Module 1: Marketing Fundamentals

Question 1

role of marketing is it works ______ with other areas within a business and with _______ outside the business

Answer 1

collaboratively

stakeholders

Question 2

marketers ultimate objective is to

Answer 2

drive profits for a company

Question 3

focuses on consumers and providing them with value with products that meet their needs

Answer 3

marketing

Question 4

they attempt to create images for their products that set them apart from competition

Answer 4

marketers

Question 5

marketers creating images for products that set them apart allows them to

Answer 5

build lasting relationships

Question 6

focusing on customer needs and wants helps develop these 2 things

Answer 6

customer value

customer loyalty

Question 7

things humans require to survive

Answer 7

needs

Question 8

things humans desire

Answer 8

wants

Question 9

all the goods/services, ideas, or experiences offered to consumers to satisfy their needs and wants

Answer 9

marketing offerings

Question 10

evaluated based on perceived benefit - perceived cost

Answer 10

value to customers

Question 11

measured by sales, profits, donations, and long term customer relationships

Answer 11

value to marketers

Question 12

unique combination of benefits that will satisfy the needs of targeted consumers (price, quality, convenience, etc.)

Answer 12

customer value proposition

Question 13

creating products with added value is achieved through: (3)

Answer 13

product design
pricing strategies
service elements

Question 14

4 elements of the marketing mix

Answer 14

product, price, place, and promotion

Question 15

all attributes that make up a g/s to satisfy customer need

Answer 15

product

Question 16

design, packaging, service and brand are examples of

Answer 16

product elements

Question 17

pricing strategy, discounts, returns are examples of

Answer 17

pricing elements

Question 18

location, distribution and logistics are examples of

Answer 18

place elements

Question 19

advertising, digital, PR, personal selling are examples of

Answer 19

promotion elements

Question 20

tools needed to communicate with consumers about products

Answer 20

promotion

Question 21

process of planning and managing g/s/i to meet consumer n/w

Answer 21

marketing

Question 22

set of potential buyers with common n/w that are satisfied through exchange

Answer 22

market

Question 23

specified group of potential consumers marketers aim their marketing efforts

Answer 23

target market

Question 24

is designed to appeal to specific target market

Answer 24

marketing mix

Question 25

first step of the Marketing Process

Answer 25

understand the marketplace and consumer n/w

Question 26

second step of the marketing process

Answer 26

manage the marketing mix to meet consumer needs

Question 27

third step of the marketing process

Answer 27

capture value from customers to create profits and customer equity

Question 28

which step in the marketing process do we conduct primary and secondary research

Answer 28

1rst step

Question 29

in which step of the marketing process do we develop a marketing strategy and execute a marketing program

Answer 29

2nd step

Question 30

in which step of the marketing process do we evaluate and measure if objectives have been achieved

Answer 30

3rd step

Question 31

we create value for customer in which steps of the marketing process

Answer 31

1st and 2nd steps

Question 32

we capture value from customer in which step of the marketing process

Answer 32

3rd step

Question 33

approach focused on manufacturing goods and improving production process

Answer 33

product orientation

Question 34

supply couldn't keep up with demand and consumer needs were not important

Answer 34

product orientation

Question 35

approach focused on selling as many products as possible

Answer 35

sales orientation

Question 36

companies operate in a more competitive enviro, and consumer needs are not a priority

Answer 36

sales orientation

Question 37

approach focuses on understanding target customer n/w

Answer 37

marketing orientation

Question 38

approach focuses on delivering value better than competitors

Answer 38

market orientation

Question 39

relationship marketing orientation considers the ________ of customers

Answer 39

life-time value

Question 40

approach prioritizes long-term relationships rather than short-term sales

Answer 40

relationship marketing orientation

Question 41

improved customer relationships = improved... (3)

Answer 41

customer loyalty retention levels profits

Question 42

approach has greater use of social media and focuses on CRM and CSR

Answer 42

relationship marketing orientation

Question 43

focuses on identifying a business' most valued costumers and creating customer loyalty

Answer 43

customer relationship management (CRM)

Question 44

courtesy calls, customer loyalty programs, and capturing and analyzing customer data are examples of

Answer 44

customer relationship management (CRM)

Question 45

is used to ensure customers remain loyal over long period of time

Answer 45

measuring customer relationships

Question 46

marketers us CRM loyalty programs to gain a greater

Answer 46

share of wallet from customers

Question 47

the % of a customer's purchases that a company has in a specific product category

Answer 47

share of wallet

Question 48

the sales that can be generated by customer if customer remains loyal to company over a lifetime

Answer 48

customer lifetime value (CLV)

Question 49

when an org takes responsibility for how their business impacts consumers, suppliers, etc.

Answer 49

corporate social responsibility (CSR)

Question 50

marketing programs that address the well-being of society and the enviro

Answer 50

social marketing concept

Question 51

social marketing concept considers the long-term impact of marketing on... (2)

Answer 51

society and the enviro

Question 52

deceptive use of marketing to imply that a g/s is enviro friendly

Answer 52

greenwashing

Question 53

What company is guilty of greenwashing

Answer 53

dawn dish soap

Question 54

8 current approaches to marketing

Answer 54

``` CRM programs CSR digital marketing real-time marketing experiential marketing partnership marketing metrics and analytics marketing regulations and ethical conditions ```

Question 55

uses electronic means to reach consumers

Answer 55

digital marketing

Question 56

when brands reach out by sharing expertise or brand info using research papers, e-books, videos, etc.

Answer 56

content marketing

Question 57

create or join conversations or events that are occurring to create buzz that is shared by others and on social media

Answer 57

real-time marketing

Question 58

marketing during The Olympics or the Superbowl is an example of

Answer 58

real-time marketing

Question 59

real-time marketing teams include (3)

Answer 59

- brand and advertising specialists - senior executive - lawyers

Question 60

used in conjunction with social media programs to create topic of conversation

Answer 60

experiential marketing

Question 61

marketers create opportunity for consumers to directly interact with brand to generate word-of-mouth awareness (free publicity)

Answer 61

experiential marketing

Question 62

brands with similar customers combine expertise and use each others strengths to build brand awareness and expand audience

Answer 62

partnership marketing

Question 63

Tim Horton's working with Nutella to offer the Nutella donut is an example of

Answer 63

partnership marketing

Question 64

SCENE loyalty movie reward program with Scotibank is an example of

Answer 64

strategic alliance

Question 65

a longer-term focus of partnership marketing

Answer 65

strategic alliance

Question 66

provides easy to use platforms for gathering and analyzing data

Answer 66

metrics and analytcis

Question 67

provides customer insights and predicts patterns

Answer 67

metrics and analytics

Question 68

numeric data collected and grouped to track performance

Answer 68

metrics

Question 69

process of taking metrics and applying it to gain insights to make better business decisions

Answer 69

analytics

Question 70

has prompted privacy legislations and anti-spam laws

Answer 70

digital technology