MAR4480 EXAM 1 FSU QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE GRADED A++

MAR4480 EXAM 1 FSU QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE GRADED A++ Commoditization Consequence of mature industries where slowing innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor Today's economy characterized by rapid technological change, economic/financial anxiety, and increasing consumer skepticism Marketing (1995 AMA definition) process of planning and executing the 4 p's to create exchanges that SATISFY INDIVIDUAL AND ORGANIZATIONAL OBJECTIVES Marketing (2005 AMA definition) 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 Marketing (2013 AMA definition) an activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have VALUE FOR CUSTOMERS, CLIENTS, PARTNERS, AND SOCIETY AT LARGE Form utility Product contains distinguishing ATTRIBUTES Time utility Product is available WHEN customer wants it Place utility Product is available WHERE customers want it Possession utility Deals with EASY TRANSFER OF OWNERSHIP or title Psychological utility Product provides positive EXPERIENTIAL ATTRIBUTES that customers find satisfying Strategy Firm's game plan for success Tactical planning Focusing on specific markets or market segments and the marketing programs that meet their needs Marketing plan Detailed outline/blueprint of the marketing program Internal analysis Analyzing the firm's current and future performance and sustainability strategies Competitive intelligence Analyzing competing businesses Environmental scanning Analyzing the external environment Situation analysis Collecting and interpreting pertinent internal, competitive, and environmental information a given situation or challenge INTERNAL AND EXTERNAL INFORMATION Goal for competitive advantage Goal is for the advantage to become sustainable 4 P's Product, Price, Place, Promotion IMC and purpose integrated marketing communications purpose is to make sure everyone is on the same page, same goals Product positioning Establishing a mental image of the product in the minds of target buyers Social Responsibility Firm's obligation to maximize positive impact on society