BA 370 MARKETING SDSU EXAM QUESTIONS
marketing applies to - ANSWER EVERYTHING!!!
products, services, people, places, concepts/ideas
the marketing mix (4Ps) - ANSWER product, place/placement, price, promotion
what are the driving forces when creating the marketing mix? - ANSWER
consumers WANTS and NEEDS
(start with wants and needs and move backwards for 4Ps)
marketing provides consumer utility (4): - ANSWER form utility, time utility, place
utility, possession utility
what is the exchange? - ANSWER the primary economical element of marketing
steps of the exchange: - ANSWER 1. 2 or more parties with unsatisfied needs
(direct exchange ex. garage sale or craigslist)
2. each one can satisfy each other's needs
3. able to find each other (PLACE, indirect exchange
4. both can value what the other has (can they agree on price?)
5. communicate and present (PROMOTION)
what are the intermediaries in an indirect exchange? - ANSWER wholesaler,
distributed, retailer
the exchange should focus on maximizing the buyer and seller's value because...
- ANSWER they are about to find each other, communicate, and agree on price
pricing an item includes: - ANSWER everything a buyer gives up (money, time,
energy, shipping)
place delivers the: - ANSWER value proposition including internet site and
physical store (Brick & Morter)
promotion: - ANSWER -communication by a marketer that informs, persuades
and reminds potential buyers about a product
-enhance a products PERCEIVED VALUE (not actually more valuable)
"Got Milk" campaign repositioned milk against sodas by targeting _____ as a
whole not _______ - ANSWER -industry, a specific brand
, -created 4 good groups
-industry vs. soda
successful products fulfill: - ANSWER unsatisfied needs
macro-strategies for developing a sustainable competitive advantage (4): -
ANSWER operational excellence, product excellence, customer excellence,
location excellence
operational excellence: - ANSWER -efficient operations
-excellent supply chain
-human resources
ex. Costco
product excellence: - ANSWER -products with high perceived value
-effective branding & positioning
customer excellence: - ANSWER -retaining loyal customers
-excellent customer service
locational excellence: - ANSWER -good physical location
-internal presence
-hard to copy (others can't get what you have)
what is the least effective way to develop a competitive advantage? - ANSWER
having the lowest price
what is the best way to creat a sustainable competitive advantage? - ANSWER
position the brand clearly and distinctively
in the SWOT analysis which are internal? - ANSWER strengths & weaknesses
(sole supplier)
in the SWOT analysis which are external? - ANSWER opportunities (expand) &
threats
marketing plan: planning phase - ANSWER step 1: mission (measurable core
goals)
step 2: situational analysis (SWOT)
marking plan: implementation phase - ANSWER step 3: identify opportunities =
segmenting, targeting, positioning (STP)
step 4: implement marketing mix (4Ps)
step 4.5: resource allocation (how much money goes where)
marketing applies to - ANSWER EVERYTHING!!!
products, services, people, places, concepts/ideas
the marketing mix (4Ps) - ANSWER product, place/placement, price, promotion
what are the driving forces when creating the marketing mix? - ANSWER
consumers WANTS and NEEDS
(start with wants and needs and move backwards for 4Ps)
marketing provides consumer utility (4): - ANSWER form utility, time utility, place
utility, possession utility
what is the exchange? - ANSWER the primary economical element of marketing
steps of the exchange: - ANSWER 1. 2 or more parties with unsatisfied needs
(direct exchange ex. garage sale or craigslist)
2. each one can satisfy each other's needs
3. able to find each other (PLACE, indirect exchange
4. both can value what the other has (can they agree on price?)
5. communicate and present (PROMOTION)
what are the intermediaries in an indirect exchange? - ANSWER wholesaler,
distributed, retailer
the exchange should focus on maximizing the buyer and seller's value because...
- ANSWER they are about to find each other, communicate, and agree on price
pricing an item includes: - ANSWER everything a buyer gives up (money, time,
energy, shipping)
place delivers the: - ANSWER value proposition including internet site and
physical store (Brick & Morter)
promotion: - ANSWER -communication by a marketer that informs, persuades
and reminds potential buyers about a product
-enhance a products PERCEIVED VALUE (not actually more valuable)
"Got Milk" campaign repositioned milk against sodas by targeting _____ as a
whole not _______ - ANSWER -industry, a specific brand
, -created 4 good groups
-industry vs. soda
successful products fulfill: - ANSWER unsatisfied needs
macro-strategies for developing a sustainable competitive advantage (4): -
ANSWER operational excellence, product excellence, customer excellence,
location excellence
operational excellence: - ANSWER -efficient operations
-excellent supply chain
-human resources
ex. Costco
product excellence: - ANSWER -products with high perceived value
-effective branding & positioning
customer excellence: - ANSWER -retaining loyal customers
-excellent customer service
locational excellence: - ANSWER -good physical location
-internal presence
-hard to copy (others can't get what you have)
what is the least effective way to develop a competitive advantage? - ANSWER
having the lowest price
what is the best way to creat a sustainable competitive advantage? - ANSWER
position the brand clearly and distinctively
in the SWOT analysis which are internal? - ANSWER strengths & weaknesses
(sole supplier)
in the SWOT analysis which are external? - ANSWER opportunities (expand) &
threats
marketing plan: planning phase - ANSWER step 1: mission (measurable core
goals)
step 2: situational analysis (SWOT)
marking plan: implementation phase - ANSWER step 3: identify opportunities =
segmenting, targeting, positioning (STP)
step 4: implement marketing mix (4Ps)
step 4.5: resource allocation (how much money goes where)
