Quiz 1 Prep (Intro - Lecture 3)

Question 1

What is a market

Answer 1

a medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange

Question 2

Two types of Market players

Answer 2

Intra-Market and Extra Market

Question 3

Intra-Market Players Examples

Answer 3

Company, Consumers, Competitors, Collaborators

Question 4

Examples of Collaborators

Answer 4

manufacturers, wholesalers, retailers, …

Question 5

Extra Market Players examples

Answer 5

Micro and Macro

Question 6

Micro Market player examples

Answer 6

governments, public/ private organizations, financial systems

Question 7

macro market player examples

Answer 7

society/ culture, labor markets, demographics

Question 8

Market inputs (seller): Product offerings

Answer 8

goods, service, experience

Question 9

market inputs (buyer): consumer demands

Answer 9

Needs -> wants -> demands

Question 10

what is the definition of marketing

Answer 10

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

Question 11

what is the crux of marketing

Answer 11

the general idea of exchange

Question 12

what is the assumption for an economic transaction

Answer 12

that the transaction would not occur unless both parties believe they would be better off after the trade

Question 13

what is the role of marketing

Answer 13

balance customer satisfaction with firm profitability

Question 14

what does value proposition mean

Answer 14

the full mix of benefits relative to the costs

Question 15

Points to consider when thinking about company

Answer 15

value proposition, focus/ orientation, value dicipline, competitive strategy, market position

Question 16

what is a product portfolio

Answer 16

the set of all product lines and items that a particular firm offers for sale

Question 17

what is a product line

Answer 17

a group of closely related products that function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

Question 18

how to assess competitors

Answer 18

category/ industry, substitutes/ need based view, competitive positions/ strategies

Question 19

what is marketing strategy

Answer 19

an organizations integrated pattern of decisions that specify its crutial choices concerning three areas

Question 20

three areas of marketing strategy

Answer 20

markets to serve and market segments to target

marketing activities to perform and the manner of performance of these activities

the allocation of marketing resources and markets, market segments and marketing activities

Question 21

what is a gatekeeper

Answer 21

household member who collects and controls info important to decider

Question 22

influencer

Answer 22

household members who try to express their opinions and influence the decision

Question 23

decider

Answer 23

person who actually determines what will be chosen

Question 24

buyer

Answer 24

person who physically acquires product

Question 25

user

Answer 25

household member who consumes product

Question 26

components of social class

Answer 26

occupational prestige, income does not equal social class

Question 27

what are values

Answer 27

enduring beliefs regarding what is right or wrong, important, or good/bad

Question 28

what is personality

Answer 28

an internal characteristic that determines how individuals behave in various situations

Question 29

what is positioning

Answer 29

the way a product is perceived along important attributes relative to competing products

Question 30

What are the 4 P's

Answer 30

Product, Place, Price Promotion

Question 31

What is a brand

Answer 31

a brand is a name, term, design, or symbol or any other feature that identifies one seller's goods or service as distinct from those of other sellers

Question 32

another definition of brand

Answer 32

a network of consumer memory nodes (associations)

Question 33

what do brands do

Answer 33

help reduce perceived risk, reducing search costs, signaling quality

Question 34

what must brands do to perform in their role

Answer 34

create memories that are accessible and meaningful

Question 35

what are some examples of brand assets

Answer 35

names, logos, symbols, slogans, characters, packaging, colors, sounds

Question 36

what comprises up the "brand story"

Answer 36

the nodes people create through the brand values, promise, purpose, vision, personality, reputation, among others

Question 37

What does STP stand for

Answer 37

segmentation, targeting, positioning

Question 38

what does segmentation mean

Answer 38

marketing strategy in which select groups of customers are identified so certain products or product lines can be presented to them in a way that appeals to their interests

Question 39

how can you make more money

Answer 39

increase transactions or improve margins

Question 40

what is the gap between perceived cost and perceived benefit

Answer 40

value

Question 41

what is everything in marketing intended to do

Answer 41

induce consideration

Question 42

what is a target market

Answer 42

a set of buyers sharing common needs (wants/ demands)