MAR4480 EXAM 1 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Utility
describes the ability of a product to satisfy a customers desires. Types: form, time,
place, possession, psychological
SWOT analysis
strengths and weaknesses (internal), opportunities and threats (external)
Primary Research
original research conducted for a specific marketing situation. Examples: Surveys, focus
groups, interviews, observation, field experiments
Market Oriented Firm
prioritizes understanding and meeting the needs and desire of its customers. three core
elements: Customer, competitor, and interfunctional coordination
they often lack perspective and may be out dated or incomplete. Can lead to
biased decision making
biggest problem with internal data source
Evaluating the Internal environment
1. objectives, strategy/performance
2. resources
3.culture
Purpose of a marketing plan
, serves as a roadmap that outlines how a company will achieve marketing objectives.
setting clear objectives, allocating resources, coordinating market activities, decision
making, monitoring performance, communicating strategy
commoditization
A process of market competition through which unique products that command high
prices and high margins gradually lose their ability to do so, thus becoming
commodities. products and services become indistinguishable therefore decision
making comes down to solely price.
outlines the organizational plan for success
Market segmentation/targeting, Marketing mix (4 P's), value proposition,
objectives/goals, competitive analysis, customer orientation, adaptibility/flexibility
the role of the CEO
understand lines of communication, advantages of todays distribution, exchange with
partners
open lines of communication
vital for collaboration, ensuring organization, enhancing effectiveness of marketing
competitive intelligence
process of gathering info about competitors to help a company make strategic decisions
characteristics of a good marketing plan outline
comprehensive, flexible, consistent, logical
tactical planning
the process of developing detailed, short-term statements that broaden the marketing
strategy. Addresses specific markets that will fulfill the needs of customers
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Utility
describes the ability of a product to satisfy a customers desires. Types: form, time,
place, possession, psychological
SWOT analysis
strengths and weaknesses (internal), opportunities and threats (external)
Primary Research
original research conducted for a specific marketing situation. Examples: Surveys, focus
groups, interviews, observation, field experiments
Market Oriented Firm
prioritizes understanding and meeting the needs and desire of its customers. three core
elements: Customer, competitor, and interfunctional coordination
they often lack perspective and may be out dated or incomplete. Can lead to
biased decision making
biggest problem with internal data source
Evaluating the Internal environment
1. objectives, strategy/performance
2. resources
3.culture
Purpose of a marketing plan
, serves as a roadmap that outlines how a company will achieve marketing objectives.
setting clear objectives, allocating resources, coordinating market activities, decision
making, monitoring performance, communicating strategy
commoditization
A process of market competition through which unique products that command high
prices and high margins gradually lose their ability to do so, thus becoming
commodities. products and services become indistinguishable therefore decision
making comes down to solely price.
outlines the organizational plan for success
Market segmentation/targeting, Marketing mix (4 P's), value proposition,
objectives/goals, competitive analysis, customer orientation, adaptibility/flexibility
the role of the CEO
understand lines of communication, advantages of todays distribution, exchange with
partners
open lines of communication
vital for collaboration, ensuring organization, enhancing effectiveness of marketing
competitive intelligence
process of gathering info about competitors to help a company make strategic decisions
characteristics of a good marketing plan outline
comprehensive, flexible, consistent, logical
tactical planning
the process of developing detailed, short-term statements that broaden the marketing
strategy. Addresses specific markets that will fulfill the needs of customers
