MGT 6311 Midterm Exam Questions and Answers

MGT 6311 Midterm Exam Questions and Answers Shift in marketing mix - ANSWER Reach, effectiveness, and efficiency goal of marketing - ANSWER to create a product/service that sells GOST hierarchy - ANSWER Goals, Objectives(specific metrics), Strategies, tactics aka hierarchy towards achieving goals 5 C's - ANSWER Customer, competitors, collaborators, company, context Customer marketing model - ANSWER Awareness Interest/Engagement Acquisition Customer Segmentation Customer Retention Support/Advocacy RFM - ANSWER recency, frequency, monetary value (as a customer persona) Buyer journey - ANSWER Discovery (loosening of status quo, committing to change) Consideration (Exploring possible solutions & committing to a solution) Decision (Justifying the decision, making the selection) The 5 P's - ANSWER Core components associated with a mktg mix: Price Product Promo Place People Porter's 5 forces - ANSWER designed to consider competitive implications for an org within context of consumer behavior. Power of customer, threat of new entrants, threat of substitutes, power of supplies - All circle into: competitive rivalry within industry 4 components to define a holistic strategy - ANSWER 1. define the mission behind dig. mktg efforts 2. derive the digital strategy 3. define the interaction strategy across cust. lifestyle 4. measurement & improve ROI