Test 1. Ch 1-3

Question 1

Product (4 ps)

Answer 1

What does the consumer expect from the product

Question 2

Place (4ps)

Answer 2

Where do buyers look for product

Question 3

Price (4 ps)

Answer 3

What is the value of the product

Question 4

Promotion (4 ps)

Answer 4

Where can you reach consumers with products

Question 5

Consumer value proposition

Answer 5

A bunch of benefits that an organization produces for customers to satisfy needs

Question 6

Customer value

Answer 6

The value a customer expects for a product

Question 7

Evolution of marketing orientation

Answer 7

How marketing has changed over time (newspapers-radio-TV-social media)

Question 8

Relationship marketing

Answer 8

Links organization to individuals, employees, suppliers and other partners for their mutual long term benefits

Question 9

CRM customer relationship marketing

Answer 9

All the tools, technologies and procedures to improve sales

Question 10

Customer lifetime value

Answer 10

Profit from a single consumer throughout their entire lifetime

Question 11

Who benefits from marketing

Answer 11

Society- competition increases keeping quality high and prices low
Organizations- make money
Consumers- find best value in products

Question 12

Sociatial marketing concept

Answer 12

The views an organization should discover and satisfy the needs of its consumer that benefit society in general

Question 13

Mission (vision)

Answer 13

Statement that shows the function for its customers, markets, products and technologies. Businesses function

Question 14

Business

Answer 14

Describes the clear, broad and underlying industry of market sector of an organizations offerings

Question 15

Marketing myopia

Answer 15

Narrowly defined business

Question 16

Business portfolio analysis

Answer 16

Stars-high market, high growth
Dog-low growth, low market
Question mark. High growth low market share
Cash cows. Low growth high market share

Question 17

Diversification analysis

Answer 17

Having various business endeavors. Money going into multiple ideas

Question 18

Strategic marketing process

Answer 18

Where an organization distributes its mixed marketing resources to reach new target market

Question 19

Swot

Answer 19

S. Strengths
W. Weaknesses
O. Opportunities
T. Threats

Question 20

Environmental scanning

Answer 20

Continually acquiring info on events occurring outside the organization to identify and interpret potential

Question 21

5 major environmental forces

Answer 21

Social- demographic shifts cultural changes
Economic- consumer income. economy
Regulatory. Self regulation
Competitive. Alternative forms of competition
Technological. Changing technology

Question 22

Major demographic trends

Answer 22

World pop
U.S. Age groups
Racial diversity
Population shifts

Question 23

General cohorts

Answer 23

Large amounts of a certain age group

Question 24

Macroeconomic conditions

Answer 24

How the economy is doing

Question 25

Consumer income

Answer 25

How much consumers make

Question 26

Culture

Answer 26

Set values, beliefs and attitudes shared by a group of people

Question 27

Changing values

Answer 27

The views a people have that change over time

Question 28

Pure competition

Answer 28

Many sellers with similar products

Question 29

Monopolistic competition

Answer 29

Many sellers compete with interchangeable products

Question 30

Oligopoly

Answer 30

Few companies control most of business

Question 31

Monopoly

Answer 31

One company owns business

Question 32

Consumerism

Answer 32

Consumers get more influence. Power. And rights when dealing with companies

Question 33

Marketing

Answer 33

The activity for creating, communicating, delivering, and exchanging offerings that benefit it's consumers , organization, stakeholders and society