Introduction

Question 1

Which are the three stages of the strategy hierarchy?

Answer 1

Top to bottom:

Corporate strategy
Business strategy
Functional strategy (R&D, HR, Finande, Production, Sales & marketing)

Question 2

What is the book definition of marketing?

Answer 2

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

Question 3

What is the book definition of marketing management?

Answer 3

Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Question 4

What was the Peter Drucker quote about marketing?

Answer 4

“There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.”

Question 5

Which 10 things are marketed?

Answer 5

• Goods
• Services
• Events
• Experiences
• Persons
• Places
• Properties
• Organizations
• Information
• Ideas

Question 6

Which are the four key customer markets?

Answer 6

• Consumer markets
• Business markets
• Global markets
• Nonprofit/Government markets

Question 7

Which are the four company orientations?

Answer 7

Production
Product
Selling
Marketing

Question 8

Which are the four corners of the holistic marketing model?

Answer 8

Performance marketing
Integrated marketing
Internal marketing
Relationship marketing

Question 9

Which are the four relationships under “relationship marketing”?

Answer 9

Customers
Employees
Marketing Partners
Financial Community

Question 10

What is internal marketing?

Answer 10

Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

Question 11

Which are the two subparts of performance marketing?

Answer 11

• Financial Accountability

* Social Responsibility Marketing

Question 12

List six types of Corporate Social Initiatives

Answer 12

• Corporate social marketing
• Cause marketing
• Cause-related marketing
• Corporate philanthropy
• Corporate community involvement
• Socially responsible business practices

Question 13

Which are the “new four P:s”?

Answer 13

People
Processes
Programs
Performance

Question 14

List the “nine core marketing concepts”

Answer 14

• Needs, wants, and demands
• Target markets, positioning, segmentation
• Offerings and brands
• Value and satisfaction
• Marketing channels
• Supply chain
• Competition
• Marketing environment
• Marketing planning

Question 15

Which are the five types of needs?

Answer 15

Stated
Real
Unstated
Delight
Secret

Question 16

Which are the three marketing channels?

Answer 16

Communication
Distribution
Service

Question 17

Name six factors that define the marketing environment

Answer 17

Demographic
Economic
Socio-cultural
Technological
Environmental
Political-legal

Question 18

List eleven “major societal forces”

Answer 18

• Network information technology
• Globalization
• Deregulation
• Privatization
• Heightened competition
• Industry convergence
• Retail transformation
• Disintermediation
• Consumer buying power
• Consumer participation
• Consumer resistance

Question 19

List four key concepts in strategy

Answer 19

• Mission
Purpose: Why we exist

• Vision
What we want to be

• Values
What we believe in and how we behave

• Strategy
Single precise competitive game plan that will drive the business over the next five years or so
Objective (ends), scope (domain), and advantage (means) that require trade-offs

Question 20

List three properties of a business model, which differentiates it from strategy

Answer 20

A business model…

…describes, as a system, how the pieces of a business fit together.

…does not factor in one critical dimension of
performance: competition

…reflection of a realized strategy

Question 21

What does CMO stand for?

Answer 21

Chief marketing officer

Question 22

What does CFO stand for?

Answer 22

Chief financial officer

Question 23

Who are the two actors in marketing?

Answer 23

A marketer is someone who seeks a response attention, a purchase, a vote, a donation from another party, called the prospect.

Question 24

Which three aspects of demand do marketers try to monitor and affect?

Answer 24

Level, timing, and composition

Question 25

Which are the five competing marketing concepts under which organizations can choose to conduct their business?

Answer 25

There are five competing concepts under which organizations can choose to conduct their business: The production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The first three are of limited use today.

Question 26

How is the holistic marketing concept defined?

Answer 26

The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.

Question 27

Name three core components of business strategy which are listed in the lecture and in the book, but with different words?

Answer 27

1. Long-term goal (objective) 2. Scope of the firm (customer or offering, geographic location, vertical integration) 3. Competitive advantage

Question 28

Define needs, wants and demands

Answer 28

Needs are the basic human requirements such as for air, food, water, clothing, and shelter. These needs become wants when they are directed to specific objects that might satisfy the need. Demands are wants for specific products backed by an ability to pay.

Question 29

Define the supply chain

Answer 29

The supply chain is a longer channel stretching from raw materials to components to finished products carried to final buyers.

Question 30

Marketing environment: | Define the "task environment"

Answer 30

The task environment includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers.

Question 31

Marketing environment: | Define the "broad environment"

Answer 31

The broad environment consists of six components: ``` Demographic environment Economic environment Social-cultural environment Natural environment Technological environment Political-legal environment. ```

Question 32

What is a "touch point"?

Answer 32

Where a customer directly or indirectly interacts with the company in some form

Question 33

Define the "Production concept"

Answer 33

Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. (This orientation makes sense in developing countries such as China)

Question 34

Define the "Product concept"

Answer 34

The product concept proposes that consumers favor products offering the most quality, performance, or innovative features. However,

Question 35

Define the "Selling concept"

Answer 35

The selling concept holds that consumers and businesses, if left alone, won t buy enough of the organization s products. (It is practiced most aggressively with unsought goods)

Question 36

Define the "Marketing concept"

Answer 36

The marketing concept emerged in the mid-1950s as a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.

Question 37

Define integrated marketing

Answer 37

Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that the whole is greater than the sum of its parts.

Question 38

Which are the two key themes in integrated marketing

Answer 38

(1) many different marketing activities can create, communicate, and deliver value and (2) marketers should design and implement any one marketing activity with all other activities in mind.

Question 39

What is a marketing network?

Answer 39

The marketing network is the ultimate outcome of relationship marketing. It consists of the company and its supporting stakeholders customers, employees, suppliers, distributors, retailers, and others with whom it has built mutually profitable business relationships.

Question 40

What is performance marketing?

Answer 40

Performance marketing requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.