MARK 201 FINAL | QUESTIONS AND ANSWERS |
VERIFIED | 100% CORRECT
Marketing process Answer - 1) understand customer and market
2) designing customer driven strategy
3) building marketing plan & program
4) customer relationship management
5) capturing value from customers
Evolution of marketing concepts Answer - 1) production concept = consumer
prefer available and affordable products (may lead to myopia)
2) product concept = consumer prefer best quality, performance and features
3) selling concept = consumers pushed to make purchases
4) marketing concept = focused on target market and building long lasting
relationships
5) societal concept= ethics and benefits of society
customer relationship management Answer - 1) retaining customers
2) acquiring customers (more expensive)
CLV = customer lifetime value, profits earned from a customer over a lifetime
Customer equity= total combined CLV for all customers
strategic planning process Answer - 1) defining companys mission
, 2) setting company objectives and goals
3) designing the business portfolio
4) planning marketing and other functional strategies
Growth Share Matrix Answer - stars ( high growth, high share)
cash cow ( low growth, high share)
dogs (low growth, low share)
question mark (high growth, low share)
Problems with Matrix approach Answer - difficult, time consuming, costly,
difficult to define SBU and measure market growth
market penetration Answer - current products in current market segments
(making more sales without changing original)
ex: increasing activia yogurt sales in montreal
market development Answer - current products in new market segments
ex: increasing activia sales by entering Japanese market
product development Answer - new or modified products in current markets
ex: peanut butter activia in montreal
diversification Answer - increasing sales by introducing a new product in a new
market
ex: activia start selling tires
VERIFIED | 100% CORRECT
Marketing process Answer - 1) understand customer and market
2) designing customer driven strategy
3) building marketing plan & program
4) customer relationship management
5) capturing value from customers
Evolution of marketing concepts Answer - 1) production concept = consumer
prefer available and affordable products (may lead to myopia)
2) product concept = consumer prefer best quality, performance and features
3) selling concept = consumers pushed to make purchases
4) marketing concept = focused on target market and building long lasting
relationships
5) societal concept= ethics and benefits of society
customer relationship management Answer - 1) retaining customers
2) acquiring customers (more expensive)
CLV = customer lifetime value, profits earned from a customer over a lifetime
Customer equity= total combined CLV for all customers
strategic planning process Answer - 1) defining companys mission
, 2) setting company objectives and goals
3) designing the business portfolio
4) planning marketing and other functional strategies
Growth Share Matrix Answer - stars ( high growth, high share)
cash cow ( low growth, high share)
dogs (low growth, low share)
question mark (high growth, low share)
Problems with Matrix approach Answer - difficult, time consuming, costly,
difficult to define SBU and measure market growth
market penetration Answer - current products in current market segments
(making more sales without changing original)
ex: increasing activia yogurt sales in montreal
market development Answer - current products in new market segments
ex: increasing activia sales by entering Japanese market
product development Answer - new or modified products in current markets
ex: peanut butter activia in montreal
diversification Answer - increasing sales by introducing a new product in a new
market
ex: activia start selling tires
