Principles of Marketing -
Piletz Exam 1 with 100%
correct answers(download to
pass)
What is Marketing and what factors influence marketing actions -
answer The process of discovering and satisfying consumer needs
Factors-
1) two or more parties
2) a desire and ability on their part to have their needs satisfied
3) a way to communicate
4) something to exchange
What are the benefits of marketing to consumers and companies -
answer Consumers:
Marketing comes with products that meet our needs
Finding our niche wants and desires
More tailored needs
We have more options than we used to
Better customer service
Simplifies the buying process
Brand recognition and trust
,Higher quality of life, more products more needs to be met
Companies:
Creates value beyond the product
There's an objective value because the power of the brand
Competitive Insulation
Consumers are familiar with and loyal to our brand (Apple)
Can charge more for products
We can make more money because people love our brand
Improve employee morale
We want to work for a company that are good companies and great
brands
Increases relevancy
Changing with time to stay relevant with updated needs/wants
How do firms learn about customer needs and How do they meet
those needs - answer Personal Insight, Secondary Insight, Primary
Research
They meet those needs by using the 4Ps
Which factors in meeting a customer's need(s) are controllable;
Which are less controllable - answer
What is the marketing mix and what factors make it up - answer the
4Ps
-Price
-Product
-Place
-Promotion
,What is relationship marketing and how do companies use it -
answer Focuses on building long term relationships with customers
instead of shorter-term objectives like customers acquisition and
sales
Companies must understand their customers and provide info that
valuable to them, then they must build a strong brand identity,
follow up with customers after sales, send email
updates/newsletters, reward loyal customers, ask for feedback
What are the steps in the strategic marketing process - answer -
Conduct a SWOT (Environmental scanning, 5Cs)
-Develop a market focus, value proposition, and goals
(Segmentation, Targeting, Positioning)
-Design a Marketing Program (4Ps)
5C's of marketing - answer Customers, Company, Competitors,
Collaborators, Context
Segmentation - answer the process of dividing a larger market into
smaller pieces based on one or more meaningfully shared
characteristics
Targeting - answer A strategy in which marketers evaluate the
attractiveness of each potential segment and decide in which of
these groups they will invest resources to try to turn them into
customers.
Positioning - answer Arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing products in
the minds of target consumers
, Environmental Scanning - answer the process of continually
acquiring information on events occurring outside the organization
to identify and interpret potential trends
What are the components of the BCG matrix and how can companies
use it to manage their products - answer DOG = you want to get out
of that
QUESTION MARK = Can I actually get this product to a high enough
market share to capitalize? Can I reap the rewards? Should I Invest?
COW = You wanna milk this thing for all its worth, they are
important
STAR = This is taking off, so you want to keep investing to maintain
a high market share, you will take your profits from your COW and
reinvest in the star
What are the components of the diversification analysis (Ansoff's
Growth Matrix) and how can companies use it to growth their
business - answer Market Penetration = You have a current
product/current market, you can use coupon/promotional tactics for
consumers to purchase more (Glucerna, use it once per day)
Market Development Strategy = Same products, new market. You
can just take about it a little bit differently (Pedialyte, used for
athletes and hangovers)
Product Development Strategy = New products to the same
customers based on their wants and needs (Ensure, for younger
generations)
Diversification Strategy = very risky, very costly, not a lot of market
knowledge/experience (Curate bars, healthy non-GMO customers)
What are the components of a good situation analysis - answer A
situational analysis includes the internal and external factors that
affect a business
-Company
Products, competitive advantages, brands
Piletz Exam 1 with 100%
correct answers(download to
pass)
What is Marketing and what factors influence marketing actions -
answer The process of discovering and satisfying consumer needs
Factors-
1) two or more parties
2) a desire and ability on their part to have their needs satisfied
3) a way to communicate
4) something to exchange
What are the benefits of marketing to consumers and companies -
answer Consumers:
Marketing comes with products that meet our needs
Finding our niche wants and desires
More tailored needs
We have more options than we used to
Better customer service
Simplifies the buying process
Brand recognition and trust
,Higher quality of life, more products more needs to be met
Companies:
Creates value beyond the product
There's an objective value because the power of the brand
Competitive Insulation
Consumers are familiar with and loyal to our brand (Apple)
Can charge more for products
We can make more money because people love our brand
Improve employee morale
We want to work for a company that are good companies and great
brands
Increases relevancy
Changing with time to stay relevant with updated needs/wants
How do firms learn about customer needs and How do they meet
those needs - answer Personal Insight, Secondary Insight, Primary
Research
They meet those needs by using the 4Ps
Which factors in meeting a customer's need(s) are controllable;
Which are less controllable - answer
What is the marketing mix and what factors make it up - answer the
4Ps
-Price
-Product
-Place
-Promotion
,What is relationship marketing and how do companies use it -
answer Focuses on building long term relationships with customers
instead of shorter-term objectives like customers acquisition and
sales
Companies must understand their customers and provide info that
valuable to them, then they must build a strong brand identity,
follow up with customers after sales, send email
updates/newsletters, reward loyal customers, ask for feedback
What are the steps in the strategic marketing process - answer -
Conduct a SWOT (Environmental scanning, 5Cs)
-Develop a market focus, value proposition, and goals
(Segmentation, Targeting, Positioning)
-Design a Marketing Program (4Ps)
5C's of marketing - answer Customers, Company, Competitors,
Collaborators, Context
Segmentation - answer the process of dividing a larger market into
smaller pieces based on one or more meaningfully shared
characteristics
Targeting - answer A strategy in which marketers evaluate the
attractiveness of each potential segment and decide in which of
these groups they will invest resources to try to turn them into
customers.
Positioning - answer Arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing products in
the minds of target consumers
, Environmental Scanning - answer the process of continually
acquiring information on events occurring outside the organization
to identify and interpret potential trends
What are the components of the BCG matrix and how can companies
use it to manage their products - answer DOG = you want to get out
of that
QUESTION MARK = Can I actually get this product to a high enough
market share to capitalize? Can I reap the rewards? Should I Invest?
COW = You wanna milk this thing for all its worth, they are
important
STAR = This is taking off, so you want to keep investing to maintain
a high market share, you will take your profits from your COW and
reinvest in the star
What are the components of the diversification analysis (Ansoff's
Growth Matrix) and how can companies use it to growth their
business - answer Market Penetration = You have a current
product/current market, you can use coupon/promotional tactics for
consumers to purchase more (Glucerna, use it once per day)
Market Development Strategy = Same products, new market. You
can just take about it a little bit differently (Pedialyte, used for
athletes and hangovers)
Product Development Strategy = New products to the same
customers based on their wants and needs (Ensure, for younger
generations)
Diversification Strategy = very risky, very costly, not a lot of market
knowledge/experience (Curate bars, healthy non-GMO customers)
What are the components of a good situation analysis - answer A
situational analysis includes the internal and external factors that
affect a business
-Company
Products, competitive advantages, brands
