Marketing Quiz 1 (ch 1, 2, 3)

Question 1

The 4 P’s

Answer 1

Promotion, product, price, place

Question 2

marketing mix

Answer 2

communicating, creating, exchanging, delievering, value

Question 3

Personal value equation

Answer 3

VALUE = BENEFITS RECEIVED – (PRICE + HASSLE)

Question 4

Market oriented

Answer 4

degree to which a company seeks to fulfill consumer want and needs

Question 5

goals of marketing

Answer 5

discover the needs and wants of customers and satisfy them

Question 6

value era (now)

Answer 6

companies focus on creating value for customers

Question 7

one to one era (now)

Answer 7

build relationships with customers one at a time

Question 8

transformative era (now)

Answer 8

transforming companies and products to serve the customers more

Question 9

marketing plan

Answer 9

strategy for implementing the component of marketing: creating, communicating, delivering, and exchanging value.

Question 10

value proposition

Answer 10

thirty-second elevator speech stating the specific benefits a product or service offering provides a buyer

Question 11

strategic planning

Answer 11

a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace

Question 12

Situation analysis

Answer 12

analyzes external factors, internal factors, and uses SWOT

Question 13

mission statement

Answer 13

shows purpose of the organization and why it exists

Question 14

marketing plan

Answer 14

a strategic plan that provides direction

Question 15

Marketing strategy

Answer 15

the means for the goal to be achieved

Question 16

Marketing tactics

Answer 16

the detailed day to day operational marketing actions that contribute to the success of marketing strategies

Question 17

product / market entry strategies quadrants

Answer 17

market penetration, market development, product development, diversification

Question 18

market penetration

Answer 18

increase sales

Question 19

market development

Answer 19

sell current products to new markets

Question 20

product development

Answer 20

sell new products to current markets

Question 21

diversification

Answer 21

develop new products to sell in new markets

Question 22

five forces model

Answer 22

potential new entrants, bargaining power of buyers, substitutes, suppliers, and competitive rivalry (middle)

Question 23

portoflio planning

Answer 23

analyzing a firms entire collection of businesses relative to one another.

Question 24

Boston Consulting Group (BCG) matrix based on

Answer 24

SBU’s market growth rate and SBU’s relative market share

Question 25

question marks (BCG Matrix)

Answer 25

low market share and high market growth

Question 26

stars (BCG Matrix)

Answer 26

high market share and high market growth

Question 27

cash cows (BCG Matrix)

Answer 27

high market share and low market growth

Question 28

General Electric (GE) business and industry planning model

Answer 28

examines a business's strengths and the attractiveness of the industry and evaluates the strength and attractiveness of industries as high, medium, and low

Question 29

dogs (BCG Matrix)

Answer 29

low market share and low market growth

Question 30

SBU looks at

Answer 30

market share, growth of the SBU, size of the opportunity, potential for profit, environmental factors, and competitive conditions

Question 31

Green (SBU)

Answer 31

invest for growth

Question 32

Yellow (SBU)

Answer 32

status quo

Question 33

Red (SBU)

Answer 33

divest

Question 34

Consumer behavior

Answer 34

why people shop for products, buy and use them, become loyal customers, and dispose of them

Question 35

consumer behavior - situational factors

Answer 35

social situation, time, reason for the purchase, mood, economic situation

Question 36

consumer behavior - personal factors

Answer 36

personality and self-concept, gender, age, stage of life, and lifestyle

Question 37

consumer behavior - psychological factors

Answer 37

motivation, perception, learning, attitude

Question 38

consumer behavior - societal factors

Answer 38

culture, subculture, social class, reference groups, opinion leaders, influencers

Question 39

consumer purchasing process

Answer 39

need recognition, search for product information, product evaluation, product choices and purchase, postpurchase use and evaluation of product, disposal of the product

Question 40

low involvement decisions

Answer 40

used for products that carry a low risk of failure or have a low price tag

Question 41

high involvement decisons

Answer 41

used for products that carry a high price tag or high level of risk

Question 42

consumer touchpoints

Answer 42

a marketer’s product, service, or brand points of contact with a consumer from start to finish in the purchase decision process.

Question 43

Consumer Journey Map

Answer 43

a visual representation of all the touchpoints for a consumer who comes into contact with a company’s products, services, or brands before, during, and after a purchase

Question 44

Maslow's Hierarchy of Needs

Answer 44

physiological, safety, love/belonging, esteem, self-actualization