Mark Exam 1 review Chapter 1 What is marketing Performed by individuals and organization 4P s Product Price Place Promotion Occur in many things Entails an exchange Creates value Satisfying customers needs and wants Marketing management philosophies Production orientation Sales orientation Market orientation Societal marketing orientation Relationship marketing CRM The research and development team of BB Beverages has discovered that during the testing process one of their highly profitable new beverages contains ingredients that may cause liver damage in humans if consumed regularly over time Additionally the team also acknowledged that the plant that manufactures this beverage draws healthy groundwater which could cause a water shortage in areas surrounding the plant Based on these findings management has halted its production of this beverage until a solution can be found that does not adversely affect its consumers and the environment Given this decision it is evident that BB Beverages embraces a orientation a production b sales c market d societal marketing Chapter 2 Magnira Inc plans to implement a market penetration strategy to increase its market share According to Ansoff s strategic opportunity matrix which of the following scenarios is most likely to happen a It will try to attract new customers to its products b It will try to increase its market share among existing customers c It will create new products for its existing customers d It will move away from its core capabilities and diversify its business SWOT Analysis Target market Market segmentation 4 P s and value creation Ansoff s strategic opportunity matrix BCG matrix Chapter 4 The immediate environment Microenvironment Social factors Component lifestyle Demographic factor Economic factors Fresnas Cuisine a restaurant chain recently introduced fast food on its menu because management recognized that their customers are predominantly young people This scenario illustrates how influence marketing decisions a economic factors b demographic factors c legal factors d ethical factors Chapter 6 Utilitarian value Hedonic value Customer decision making process Need recognition Information search Want Want got gap Stimulus Internal External Evoked Post purchase behavior Cognitive dissonance Customer involvement In dual and situation involvement Perception and selective exposure Customer Motivation Maslow s hierarchy of needs Learning Experiential Conceptual Becky wants to buy a new cell phone She asks her friends who are technologically savvy to recommend good lightweight phone that is easy to use In this scenario Becky is obtaining information using a n a marketing controlled information source b internal information search c non marketing controlled information source d need recognition Business to business B2B marketing vs business to customer B2C marketing Chapter 7 B2B Market constituents B2B buying process The buying centers Major role players Examples Buying situation a consumer product b service product c industrial product d manufacture product Vactin Corp a construction company buys ten truckloads of cement for its new project Given this information the cement bought is an example of a n