MAR3023 FSU EXAM 1 BRADY QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++

MAR3023 FSU EXAM 1 BRADY QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ What is Marketing? To identify unmet consumer needs & then develop products that fill those needs & then develop products that fill those needs. Pure Marketing Business function that develops the products that people want to buy because they know they need them and because they can afford them and because they can find them. (Don't have to advertise) Example of Pure Marketing Coca Cola - It tastes good & delivers caffeine. Don't have to go to far to buy one and it is low cost. Product Development Core marketing function. If the product is good the firm has to do little advertising. Example of Good Product Development Apple, Bedsox, Munchy Mart & Four Rivers Impure Marketing Firms fail to objectively distinguish their products from competitors. (Having to advertise because of competitors) Very powerful Examples of Impure Marketing Dasani, Zephrahuills, Fiji, Walgreens water. Power of Marketing Branding & Marketing are powerful. Marketers have power to change perception of customers with 4 P's Marketing's core strategies Creating value and relationships Segmenting Markets Identifying opportunities Creating Value Value Small Banks: Serve starbucks, offer babysitting , extended hours & free toasters Sheraton Hotel in L.A.: Offers 24 hour check in, room available any time, guaranteed 24 hour block room stay & occupancy went from 66%-90% Creating Relationship Establishing long term mutually satisfying, buyer seller relationship. Examples of Creating Relationship Ex. Disney: Theme parks, movies/tv/radio, cruises & Disney on ice. Chick-fil-a: Go extra mile, "my pleasure" bring umbrellas, pull out chairs for ladies, bus tables, refill drinks. Segmenting Markets Targets different wants & needs. Separates devils from angels, store clerks are given training to identify desirable/angel customers. High income men "Barry's" Suburban moms "Jills" Male early adopters "Buzzes" Examples of Segmenting Markets Coke Zero - For Men Diet Coke - For women Marriott- Hotels for just suites and inns. Resorts Identifying Opportunties Circumstance & timing meet to create strategic windows History of Marketing Production Era - firms produced what they could make Sales Era - firms pushed products using aggressive sales tactics Marketing Era- focus on customer orientation Societal Era - firms now serve three entities Simple Trade Era Products were made by hand, grown or traded in small quantities. Lasted up until the industrial revolution. Product Era Firms produced what they could make. "As long as its black: inward focus, technical development. Sales Era Firms pushed products using aggressive sales tactics. "Changing their minds" Focus on: Selling what we make, aggressive promotion - vacuum cleaners, short term profit maximization. Marketing Era Focus on customer orientation. "Great awakening" where customers became the central focus of the organization. Began with the development of marketing departments (1940-