Exam 1 Review Professor Atwater MKT 2101 Intro to Mktg Management Chapter One Marketing Creating and Capturing Customer Value Marketing defined Marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large The Marketing Process Marketplace Concepts Needs wants and demands Wants are human needs shaped by culture and individual personality Wants backed by buying power are demands This is what marketers are interested in Market offerings products services experiences Value and satisfaction Value All benefits all costs of a market offering Create customer equity and lasting relationships Exchange and relationships Markets Market vs Industry Market Industry Market Orientations The Marketing Concept Elements of a Marketing System Steps in Strategic Planning Boston Consulting Group Growth Share Matrix Customer Driven Marketing Strategy Market segmentation Diving the market into distinct groups based on needs characteristics or behaviors Market Targeting Selecting one or more markets to enter based on attractiveness Differentiation Competitive advantages Positioning How offering is viewed in the mind s of consumers E g expect more pay less save money live better Marketing mix 4 P s Product price place promotion Macroenvironment Demographic Forces Population Growth Population age Most important demographic trend in U S Household patterns Traditional structure no longer dominant Demographic Trends Age U S Generation Purchasing Power Assessing Marketing Information Needs Developing Marketing Information Internal Data Competitive Marketing Intelligence Marketing Research Defining the Problem and Research Objectives Developing Research Plan Developing Marketing Information Increase awareness of a product through personal commercial or experiential sources Market Research Process Research Methods 1 Depth interview 2 Focus groups 3 Observational research 4 Experiment 5 Survey research Consumer and Buyer Behavior Buyer Decision Process Need recognition Internal and external stimuli trigger a need Information search Evaluation of alternatives Arrive at different attitudes towards brands Satisfaction disappointment anxiety etc Purchase decisions Postpurchase behavior Sample Questions Question 1 Part of the Marketing Process is A Understand the market place and customer needs and wants B Design a customer driven market strategy C Build profitable relationships Needs and wants are fulfilled through a D All of the above Question 2 A Market Strategy B Demographic Activity benefit offered for sale that is essentially intangible and does not result in ownership Products services people places organizations ideas information and even experiences are examples of C Processes for creating communicating delivering and exchanging offerings These are needs that are shaped by cultural and individual personality C Product development D Market offering Question 3 A Market offering B Service C Product D Demand Question 4 A Market offerings B Wants C Promotions D Marketing concept Question 5 Marketing is A An activity B Set of institutions D All of the above Question 6 A Needs B Wants C Demands Question 7 A Needs Wants plus Buying Power equals These are states of deprivation They include three categories physical social and individual The act of obtaining a desired object from someone by offering them something in return is called a n Recognizes that not all customers view a market offering s value in the same way B Demands C Marketing strategy Question 8 A Needs B Wants C Demands Question 9 A Exchange B Relationship C Customer loyalty Question 10 A Perceived value B Subjective value C Objective value D Market value Question 11 The key to successful marketing is A Creating new products B Expanding into new markets D Selling existing products Question 12 A Marketing strategy B Production concept C The mission statement C Building and managing profitable customer relationships The organization s purpose what it wants to accomplish in the larger environment is On the Product Market Expansion Grid is characterized by New Products and Existing Markets Managing profitable customer relationships includes A Attracting new customers B Expanding relationships with current customers C Retaining relationships with current customers Which of the following marketing concepts is described as getting customers to buy what you have already decided to make or do A company or product that is in a growing market with a high market share is characterized as a D Marketing concept Question 13 A Market Penetration B Market Development C Product Development D Diversification Question 14 D All of the above Question 15 A Production concept B Product concept C Selling concept D Marketing concept Question 16 A Cash cow B Dog C Star D Question mark Question 17 Successful companies provide customer value than competitors Gather preliminary data to help define a problem and suggest an approach Kim is conducting a systematic design collection analysis and reporting of data relating to a specific marketing situation What is she doing Part of the microenvironment that concentrates on providing resources to produce goods and services What is the study of human population in terms of size location age race and others A The Same B Less C Greater Question 18 A Exploratory Research B Secondary Research C Causal Research D Descriptive Research E Question 19 A Marketing Strategy B Marketing Synergy C Marketing Concepts D Marketing Research E Question 20 A Suppliers B Competitors C Natural Forces D Economic Forces Question 21 A Geography B Psychology C Demography D Sociology Question 22 Which of the following is not one of the three largest generational groups in the United States Susan works for Toyota and her Marketing Manager told her to see what macroenvironmental marketing situations will affect their business in 2010 in reference to raw materials energy costs and consumption vs sustainability Doug VP of Marketing was told by his CEO to look at his company s broad large society forces that affect the marketing organization What is going to be looking at This type of research cannot be statistically organized or analyzed It uses discussions involving open ended responses A Baby Boomers B Generation X C Generation Y D Silent Generation Question 23 A Political Forces B Natural Forces C Economic Forces D Technological Forces