Understanding marketing management

Question 1

What is marketing?

Answer 1

marketing is about identifying and meeting human and social needs at a profit

Question 2

Which types of customer needs are there?

Answer 2

Stated needs 
real needs 
unstated needs 
delight needs 
secret needs

Question 3

Name the three transformative forces

Answer 3

Technology, globalization and social responsibility

Question 4

What is the production philosophy

Answer 4

Proposes that consumers prefer products that are widely available and inexpensive

Question 5

What is the product philosophy

Answer 5

Proposes that consumers favour products offering the most quality, performance, or innovative features.

Question 6

What is the selling philosophy?

Answer 6

holds that consumers and businesses, if left alone, won’t buy enough of the organisations offerings.

Question 7

What is the marketing philosophy?

Answer 7

A customer-centered sense-and-response philosophy. Hols that it is a total company effort to achieve customer satisfaction at a profit.

Question 8

What is the holistic marketing philosophy?

Answer 8

An extension to the marketing philosophy

Question 9

What is management?

Answer 9

a process that involves the major functions of planning, organising, leading and controlling resources in order to achieve goals.

Question 10

What is a manager?

Answer 10

the people within an organisation charged with running the organisation on behalf of the owners

Question 11

What are the main management styles?

Answer 11

democratic, autocratic and participative

Question 12

What is marketing management?

Answer 12

a business discipline which achieves goals through the practical application of marketing techniques and the management of a firms marketing resources and activities

Question 13

What is relationship marketing?

Answer 13

the practice of building long-term satisfying relations with key parties

Question 14

name the entry strategies

Answer 14

the waterfall approach, the sprinkler approach,

Question 15

What is the waterfall approach

Answer 15

gradually enteringcountries in sequence

Question 16

What is the sprinkler approach?

Answer 16

Namely entering many countries simultaneously

Question 17

What is a standardised marketing mix?

Answer 17

Standardisation of all marketing mix activities

Question 18

What is an adapted/localised marketing mix?

Answer 18

The marketing mix activities are tailored to each target group

Question 19

What is a global strategy?

Answer 19

Standardisation of certain elements in the marketing mix and localisation of others

Question 20

What are the models of entry global?

Answer 20

indirect exporting, direct exporting, licensing, joint ventures and direct investment

Question 21

What is the value chain?

Answer 21

A tool for identifying ways to create more customer perceived value.

Question 22

What are the primary activities in the value chain?

Answer 22

inbound and outbound logistics, operations, marketing and sales, service

Question 23

What are the support activities in the value chain?

Answer 23

Firm infrastructure, human resource management, technology development, procurement

Question 24

What is digital marketing?

Answer 24

the management and execution of marketing using digital technology

Question 25

Why does firms make a value Chain?

Answer 25

Is used to see what parts of the value chain that creates more value being outsourced or owned by the company itself.

Question 26

What is linkages?

Answer 26

The relationship between the way one value activity is performed and the cost or performance of another. How do they influence each other. Often between primary and support activities.

Question 27

What is vertical linkages?

Answer 27

Linkages doesn’t only exist in a firm’s value chain, but also between a firm’s chain and the value chains of suppliers and channels. The way supplier or channel activities are performed affects the cost of performance of a firm’s activities

Question 28

What is a buyers value chain?

Answer 28

A value chain of the household. It is difficult to construct a value chain that include everything, but it is possible to construct a chain for those activities that are relevant to the firm’s product.

Question 29

Name the four competitive scopes

Answer 29

Segment Scope, vertical scope, geographic scope and Industry Scope.

Question 30

Explain the Boston Model

Answer 30

Question mark, Stars, Cash Cows and Dogs.

Question 31

Ansoffs product - market expansion grid

Answer 31

Market penetration strategy(current markets, current products) Market development strategy(Current products, new markets) Product development strategy(New products, current markets) Diversification strategy(new product, new markets)

Question 32

What does the strengths and weaknesses in the SWOT show?

Answer 32

What is helpfull to achieving the goal | What is harmfull to achieving the goal

Question 33

Porters generic strategies

Answer 33

Overall Cost leadership Differentiation Focus (market focus)