exam 1

Question 1

Marketing Plan Steps

Answer 1

1. business mission and objective
2. situational analysis - SWOT
3. Identify Opportunities (segmentation, targeting, and positioning)
4. Implement Marketing Mix (product, price, place, promotion
5. evaluate performance using marketing metrics

Question 2

What is marketing?

Answer 2

Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Question 3

marketing has evolved over time

Answer 3

production, sales, marketing, digital

Question 4

PESTEL Analysis (situational analysis)

Answer 4

Political
Economic
Social
Technological
Environmental
Legal

Question 5

the 6-C framework

Answer 5

-Context: What cultural, technological, and legal factors limit what is possible?
-company: What special skills, competencies, and assets does the organization bring to the task of creating and keeping customers?
-collaborators: which suppliers can partner with the firm in its effort to attract and keep customers, and how they can be enlisted and motivated to participate as desired?
- competitors: Who else seeks to create and keep the same customers? What capabilities do firms bring and what are their aspirations? What is their blueprint for competing?
- customers: What is the decision-making process? Who is the decision-making unit? What are the customers’ purchase and usage pattern?
category: What is happening in each of the categories the company competes in?

Question 6

SWOT analysis

Answer 6

strengths, weaknesses, opportunities, threats

Question 7

marketing is an exchange by both _____ and _____

Answer 7

individuals and organizations

Question 8

SMART corporate objectives

Answer 8

SPECIFIC (Defined and focused)
MEASURABLE (Quantifiable)
ATTAINABLE (Realistic)
RELEVANT (Current Contexts)
TIME-BOUND (Beginning and End)

Question 9

sustainable competitive advantage

Answer 9

customer value–> customer excellence–> locational excellence–> operational excellence–> product excellence

Question 10

development strategy (4 ways a company can grow)

Answer 10

current products new products

current markets: market penetration strategy product development strategies
(increase market share) (product improvements)

new markets: market development strategies diversification strategies
(expand markets for existing products) (integration)

Question 11

allocating corporate resources

Answer 11

stars, cash cows, question marks, dogs

Question 12

the marketing research process

Answer 12

Define the objectives and research needs
Design the research
Collect the data
Analyze data and develop insights
Implement action plan

Question 13

qualitative research

Answer 13

Observation
In-Depth interviews
Focus groups
Social media

Question 14

quantitative

Answer 14

Experiments
Survey
Scanner
Panel

Question 15

Advantages of Secondary Research

Answer 15

Saves time in collecting data because they are readily available
, Free or inexpensive (except for syndicated data)

Question 16

disadvantages of secondary research

Answer 16

May not be precisely relevant to information needs
, Information may not be timely
, Sources may not be original, and therefore usefulness is an issue
, Methodologies for collecting data may not be appropriate
, Data sources may be biased

Question 17

primary research advantages

Answer 17

Specific to the immediate, data needs and topic at hand, Offers behavioral insights, generally not available from, secondary research, you can tailor it

Question 18

primary research disadvantages

Answer 18

Costly, Time consuming, Requires more sophisticated, training and experience to design, study and collect data

Question 19

can be primary or secondary data

Answer 19

survey research

Question 20

scanner research

Answer 20

secondary and quantitative also syndicated (sold)

Question 21

syndicated

Answer 21

when someone is selling it

Question 22

consumer insights

Answer 22

Consumer Insight is the convergence of real consumer understanding of a consumer belief or behavior with a problem our brand can solve. It is the “AHA” moment marketers look for

Question 23

four key insight areas

Answer 23

• target: Gain understanding of your targets needs, problems and concerns with your product/brand/competition, Gain understanding of how they look at the world
• brand: What drivers loyalty in your category?, What are barriers for using your brand?
• product: Gain understanding of functional, emotional product/brand benefits, Gain understanding of issues and problems, Understand “jobs” consumers want to have done
• occasion: How does target interact with the category before, during and after use. What are the unmet needs by occasion?