MAR4480 FSU DEVER EXAM 1 QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Power Shift to Customers
Rather than businesses having the ability to manipulate customers via technology,
customers often manipulate businesses because of their access to information, the
ability to comparison shop, and the control they have over spending. ex. comparing
price, share product opinion/review.
Audience and Media Fragmentation
-Media audiences are fragmented due to the # of choices and little time we have today.
-media fragmentation does have a big advantage: It is easier to reach small, highly
targeted audiences who are more receptive to specific marketing messages.
The Marketing Mix
Product, Price, Place, Promotion.
Marketing
An organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.
Metamarket
definition and ex.
,A cluster of closely related goods and services that center around a specific
consumption activity.
ex) homeowners, biulders, real estate agents
Metamediary
definition and ex.
Provides a single access point where buyers can locate and contact many different
sellers in the meta-market.
ex) realtor.com, Zillow.com
5 Conditions For An Exchange To Occur:
1. There must be at least two parties to the exchange.
2. Each party has something of value to the other party.
3. Each party must be capable of communication and delivery.
4. Each party must be free to accept or reject the exchange.
5. Each party believes it is desirable to exchange with the other party.
Product
Something that can be acquired via exchange to satisfy a need or a want.
Strategy
Outlines the organization's game plan for success. Required for effective marketing.
Tactical Planning
, Addresses specific markets or market segments and the development of marketing
programs that will fulfill the needs of customers in those markets.
Marketing Plan
Provides the outline for how the organization will combine product, pricing, distribution,
and promotion decisions to create an offering that customers will find attractive. The
marketing plan also addresses the implementation, control, and refinement of these
decisions.
Internal Analysis
Involves the objective review of internal information pertaining to the firm's current
strategy and performance, as well as the current and future availability of resources.
Competitive Intelligence
Analysis of the competitive environment; Involves analyzing the capabilities,
vulnerabilities, and intentions of competing businesses.
Environmental Scanning
Analysis of the external environment; Involves the analysis of economic, political, legal,
technological, and cultural events and trends that may affect the future of the
organization and it's marketing efforts.
Situation Analysis
Term used to refer the overall process of collecting and interpreting internal,
competitive, and environmental information.
Situation Analysis (2)
Whether at the corporate, business unit, or functional level, the planning process begins
with an in-depth analysis of the organization's internal and external environments.
WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Power Shift to Customers
Rather than businesses having the ability to manipulate customers via technology,
customers often manipulate businesses because of their access to information, the
ability to comparison shop, and the control they have over spending. ex. comparing
price, share product opinion/review.
Audience and Media Fragmentation
-Media audiences are fragmented due to the # of choices and little time we have today.
-media fragmentation does have a big advantage: It is easier to reach small, highly
targeted audiences who are more receptive to specific marketing messages.
The Marketing Mix
Product, Price, Place, Promotion.
Marketing
An organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.
Metamarket
definition and ex.
,A cluster of closely related goods and services that center around a specific
consumption activity.
ex) homeowners, biulders, real estate agents
Metamediary
definition and ex.
Provides a single access point where buyers can locate and contact many different
sellers in the meta-market.
ex) realtor.com, Zillow.com
5 Conditions For An Exchange To Occur:
1. There must be at least two parties to the exchange.
2. Each party has something of value to the other party.
3. Each party must be capable of communication and delivery.
4. Each party must be free to accept or reject the exchange.
5. Each party believes it is desirable to exchange with the other party.
Product
Something that can be acquired via exchange to satisfy a need or a want.
Strategy
Outlines the organization's game plan for success. Required for effective marketing.
Tactical Planning
, Addresses specific markets or market segments and the development of marketing
programs that will fulfill the needs of customers in those markets.
Marketing Plan
Provides the outline for how the organization will combine product, pricing, distribution,
and promotion decisions to create an offering that customers will find attractive. The
marketing plan also addresses the implementation, control, and refinement of these
decisions.
Internal Analysis
Involves the objective review of internal information pertaining to the firm's current
strategy and performance, as well as the current and future availability of resources.
Competitive Intelligence
Analysis of the competitive environment; Involves analyzing the capabilities,
vulnerabilities, and intentions of competing businesses.
Environmental Scanning
Analysis of the external environment; Involves the analysis of economic, political, legal,
technological, and cultural events and trends that may affect the future of the
organization and it's marketing efforts.
Situation Analysis
Term used to refer the overall process of collecting and interpreting internal,
competitive, and environmental information.
Situation Analysis (2)
Whether at the corporate, business unit, or functional level, the planning process begins
with an in-depth analysis of the organization's internal and external environments.
