offer and how can it be *

Answer 86

A firm would perform a situation analysis using a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats. A SWOT analysis is comprehensive, in that it offers both an internal and an external assessment. The firm therefore must possess expertise in both what the firm can provide and what the market wants the firm to provide. Consider how PepsiCo might conduct a SWOT analysis, as outlined in the table. We focus on PepsiCo here, but we also recognize that its marketing managers might find it helpful to perform parallel analyses for competitors, such as Coca-Cola. 

Question 87

progress check * 1.What are the five steps in creating a marketing plan? 2.What is STP? 3.What do the four quadrants of the portfolio analysis represent?

Answer 87

1.Business mission and objectives, situation analysis, identify opportunities (STP), implement marketing mix, evaluate performance using marketing metrics. 2.Segmentation, Targeting, Positioning 3.Stars, Cash Cows, Question Marks, Dogs

Question 88

progress check 1What are the four growth strategies? 2What type of strategy is growing the business from existing customers? 3.Which strategy is the riskiest?

Answer 88

1.Market penetration, market development, product development, diversification 2.Product development and market penetration 3.Diversification

Question 89

We spend time A LOT with mobile & social * (on avg how long is someone on it per day)

Answer 89

- “Me time” - Socialize - Accomplish - Prepare - Discover - Express * On average we spend 3.5 hour screen time per day. Some research say ~ 9 hours screen time for teens.

Question 90

is this a smart goal? "We need to raise the conversion rate for our landing page by 15% within the next five months by redesigning the landing page and updating the copy."

Answer 90

*Specific: I want to convert more visitors into leads by revamping our current landing page and rewriting the page copy. Measurable: We are shooting for a 15% rise in conversions. Achievable/Aspirational: Improving conversation rates will give our sales team more marketing-qualified leads to work with. Realistic/Relevant: We have the resources to meet this goal. This landing page generated higher conversions in the past, but the numbers have declined for a while. The last time we redesigned our landing page, we got a 10% uptick in conversions. Time-based: In the next five months.

Question 91

whats search engine marketing and paid search? *

Answer 91

Search engine marketing (SEM): an activity used in online searches to increase the visibility of a firm by using paid searches to appear higher up in search results. Paid search: a method used by firms to appear higher up in the search results of a search engine. The position on the search page is based on a fee charged by the search engine, and often an additional fee is charged every time a user clicks on the entry.

Question 92

progress check 1.What are the 4 Es? 2.Describe the components of the 7C online marketing framework. 3.Differentiate between organic and paid search.

Answer 92

1. Excite the Customer, Educate the Customer, Experience the Product or Service, Engage the Customer 2. Core Goals: the basis of any marketing strategy is its goals; Context Elements: contextual elements such as design and navigation must be in alignment with the target market(s); Content: marketers must continually monitor the content they share digitally to ensure that the information is relevant to their target market(s) and positioning; Community: firms also use their websites and blogs actively to allow their customers to interact, socialize, share information, and create a sense of community by posting comments, reviews, responses, images, videos, and suggestions for new products or services; Communication: Digital communities rely on clear, helpful, meaningful content; Commerce: when it comes to actual purchases, consumers exhibit varying preferences for the types of digital marketing tools they want to use; Connection: online marketing activities are geared to get customers to interact and engage with the firm continuously and in a positive manner.  3. Organic search is the process of listing web page results based on the relevancy of key terms. Paid search is a method used by firms to appear higher up in the search results of a search engine. The position on the search page is based on a fee charged by the search engine, and often an additional fee is charged every time a user clicks on the entry.

Question 93

assessing the efficacy of influencers(what is relevance,reach,response,return)

Answer 93

Relevance - The notion of relevance encompasses both the focal influencer and her or his followers (i.e., targeted audience) and how they link with the brand and its message. Reach - The general concept of reach refers to the percentage of a target population exposed to a specific marketing communication at least once. Response - Once followers engage with the message, the brand also needs them to go further and respond in ways that benefit it. Return - Return on investment (ROI)