Marketing 101 Exam 1 Study Guide and Practice Questions
• Inertia to Passion - ANS✔✔ Creating a inertia of a product that is starting to sell and then
creating a heightened emotional attachment to the produce or brand
• 80/20 rule - ANS✔✔ • 80% of sales will come from 20% of your customers... 20% of
customers are repeat buyers
• Economies of scale - ANS✔✔ • The larger the market/buyers the lower expenses you have
and the lower you can sell a product
• Understand Marketing mix - ANS✔✔ (4 P's)/Marketing mix from customer perspective (4 Cs)
• Price - ANS✔✔ Cost, tends to indicate quality and premiums
Place - ANS✔✔ Conveniences, location, location, location. All neo model click vs traditional
brick
Product - ANS✔✔ customer- the feat and benefits that will sell to product to the customer
Promotion - ANS✔✔ communication - how will you get the products name out
Exchange - ANS✔✔ involves obtaining a desired product from someone by offering something
in return
• Criteria for a market - - ANS✔✔ • a population that has the same wants and needs (demand)
and business that have products that supply them with benefits to meet the demand
, • Utility - ANS✔✔ The 5 categorical benefits that give uses to the customer: time, place,
possession, form, info
• Time - ANS✔✔ - the time it takes to get the product, shipping or physically going to get it
• place - ANS✔✔ - the closest store or the top searched website= best value
• possession - ANS✔✔ - how easy it is to transfer the products ownership
• form - ANS✔✔ - the state in which the product is delivered ex. tv's are given preassembled
but a bed you might need to assemble
• info - ANS✔✔ - the store that offers more knowledge to the product will have more value ex.
Suit at H&M vs Suit a Men's warehouse
• What is Value? Components of value - ANS✔✔ • marketing takes attributes and converts it
into something important to the consumer,
• the best companies have the best importance
• Consumer = price, utilities, brand loyalty, quality
• Sellers = rev vs cost, amount they can give back, earned prestige, CLV* dropping a customer
• Customer satisfaction model - ANS✔✔ • Model of business where the extra time and money*
are put into the 5 utilities to build relatationships resulting longterm/ loyal customers, some
don't use it because the expenses can be huge
• Customer Equity - ANS✔✔ • The total CLV, some customers; Long term, might be worth
dropping. ex. Knuff's friend who bought the superbowl tv's
• Inertia to Passion - ANS✔✔ Creating a inertia of a product that is starting to sell and then
creating a heightened emotional attachment to the produce or brand
• 80/20 rule - ANS✔✔ • 80% of sales will come from 20% of your customers... 20% of
customers are repeat buyers
• Economies of scale - ANS✔✔ • The larger the market/buyers the lower expenses you have
and the lower you can sell a product
• Understand Marketing mix - ANS✔✔ (4 P's)/Marketing mix from customer perspective (4 Cs)
• Price - ANS✔✔ Cost, tends to indicate quality and premiums
Place - ANS✔✔ Conveniences, location, location, location. All neo model click vs traditional
brick
Product - ANS✔✔ customer- the feat and benefits that will sell to product to the customer
Promotion - ANS✔✔ communication - how will you get the products name out
Exchange - ANS✔✔ involves obtaining a desired product from someone by offering something
in return
• Criteria for a market - - ANS✔✔ • a population that has the same wants and needs (demand)
and business that have products that supply them with benefits to meet the demand
, • Utility - ANS✔✔ The 5 categorical benefits that give uses to the customer: time, place,
possession, form, info
• Time - ANS✔✔ - the time it takes to get the product, shipping or physically going to get it
• place - ANS✔✔ - the closest store or the top searched website= best value
• possession - ANS✔✔ - how easy it is to transfer the products ownership
• form - ANS✔✔ - the state in which the product is delivered ex. tv's are given preassembled
but a bed you might need to assemble
• info - ANS✔✔ - the store that offers more knowledge to the product will have more value ex.
Suit at H&M vs Suit a Men's warehouse
• What is Value? Components of value - ANS✔✔ • marketing takes attributes and converts it
into something important to the consumer,
• the best companies have the best importance
• Consumer = price, utilities, brand loyalty, quality
• Sellers = rev vs cost, amount they can give back, earned prestige, CLV* dropping a customer
• Customer satisfaction model - ANS✔✔ • Model of business where the extra time and money*
are put into the 5 utilities to build relatationships resulting longterm/ loyal customers, some
don't use it because the expenses can be huge
• Customer Equity - ANS✔✔ • The total CLV, some customers; Long term, might be worth
dropping. ex. Knuff's friend who bought the superbowl tv's
