BUS 3601 FINAL EXAM QUESTIONS &
ANSWERS (RATED A+)
Marketing - ANSWERA process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return
- create value to capture value
The Marketing Process - ANSWER-Create value for customers and build customer
relationships
1) Understand the marketplace and customer needs and wants
2)Design a customer value-driven marketing strategy
3)Construct an integrated marketing program that delivers superior value
4)Build profitable relationships and create customer delight
organization's purpose; what it wants to accomplish in the larger environment
Business portfolio - ANSWERcollection of businesses/ products that make up
company aka product lines
Strategic business units - ANSWERcompany division, product line, or a single
product/brand
Setting Company Objectives and Goals - ANSWER-Business objectives
1)Build profitable customer relationships
2)Invest in research
3)Improve profits
-Marketing objectives
1)Increase market share
2)Create local partnerships
3)Increase promotion
Analyzing the Current Business Portfolio - ANSWER1) Identify strategic business
units (SBUs)
2)Assess the attractiveness of its various SBUs
3) Decide how much support each SBU deserves
,-Capture value from customers in return
5)Capture value from customers to create profits and customer equity
Customer needs, wants, and demands - ANSWER1)Needs- states of deprivation
(something is missing; you need it)
2)Wants- form that needs take
3)Demands- wants backed by buying power (ability to pay)
Markets - ANSWEREach party in system adds value. Company cannot fulfill its
promise without suppliers low costs
1)Suppliers -> Company, Competitors
2)Company & Competitors -> Marketing intermediaries
3)Marketing intermediaries -> final consumers
4)Company & Competitors <-> Final consumers
Market segmentation - ANSWERdividing the markets into segments of customers
Target Marketing - ANSWERrefers to which segments to go after; choose the right
segments for company
Market management - ANSWERChoose target markets and choose customer
relationships
Brand's value proposition - ANSWERthe set of benefits or values it promises to
deliver to customers to satisfy their needs
Marketing concept - ANSWERKnowing the needs and wants of the market and
deliver the desired satisfactions better than competitors
, Marketing Philosophy - ANSWERProduction concept-> product concept -> selling
concept -> marketing concept -> societal marketing concept
Marketing mix - ANSWERthe set of tools (four Ps) the firm uses to implement its
marketing strategy
-Product, place, promotion, price
Integrated marketing program - ANSWERa comprehensive plan that communicates
and delivers the intended value to chosen customers
Customer relationship management - ANSWERthe overall process of building and
maintaining profitable customer relationships by delivering superior customer value
and satisfaction
How to build it? good product, good price, good source
Customer lifetime value - ANSWERthe value of the entire stream of purchases that
the customer would make over a lifetime of patronage
What is marketing? Big picture - ANSWER-Understand marketplace and customer
needs and wants, you need to:
1) Research customers and marketplace
2) Manage marketing info and customer data
-Design a customer value-driven marketing strategy:
1) Select customers to serve via segmentation and marketing
2)Decide on a value proposition via differentiation and positioning
-Construct an integrated marketing program that delivers superior value:
1)Product and service design; build strong brands
2)Pricing: create real value
3)Distribution/Place: manage demand and supply chains
4)Promotion: communication the value proposition
-Build profitable relationships and create customer delight:
1)Customer relationship management: build strong relationships with chosen
customers
2)Partner relationship management: build strong relationships with marketing
partners
Deciding on the Global Marketing Program: Product - ANSWER1. Straightforward
product expansion: marketing without a product in a foreign market without any
change
2. Product adaptation: changing the product to meet local conditions or wants
3. Product invention: creating something new for a specific country market ie.
maintain or reintroduce earlier products or create new products
Promotion - ANSWERCompanies can either adopt the same communication strategy
they use at home or change it for each market
ANSWERS (RATED A+)
Marketing - ANSWERA process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return
- create value to capture value
The Marketing Process - ANSWER-Create value for customers and build customer
relationships
1) Understand the marketplace and customer needs and wants
2)Design a customer value-driven marketing strategy
3)Construct an integrated marketing program that delivers superior value
4)Build profitable relationships and create customer delight
organization's purpose; what it wants to accomplish in the larger environment
Business portfolio - ANSWERcollection of businesses/ products that make up
company aka product lines
Strategic business units - ANSWERcompany division, product line, or a single
product/brand
Setting Company Objectives and Goals - ANSWER-Business objectives
1)Build profitable customer relationships
2)Invest in research
3)Improve profits
-Marketing objectives
1)Increase market share
2)Create local partnerships
3)Increase promotion
Analyzing the Current Business Portfolio - ANSWER1) Identify strategic business
units (SBUs)
2)Assess the attractiveness of its various SBUs
3) Decide how much support each SBU deserves
,-Capture value from customers in return
5)Capture value from customers to create profits and customer equity
Customer needs, wants, and demands - ANSWER1)Needs- states of deprivation
(something is missing; you need it)
2)Wants- form that needs take
3)Demands- wants backed by buying power (ability to pay)
Markets - ANSWEREach party in system adds value. Company cannot fulfill its
promise without suppliers low costs
1)Suppliers -> Company, Competitors
2)Company & Competitors -> Marketing intermediaries
3)Marketing intermediaries -> final consumers
4)Company & Competitors <-> Final consumers
Market segmentation - ANSWERdividing the markets into segments of customers
Target Marketing - ANSWERrefers to which segments to go after; choose the right
segments for company
Market management - ANSWERChoose target markets and choose customer
relationships
Brand's value proposition - ANSWERthe set of benefits or values it promises to
deliver to customers to satisfy their needs
Marketing concept - ANSWERKnowing the needs and wants of the market and
deliver the desired satisfactions better than competitors
, Marketing Philosophy - ANSWERProduction concept-> product concept -> selling
concept -> marketing concept -> societal marketing concept
Marketing mix - ANSWERthe set of tools (four Ps) the firm uses to implement its
marketing strategy
-Product, place, promotion, price
Integrated marketing program - ANSWERa comprehensive plan that communicates
and delivers the intended value to chosen customers
Customer relationship management - ANSWERthe overall process of building and
maintaining profitable customer relationships by delivering superior customer value
and satisfaction
How to build it? good product, good price, good source
Customer lifetime value - ANSWERthe value of the entire stream of purchases that
the customer would make over a lifetime of patronage
What is marketing? Big picture - ANSWER-Understand marketplace and customer
needs and wants, you need to:
1) Research customers and marketplace
2) Manage marketing info and customer data
-Design a customer value-driven marketing strategy:
1) Select customers to serve via segmentation and marketing
2)Decide on a value proposition via differentiation and positioning
-Construct an integrated marketing program that delivers superior value:
1)Product and service design; build strong brands
2)Pricing: create real value
3)Distribution/Place: manage demand and supply chains
4)Promotion: communication the value proposition
-Build profitable relationships and create customer delight:
1)Customer relationship management: build strong relationships with chosen
customers
2)Partner relationship management: build strong relationships with marketing
partners
Deciding on the Global Marketing Program: Product - ANSWER1. Straightforward
product expansion: marketing without a product in a foreign market without any
change
2. Product adaptation: changing the product to meet local conditions or wants
3. Product invention: creating something new for a specific country market ie.
maintain or reintroduce earlier products or create new products
Promotion - ANSWERCompanies can either adopt the same communication strategy
they use at home or change it for each market
