Intro

Question 1

What is the main focus of marketing

Answer 1

How value is created for customers, consumers, organizations and society

Question 2

What are the four ps of the marketing mix

Answer 2

Price, product, place and promotion

Question 3

What is the official definition of marketing

Answer 3

It is the activity, set of instructions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

Question 4

What is value in a marketing context

Answer 4

It is the benefit of an exchange

Question 5

In addition to the four ps product, price, place and promotion what other ps can be good for marketing

Answer 5

People, process and physical evidence

Question 6

What benefits are there to good value creation outside the thing itself for the company

Answer 6

Satisfied customers, loyalty, high market share, sales momentum through reputation , word of mouth

Question 7

What tools are available to understand a market

Answer 7

Market environment analysis, consumer behavior and b2b insights, market research, segmentation, targeting and positioning as well as strategic decision making

Question 8

In its essence what is marketing about

Answer 8

Understanding the your competitors and those you want to please which can be more for profit and non profit

Question 9

Is marketing about sales and advertising

Answer 9

A little but its not the main focus

Question 10

What is market orientation

Answer 10

Gaining intelligence about current and future customer needs and implement this knowledge in all departments

Question 11

What is a common pitfall in market orientation

Answer 11

Focusing in the product instead of the customer needs

Question 12

What is the three building blocks of market orientation

Answer 12

Focus in customer needs, understanding competitors strengths and weaknesses and internal knowledge and coordination

Question 13

What us the difference between customers and consumers

Answer 13

Customers buy consumers enjoy

Question 14

What is market sensing

Answer 14

Understanding the strategic implications if the market as a result of market orientation

Question 15

How has industrial economics influenced marketing

Answer 15

Price setting and microeconomic concepts of efficiency and ncentives

Question 16

How has psychology influenced marketing

Answer 16

Customer behavior, information processing and motivation

Question 17

How has sociology influenced marketing

Answer 17

How to target demographics and influence public opinion

Question 18

How has anthropology influenced marketing

Answer 18

On how to target different cultures

Question 19

How has computer science influenced marketing

Answer 19

User experience

Question 20

What is the difference between sales and marketing

Answer 20

Sales focuses in short term product push while marketing focuses in ling term product pull

Question 21

How can marketers improve their repuattion

Answer 21

By focusing on authenticity, respecting integrity and showing respect and gratitude.

Question 22

What is Engels law

Answer 22

As customers income increases inly their spending in food decreases, other necessities stay the same percentage and the percentage on miscellaneous items increases

Question 23

What is reillys law if retail gravitation

Answer 23

A city attracts retailers in proportion to their population and distance to other retailers

Question 24

What does it mean that the elasticity of selective advertising on company sales is low

Answer 24

That for frequently purchased goods advertisement has low effect on sales while the opposite is true for infrequently purchased goods

Question 25

Which goods do shelf space increase sales of

Answer 25

Impulse goods like candy opposed to planned goods like milk

Question 26

When might you need to add physical evidence, process and people to the marketing mix

Answer 26

When handling partially or completely intangible goods

Question 27

What are the benefits of loyal customers

Answer 27

Will increase purchases over time, are cheaper to promote to, will spread the word and would pay a small premium

Question 28

What are consumer goods

Answer 28

Goods purchased frequently with minimum effort

Question 29

What are shopping goods and specialty goods

Answer 29

Goods purchased selectively or highly selectively

Question 30

What is the promotional mix

Answer 30

Advertising, personal sales, digital and direct marketing as well as public relations

Question 31

What makes services difficult to market

Answer 31

They lack patents relying only in trademarks and copyright and their intangible nature makes it hard to set consumer expectation

Question 32

What distinguishes b2b marketing

Answer 32

Buyers are professional and a good reputation and ling term relationship is more a focus. A key part is how fitting the supply chain and logistics are yo the orders

Question 33

What is the winners curse

Answer 33

That the winner must fulfill the contract which can be demanding after a competitive bidding match

Question 34

How foes marketing affect society positively

Answer 34

It brings offers if value to society and further seeks to understand its source

Question 35

What is macro marketing

Answer 35

How marketing impacts society