MKTG 311 - EXAM 1 STUDY GUIDE
ACCURATE 100%
Definition of marketing - ANSWER the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing intermediaries - ANSWER firms that help the company to promote, sell, and
distribute its goods to final buyers; example includes advertising agency
Evolution of Marketing - ANSWER 1. Simple Trade Era (pre-Industrial revolution)
2. Production Era (1860s-1920s)
3. Sales Era (1920s-1940s)
4. Marketing Dept Era (1940s-1960s)
5. Marketing Company Era (1960s-1990s)
6. Relationship Marketing Era (1990s-2010)
7. Social Marketing Era (2010-present)
Marketing Management - ANSWER the art and science of choosing target markets and
building profitable relationships with them
Value proposition - ANSWER the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What are the 5 Marketing Management Orientations? - ANSWER 1. Product Concept
2. Societal Concept
3. Marketing Concept
4. Production Concept
5. Selling Concept
Production Concept Marketing - ANSWER assumes that customers want affordable
products, so focuses on availability and cheapness
- Fits well with mass production
- Does not consider customer needs/wants
Product Concept Marketing - ANSWER assumes customers want quality, not cheap
- Doesn't take customers' wants/needs into account
Sales Concept Marketing - ANSWER aggressively taking existing products and pushing
the customers to buy them
- Doesn't consider what the customer WANTS
Marketing Orientation Concept - ANSWER learn what the target demographic wants
and work to satisfy those wants better than the competition
,- Focuses on marketing strategy
- Keeps customer in mind
Societal Orientation Concept - ANSWER puts human welfare on top before profits and
satisfying the wants
- emphasizes on social responsibilities and suggests that to sustain long term success,
the company should develop a marketing strategy to provide value to the customers to
maintain/improve both the customers and society's well being better than the
competitors
What are the steps to the marketing process? - ANSWER 1. Marketing Strategy
Formation
2. Marketing Planning
3. Programming, Allocating, and Budgeting
4. Implementation
5. Analysis and Research (done before the first four steps)
6. Monitoring and Auditing
Marketing strategy formation - ANSWER - Long term goals (mission
statement/corporate objects)
- approach to marketplace
- What customer groups? Define target audience and their wants
- Value creation
- Industry opportunities (5C analysis, SWOT analysis, PEST analysis)
Marketing PLanning - ANSWER - time horizon
- how often to rework plan?
Programming, Allocating, and Budgeting - ANSWER - Set measurable goals
- Detailed Plans
- Yearly time frame
- Resource allocation and develop budget
Implementation - ANSWER Program execution
Analysis and Research - ANSWER - Gather internal and external data to support the
first four steps
- Prepare before the first four steps
- Ongoing
Decision Making Unit (DMU) - ANSWER All the individuals who participate in, and
influence, the consumer buying-decision process.
- Initiators
- Gatekeepers
- Deciders
, - Influencers
- Purchasers
- Users
Marketing Mix (4Ps) - ANSWER 1. Product
2. Price
3. Place
4. Promotion
Sustainable Competitive Advantage - ANSWER Customer value stems from:
1. Customer excellence (segmenting and targeting customer)
2. Operational excellence (suppliers/external)
3. Product excellence
4. Locational excellence (distribution channels; retail vs. online)
Concept Check: Which of the following is NOT a market-oriented business definition?
A) We empower customers to realize their dreams
B) We make high quality consumer food products
C) We sell success and status
D) We create the Hilton experience - ANSWER B) We make high quality consumer food
products
Concept Check: Henry Ford's philosophy was to perfect the Model T so that its cost
could be reduced further for increased consumer affordability. This reflects the _______
concepts
A) product
B) production
C) selling
D) marketing
E) societal marketing - ANSWER B) production
Concept Check: Orion Inc. operates in many industries, including pharmaceuticals, and
food products. The company's goal is to create abundant and affordable food for all and
a healthy environment. This represents Orion's______________.
A) marketing plan
B) product mix
C) business portfolio
D) marketing mix
E) mission statement - ANSWER E) Mission statement
Concept Check: Which one of the following is NOT a ley area involved in 5C analysis?
ACCURATE 100%
Definition of marketing - ANSWER the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing intermediaries - ANSWER firms that help the company to promote, sell, and
distribute its goods to final buyers; example includes advertising agency
Evolution of Marketing - ANSWER 1. Simple Trade Era (pre-Industrial revolution)
2. Production Era (1860s-1920s)
3. Sales Era (1920s-1940s)
4. Marketing Dept Era (1940s-1960s)
5. Marketing Company Era (1960s-1990s)
6. Relationship Marketing Era (1990s-2010)
7. Social Marketing Era (2010-present)
Marketing Management - ANSWER the art and science of choosing target markets and
building profitable relationships with them
Value proposition - ANSWER the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What are the 5 Marketing Management Orientations? - ANSWER 1. Product Concept
2. Societal Concept
3. Marketing Concept
4. Production Concept
5. Selling Concept
Production Concept Marketing - ANSWER assumes that customers want affordable
products, so focuses on availability and cheapness
- Fits well with mass production
- Does not consider customer needs/wants
Product Concept Marketing - ANSWER assumes customers want quality, not cheap
- Doesn't take customers' wants/needs into account
Sales Concept Marketing - ANSWER aggressively taking existing products and pushing
the customers to buy them
- Doesn't consider what the customer WANTS
Marketing Orientation Concept - ANSWER learn what the target demographic wants
and work to satisfy those wants better than the competition
,- Focuses on marketing strategy
- Keeps customer in mind
Societal Orientation Concept - ANSWER puts human welfare on top before profits and
satisfying the wants
- emphasizes on social responsibilities and suggests that to sustain long term success,
the company should develop a marketing strategy to provide value to the customers to
maintain/improve both the customers and society's well being better than the
competitors
What are the steps to the marketing process? - ANSWER 1. Marketing Strategy
Formation
2. Marketing Planning
3. Programming, Allocating, and Budgeting
4. Implementation
5. Analysis and Research (done before the first four steps)
6. Monitoring and Auditing
Marketing strategy formation - ANSWER - Long term goals (mission
statement/corporate objects)
- approach to marketplace
- What customer groups? Define target audience and their wants
- Value creation
- Industry opportunities (5C analysis, SWOT analysis, PEST analysis)
Marketing PLanning - ANSWER - time horizon
- how often to rework plan?
Programming, Allocating, and Budgeting - ANSWER - Set measurable goals
- Detailed Plans
- Yearly time frame
- Resource allocation and develop budget
Implementation - ANSWER Program execution
Analysis and Research - ANSWER - Gather internal and external data to support the
first four steps
- Prepare before the first four steps
- Ongoing
Decision Making Unit (DMU) - ANSWER All the individuals who participate in, and
influence, the consumer buying-decision process.
- Initiators
- Gatekeepers
- Deciders
, - Influencers
- Purchasers
- Users
Marketing Mix (4Ps) - ANSWER 1. Product
2. Price
3. Place
4. Promotion
Sustainable Competitive Advantage - ANSWER Customer value stems from:
1. Customer excellence (segmenting and targeting customer)
2. Operational excellence (suppliers/external)
3. Product excellence
4. Locational excellence (distribution channels; retail vs. online)
Concept Check: Which of the following is NOT a market-oriented business definition?
A) We empower customers to realize their dreams
B) We make high quality consumer food products
C) We sell success and status
D) We create the Hilton experience - ANSWER B) We make high quality consumer food
products
Concept Check: Henry Ford's philosophy was to perfect the Model T so that its cost
could be reduced further for increased consumer affordability. This reflects the _______
concepts
A) product
B) production
C) selling
D) marketing
E) societal marketing - ANSWER B) production
Concept Check: Orion Inc. operates in many industries, including pharmaceuticals, and
food products. The company's goal is to create abundant and affordable food for all and
a healthy environment. This represents Orion's______________.
A) marketing plan
B) product mix
C) business portfolio
D) marketing mix
E) mission statement - ANSWER E) Mission statement
Concept Check: Which one of the following is NOT a ley area involved in 5C analysis?
