MKT 6301 Midterm
Marketing concept - CORRECT ANSWER-emphasizes a customer
focus/organizing the resources of the firm toward understanding customers'
needs/wants and offering products/services that meet those needs
Marketing philosophies: Sales driven - CORRECT ANSWER--More aggressive;
"what we make, we sell"
-Focused on volume more so than sales or customer
Marketing philosophies: Technology/product driven - CORRECT
ANSWER--Focus on research & development as well as sales
-Technology isn't bad; just might not solve anyone's problem
-Having great technology doesn't guarantee a demand
Feature fatigue - CORRECT ANSWER-over-engineering phenomenon where
more product
features are added to products than customers really want
Marketing philosophies: Marketing driven - CORRECT ANSWER--Reliance on
customers to tell them what they wants instead of taking risks to anticipate
customer needs
-Multiple brand managers and several rounds of decision making
-Extremely slow to respond to changes in the marketplace
Marketing philosophies: Customer oriented approach - CORRECT
ANSWER--Prevalent when companies respond to a crisis
-Blame customers or care for customers?
-Make key investments in customers and long-term satisfaction
Marketing plan - CORRECT ANSWER-a written document containing the
guidelines for the product's marketing programs and allocations over the planning
period
"Buzz marketing" methods - CORRECT ANSWER--using word-of-mouth to
amplify product
-Can be positive or negative
,BRIC countries - CORRECT ANSWER-Brazil, Russia, India, China
BRIC countries: China - CORRECT ANSWER--Monstrous market w/ 1⁄5 of the
world's population
-Low wages → can undercut the prices of most of the rest of the world's
companies
-Not yet a major supplier of global brands, but is a buyer
BRIC countries: India - CORRECT ANSWER--Largest impact is outsourcing;
successful companies w/ computer programming,
customer service, brain scan analyses, tax preparation, etc remotely
-English-language capabilities
-Significant market for consumer goods; growing middle class → market for
automobiles, financial products, more expensive goods
-Huge market for global goods but few Indian brands are well known globally
Lifetime customer value - CORRECT ANSWER-present value of a stream of
profits that can be produced by a
customer
Database marketing - CORRECT ANSWER-databases created through
transactions, surveys, warranty cards,
etc
Mass customization - CORRECT ANSWER-take products that are traditionally
mass marketed and
make them appear to be targeted to individual customers
Components of a marketing strategy - CORRECT ANSWER--Objective
-customer targets
-competitor targets
-core strategy
-marketing mix
Value proposition - CORRECT ANSWER-summarizes customer and competitor
targets,
, defines product category, makes succinct statement of how the
product/service is differentiated
Product positioning- CORRECT ANSWER-how value proposition is
operationalized and
represented in the customers' minds
4 Ps of marketing - CORRECT ANSWER-Product, Price, Place, Promotion
Market penetration strategy - CORRECT ANSWER-targets current customers of
the product/service (of yours and competitors)
Market development strategy - CORRECT ANSWER-targets customers who
haven't been persuaded to buy or who haven't been targeted at all by
you/competitors
Important early decisions in foreign involvement - CORRECT ANSWER--Choice
of country/countries to enter
-Timing of entry
-How to operate in these countries
5 factors to consider when deciding how to enter a foreign market - CORRECT
ANSWER--Country characteristics
-Trade barriers and government regulations
-Product market characteristics
-Management objectives
Competitive/differential advantage - CORRECT ANSWER-the basis on which
customers will choose your
product over the competitors'
Basis of developing a competitive advantage - CORRECT ANSWER--Should
generate customer value
-Increased value must be perceived by the customer
-Advantage should be difficult to imitate
Marketing concept - CORRECT ANSWER-emphasizes a customer
focus/organizing the resources of the firm toward understanding customers'
needs/wants and offering products/services that meet those needs
Marketing philosophies: Sales driven - CORRECT ANSWER--More aggressive;
"what we make, we sell"
-Focused on volume more so than sales or customer
Marketing philosophies: Technology/product driven - CORRECT
ANSWER--Focus on research & development as well as sales
-Technology isn't bad; just might not solve anyone's problem
-Having great technology doesn't guarantee a demand
Feature fatigue - CORRECT ANSWER-over-engineering phenomenon where
more product
features are added to products than customers really want
Marketing philosophies: Marketing driven - CORRECT ANSWER--Reliance on
customers to tell them what they wants instead of taking risks to anticipate
customer needs
-Multiple brand managers and several rounds of decision making
-Extremely slow to respond to changes in the marketplace
Marketing philosophies: Customer oriented approach - CORRECT
ANSWER--Prevalent when companies respond to a crisis
-Blame customers or care for customers?
-Make key investments in customers and long-term satisfaction
Marketing plan - CORRECT ANSWER-a written document containing the
guidelines for the product's marketing programs and allocations over the planning
period
"Buzz marketing" methods - CORRECT ANSWER--using word-of-mouth to
amplify product
-Can be positive or negative
,BRIC countries - CORRECT ANSWER-Brazil, Russia, India, China
BRIC countries: China - CORRECT ANSWER--Monstrous market w/ 1⁄5 of the
world's population
-Low wages → can undercut the prices of most of the rest of the world's
companies
-Not yet a major supplier of global brands, but is a buyer
BRIC countries: India - CORRECT ANSWER--Largest impact is outsourcing;
successful companies w/ computer programming,
customer service, brain scan analyses, tax preparation, etc remotely
-English-language capabilities
-Significant market for consumer goods; growing middle class → market for
automobiles, financial products, more expensive goods
-Huge market for global goods but few Indian brands are well known globally
Lifetime customer value - CORRECT ANSWER-present value of a stream of
profits that can be produced by a
customer
Database marketing - CORRECT ANSWER-databases created through
transactions, surveys, warranty cards,
etc
Mass customization - CORRECT ANSWER-take products that are traditionally
mass marketed and
make them appear to be targeted to individual customers
Components of a marketing strategy - CORRECT ANSWER--Objective
-customer targets
-competitor targets
-core strategy
-marketing mix
Value proposition - CORRECT ANSWER-summarizes customer and competitor
targets,
, defines product category, makes succinct statement of how the
product/service is differentiated
Product positioning- CORRECT ANSWER-how value proposition is
operationalized and
represented in the customers' minds
4 Ps of marketing - CORRECT ANSWER-Product, Price, Place, Promotion
Market penetration strategy - CORRECT ANSWER-targets current customers of
the product/service (of yours and competitors)
Market development strategy - CORRECT ANSWER-targets customers who
haven't been persuaded to buy or who haven't been targeted at all by
you/competitors
Important early decisions in foreign involvement - CORRECT ANSWER--Choice
of country/countries to enter
-Timing of entry
-How to operate in these countries
5 factors to consider when deciding how to enter a foreign market - CORRECT
ANSWER--Country characteristics
-Trade barriers and government regulations
-Product market characteristics
-Management objectives
Competitive/differential advantage - CORRECT ANSWER-the basis on which
customers will choose your
product over the competitors'
Basis of developing a competitive advantage - CORRECT ANSWER--Should
generate customer value
-Increased value must be perceived by the customer
-Advantage should be difficult to imitate
