MAR3023 EXAM ONE WITH QUESTIONS AND CORRECT
RATIONALES
One cof cthe cfirst cparts cof cthe cstrategic cplanning cprocess cinvolves ctaking ca ccomplete cassessment cof cthe cfirm. cThe cprocess
cincludes cdescribing c(1) cwhat cthe ccompany cdoes cwell, c(2) cwhat cit cdoesn't cdo cwell, c(3) cidentifying cthings cthe cfirm ccan ctake
cadvantage cof, cand c(4) cnoting cthings cit cshould cbe cconcerned cabout. cThe cprocess cdescribed cis cknown cas? c- cCORRECT
cANS✔✔SWOT canalysis
Doritos cis ca cbrand cthat chas chigh cmarket cshare cbut cit's cin ca clow cgrowth cmarket. cFor cPepsi, cwhich cowns cthe cbrand, cDoritos
cwould cbe cbest cclassified cas cwhich cof cthe cfollowing con cthe cBCG cgrid? c- cCORRECT cANS✔✔cash ccow
what cis cmarketing? c- cCORRECT cANS✔✔product cdevelopment cto csatisfy cunmet cconsumer cneeds
- cthe canswer cto cthe cquestion cof cwhy cyou cbuy ca cproduct
what cis cthe cfirst cgoal cof cmarketing? c- cCORRECT cANS✔✔identify cunmet cconsumer cneeds cand cthen cdevelop cproducts cthat
cfill cthose cneeds
definition cof cmarketing c- cCORRECT cANS✔✔"marketing cis cthe cprocess cby cwhich ccompanies cdetermine cwhat cproducts cor
cservices cmay cbe cof cinterest cto ccustomers, cand cthe cstrategy cthey cuse cin csales, ccommunications cand cbusiness cdevelopment"
c- ckris ckotler
the cpower cof cbranding/marketing c- cCORRECT cANS✔✔consumer creports crate cthe cgeneric cproducts, cobjectively cthe csame cas
cor cbetter cthan cthe cbranded cproducts
- cthe cproduct cis cnot cnecessarily cthe cbest, cbut cthe cbrand ctakes croot cin ctheir ccustomers cpsyches cand cmake cthem cpart cof cthe
cbrand
ex: ccoke cv. cpepsi cv. cpublic cbrand
- ccoke cspends c$4 cbillion con cadvertising
- cconsumers cdon't cbuy cunfamiliar cproducts, ceven cif cthe cunfamiliar cproducts care cobjectively cbetter
4 cP's cof cmarketing c- cCORRECT cANS✔✔product, cplace, cpromotion, cprice
core ccompetencies c- cCORRECT cANS✔✔things ca cfirm cdoes cwell
- ccompetitive cadvantage c= copportunity c+ ccompetency
creating cvalue c- cCORRECT cANS✔✔what cyou cget/what cyou cgive cup
- cincrease cvalue c= cincrease cbenefit/decrease ccost
- crewards ccards, cvalue cmenu, cpublix cbogo, cstore cbrand cproducts
creating crelationships c- cCORRECT cANS✔✔establish clong cterm cmutually csatisfying cbuyer-seller crelationships
segmenting cmarkets c- cCORRECT cANS✔✔tailoring cproducts cand cservices cto ca cspecific cdemographic cgroup
- ccreating cproducts cto cfill cthe cwants cand cneeds cof cdifferent cconsumers
- cgender, cage, crace, ceducation, cincome, cearly cadopters
market copportunity c- cCORRECT cANS✔✔where ccircumstance cand ctiming cmeet cto ccreate cstrategic
identifying copportunities c- cCORRECT cANS✔✔segmentation, ctargeting, cpositioning
marketing's ccore cstrategies c- cCORRECT cANS✔✔creating cvalue, ccreating crelationships, csegmenting cthe cmarket, cand
cidentifying copportunities
simple ctrade cera c(pre c1860s) c- cCORRECT cANS✔✔products cwere cmade cby chand, cgrown, cor ctraded cin csmall cquantities
- clasted cuntil cindustrial crevolution
production cera c(1860s-1920s) c- cCORRECT cANS✔✔firms cproduced cwhat cthey ccould cmake
, - c"you ccan cbuy cany ccolor cmodel ct"
- cinward cfocus con cwhat cproducers ccould cmake cefficiently
- csellers cmarket c(demand cexceeded csupply)
sales cera c(1920s-1940s) c- cCORRECT cANS✔✔firms cpushed cproducts cusing caggressive csales ctactics
- chad cto cconvince cpeople cto cspend ctheir clittle cmoney con ca cproduct
- cfocused con caggressive cpromotion cand cshort cterm cprofit cmaximization c(sell cwhat cwe cmake)
the cmarketing cera c(1940s-1990s) c- cCORRECT cANS✔✔the c"great cawakening" cwhere ccustomers cbecame cthe ccentral cfocus
cof cthe corganization
- cbegan cwith cthe cdevelopment cof cmarketing cdepartments c(1940-1960) cand cthen ctransferred cto cthe crest cof cthe cfirm c(1960-
1990)
- ccustomer cis ckey cand cmake cwhat cwe csell cmindset
relationship cmarketing cera c(1990s-2010) c- cCORRECT cANS✔✔establish c*long cterm* crelationships cmutually csatisfying, cbuyer-
seller crelationships
- ca c5% cincrease cin ccustomer cretention cyields cup cto ca c95% cimprovement cin cNPV cdelivered cby ccustomers
- crepeat ccustomers cgenerate cover ctwice cas cmuch crevenue cas cnew ccustomers
- cengaged ccustomers cgenerate c1.7 ctimes cmore crevenue cthan cnormal ccustomers
societal cmarketing cera c(2010-present) c- cCORRECT cANS✔✔firms cserve cthe ccustomers, cstockholders, cand csociety cas ca
cwhole
- c"green cmarketing"
- ccorporate csocial cresponsibility
customer ccentric cmarketing c- cCORRECT cANS✔✔collaborative crelationships cbased con ccustomers' cindividual cneeds cand
cconcerns
relationship cmarketing c- cCORRECT cANS✔✔long-term, cmutually cbeneficial carrangements cin cwhich cboth cthe cbuyer cand cseller
cfocus con cvalue cenhancement cthrough cthe ccreation cof cmore csatisfying cexchanges
- cdisney
customer crelationship cmanagement c- cCORRECT cANS✔✔using cinformation cabout ccustomers cto ccreate cmarketing cstrategies
cthat cdevelop cand csustain cdesirable ccustomer crelationships
green cmarketing c- cCORRECT cANS✔✔meaningful clong-term crelationships cwith ccustomers cwhile cmaintaining, csupporting, cand
cenhancing cthe cnatural cenvironment
the c4 cP's: cproduct c- cCORRECT cANS✔✔goods, cservices, cand cideas
the c4 cP's: cprice c- cCORRECT cANS✔✔determining cproduct cprices
- cshowing cdifferent cprices cto ccustomers cafter cestimating ctheir clocations cand cworking cout chow cclose cthat cperson cwas cto ca
ccompetitors cbrick cand cmortar cstore
the c4 cP's: cplace c- cCORRECT cANS✔✔distribution
- cmake cproducts cavailable cin cplaces cand cquantities cdesired
- cwalmart cand camazon
- cminimize cinventory, ctransportation, cand cstorage ccosts
the c4 cP's: cpromotion c- cCORRECT cANS✔✔inform cindividuals cor cgroups cabout cthe corganization cand cits cproducts/services
- cadvertising
- cpublic crelations
- cpersonal cselling
- cin-store cpromotions
- cstreet cteams/guerrilla cmarketing
- cviral cmarketing
stakeholders c- cCORRECT cANS✔✔the cpeople cwhose cinterests care caffected cby can corganization's cactivities
game cchangers c- cCORRECT cANS✔✔destination cproducts cthat chave csuch ca cstrong ctowing cthat cpeople cwill cgo cout cof ctheir
cway cto cget cit
game cchanger cproducts c- cCORRECT cANS✔✔revolutionized cthe cmarket c- cthings clike cthe ciPhone, cMcDonald's cfast cfood
game cchanger cpricing/distribution c- cCORRECT cANS✔✔things clike cRedBox: crent cmovies cfor c$1 cand ccould creturn cwhenever;
cBlockBuster cmore c$$$ cand crestricted chours
misconceptions cof cmarketing c- cCORRECT cANS✔✔- cmarketing cvs. cadvertising c(people cthink cthat cit conly cfocuses con
cpromotion cand cadvertising)
- cmajority cof cmarketing cisn't cseen cthrough cadvertising c(ex: cpricing, cetc.)
holistic cview cof cmarketing c- cCORRECT cANS✔✔negative cview con cmarketing cbecause cof cmarketers cwho cput cout cdeceptive
cads c(quasi-marketing)
RATIONALES
One cof cthe cfirst cparts cof cthe cstrategic cplanning cprocess cinvolves ctaking ca ccomplete cassessment cof cthe cfirm. cThe cprocess
cincludes cdescribing c(1) cwhat cthe ccompany cdoes cwell, c(2) cwhat cit cdoesn't cdo cwell, c(3) cidentifying cthings cthe cfirm ccan ctake
cadvantage cof, cand c(4) cnoting cthings cit cshould cbe cconcerned cabout. cThe cprocess cdescribed cis cknown cas? c- cCORRECT
cANS✔✔SWOT canalysis
Doritos cis ca cbrand cthat chas chigh cmarket cshare cbut cit's cin ca clow cgrowth cmarket. cFor cPepsi, cwhich cowns cthe cbrand, cDoritos
cwould cbe cbest cclassified cas cwhich cof cthe cfollowing con cthe cBCG cgrid? c- cCORRECT cANS✔✔cash ccow
what cis cmarketing? c- cCORRECT cANS✔✔product cdevelopment cto csatisfy cunmet cconsumer cneeds
- cthe canswer cto cthe cquestion cof cwhy cyou cbuy ca cproduct
what cis cthe cfirst cgoal cof cmarketing? c- cCORRECT cANS✔✔identify cunmet cconsumer cneeds cand cthen cdevelop cproducts cthat
cfill cthose cneeds
definition cof cmarketing c- cCORRECT cANS✔✔"marketing cis cthe cprocess cby cwhich ccompanies cdetermine cwhat cproducts cor
cservices cmay cbe cof cinterest cto ccustomers, cand cthe cstrategy cthey cuse cin csales, ccommunications cand cbusiness cdevelopment"
c- ckris ckotler
the cpower cof cbranding/marketing c- cCORRECT cANS✔✔consumer creports crate cthe cgeneric cproducts, cobjectively cthe csame cas
cor cbetter cthan cthe cbranded cproducts
- cthe cproduct cis cnot cnecessarily cthe cbest, cbut cthe cbrand ctakes croot cin ctheir ccustomers cpsyches cand cmake cthem cpart cof cthe
cbrand
ex: ccoke cv. cpepsi cv. cpublic cbrand
- ccoke cspends c$4 cbillion con cadvertising
- cconsumers cdon't cbuy cunfamiliar cproducts, ceven cif cthe cunfamiliar cproducts care cobjectively cbetter
4 cP's cof cmarketing c- cCORRECT cANS✔✔product, cplace, cpromotion, cprice
core ccompetencies c- cCORRECT cANS✔✔things ca cfirm cdoes cwell
- ccompetitive cadvantage c= copportunity c+ ccompetency
creating cvalue c- cCORRECT cANS✔✔what cyou cget/what cyou cgive cup
- cincrease cvalue c= cincrease cbenefit/decrease ccost
- crewards ccards, cvalue cmenu, cpublix cbogo, cstore cbrand cproducts
creating crelationships c- cCORRECT cANS✔✔establish clong cterm cmutually csatisfying cbuyer-seller crelationships
segmenting cmarkets c- cCORRECT cANS✔✔tailoring cproducts cand cservices cto ca cspecific cdemographic cgroup
- ccreating cproducts cto cfill cthe cwants cand cneeds cof cdifferent cconsumers
- cgender, cage, crace, ceducation, cincome, cearly cadopters
market copportunity c- cCORRECT cANS✔✔where ccircumstance cand ctiming cmeet cto ccreate cstrategic
identifying copportunities c- cCORRECT cANS✔✔segmentation, ctargeting, cpositioning
marketing's ccore cstrategies c- cCORRECT cANS✔✔creating cvalue, ccreating crelationships, csegmenting cthe cmarket, cand
cidentifying copportunities
simple ctrade cera c(pre c1860s) c- cCORRECT cANS✔✔products cwere cmade cby chand, cgrown, cor ctraded cin csmall cquantities
- clasted cuntil cindustrial crevolution
production cera c(1860s-1920s) c- cCORRECT cANS✔✔firms cproduced cwhat cthey ccould cmake
, - c"you ccan cbuy cany ccolor cmodel ct"
- cinward cfocus con cwhat cproducers ccould cmake cefficiently
- csellers cmarket c(demand cexceeded csupply)
sales cera c(1920s-1940s) c- cCORRECT cANS✔✔firms cpushed cproducts cusing caggressive csales ctactics
- chad cto cconvince cpeople cto cspend ctheir clittle cmoney con ca cproduct
- cfocused con caggressive cpromotion cand cshort cterm cprofit cmaximization c(sell cwhat cwe cmake)
the cmarketing cera c(1940s-1990s) c- cCORRECT cANS✔✔the c"great cawakening" cwhere ccustomers cbecame cthe ccentral cfocus
cof cthe corganization
- cbegan cwith cthe cdevelopment cof cmarketing cdepartments c(1940-1960) cand cthen ctransferred cto cthe crest cof cthe cfirm c(1960-
1990)
- ccustomer cis ckey cand cmake cwhat cwe csell cmindset
relationship cmarketing cera c(1990s-2010) c- cCORRECT cANS✔✔establish c*long cterm* crelationships cmutually csatisfying, cbuyer-
seller crelationships
- ca c5% cincrease cin ccustomer cretention cyields cup cto ca c95% cimprovement cin cNPV cdelivered cby ccustomers
- crepeat ccustomers cgenerate cover ctwice cas cmuch crevenue cas cnew ccustomers
- cengaged ccustomers cgenerate c1.7 ctimes cmore crevenue cthan cnormal ccustomers
societal cmarketing cera c(2010-present) c- cCORRECT cANS✔✔firms cserve cthe ccustomers, cstockholders, cand csociety cas ca
cwhole
- c"green cmarketing"
- ccorporate csocial cresponsibility
customer ccentric cmarketing c- cCORRECT cANS✔✔collaborative crelationships cbased con ccustomers' cindividual cneeds cand
cconcerns
relationship cmarketing c- cCORRECT cANS✔✔long-term, cmutually cbeneficial carrangements cin cwhich cboth cthe cbuyer cand cseller
cfocus con cvalue cenhancement cthrough cthe ccreation cof cmore csatisfying cexchanges
- cdisney
customer crelationship cmanagement c- cCORRECT cANS✔✔using cinformation cabout ccustomers cto ccreate cmarketing cstrategies
cthat cdevelop cand csustain cdesirable ccustomer crelationships
green cmarketing c- cCORRECT cANS✔✔meaningful clong-term crelationships cwith ccustomers cwhile cmaintaining, csupporting, cand
cenhancing cthe cnatural cenvironment
the c4 cP's: cproduct c- cCORRECT cANS✔✔goods, cservices, cand cideas
the c4 cP's: cprice c- cCORRECT cANS✔✔determining cproduct cprices
- cshowing cdifferent cprices cto ccustomers cafter cestimating ctheir clocations cand cworking cout chow cclose cthat cperson cwas cto ca
ccompetitors cbrick cand cmortar cstore
the c4 cP's: cplace c- cCORRECT cANS✔✔distribution
- cmake cproducts cavailable cin cplaces cand cquantities cdesired
- cwalmart cand camazon
- cminimize cinventory, ctransportation, cand cstorage ccosts
the c4 cP's: cpromotion c- cCORRECT cANS✔✔inform cindividuals cor cgroups cabout cthe corganization cand cits cproducts/services
- cadvertising
- cpublic crelations
- cpersonal cselling
- cin-store cpromotions
- cstreet cteams/guerrilla cmarketing
- cviral cmarketing
stakeholders c- cCORRECT cANS✔✔the cpeople cwhose cinterests care caffected cby can corganization's cactivities
game cchangers c- cCORRECT cANS✔✔destination cproducts cthat chave csuch ca cstrong ctowing cthat cpeople cwill cgo cout cof ctheir
cway cto cget cit
game cchanger cproducts c- cCORRECT cANS✔✔revolutionized cthe cmarket c- cthings clike cthe ciPhone, cMcDonald's cfast cfood
game cchanger cpricing/distribution c- cCORRECT cANS✔✔things clike cRedBox: crent cmovies cfor c$1 cand ccould creturn cwhenever;
cBlockBuster cmore c$$$ cand crestricted chours
misconceptions cof cmarketing c- cCORRECT cANS✔✔- cmarketing cvs. cadvertising c(people cthink cthat cit conly cfocuses con
cpromotion cand cadvertising)
- cmajority cof cmarketing cisn't cseen cthrough cadvertising c(ex: cpricing, cetc.)
holistic cview cof cmarketing c- cCORRECT cANS✔✔negative cview con cmarketing cbecause cof cmarketers cwho cput cout cdeceptive
cads c(quasi-marketing)
