MKTG 3340 correctly answered graded A+ 2023/2024

MKTG 3340 Definition of Marketing - correct answer An organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organizations and its stakeholders For Marketing to occur - correct answer 1)Two or more parties with unsatisfied needs 2) A desire and ability on their part to be satisfied 3) A way for parties to communicate 4) Something to exchange Customer Need vs. Want - correct answer When a person feels deprived of basic necessities vs. a need that is shaped by a person's knowledge, culture and personality Target Market - correct answer A single firm can't satisfy all consumers' needs so they select "a specific group of potential consumers" Marketing Mix Elements (Price, Product, Promotion, Place) - correct answer Price: Exchange of money or trading/barter, time Product: Commodities, services and ideas Promotion: Advertising, guerilla marketing (not exposing themselves, but marketing is experienced), public relations (ALS ice bucket), and product placement Place: Retail stores, QVC, popups, vending machines, internet Mission Statements - correct answer A statement of the organization's function in society that identifies: customers, products, technologies, and markets. Should be clear concise meaningful inspirational and long term Corporate culture - correct answer Set of shared values, ideas and attitudes learned and shared amongst members of the organization An organization - correct answer A legal entity that consists of people who share a common mission which drives them to develop offerings that create value for the organization and its customers. Organizational Levels - correct answer Usually three levels: corporate (overall strategy), business unit (single business or group of related businesses that can be planned independently), functional (specialized functions aka marketing, accounting). Business Portfolio Analysis: BCG model - correct answer Studies a firm's business units as though they were a collection of separate investments. Hold stars, build problem child, divest dogs, harvest cash cows Diversification Analysis - correct answer Helps firms look for growth opportunities. comparing current products vs. new products in current and new markets. market penetration (current/current), product development (New prod/current mar), Market development (Current prod/new mar), diversification (new/new) SWOT Analysis - correct answer Taking stock of where the firm or product has been recently, where it is now, where it's headed in terms of marketing plans and external forces The 5 Forces - correct answer (Social, Economic, Technological, Competitive, Regulatory) Fad vs Trend - correct answer Fad: short term phenomenon, all about the products, make your money and get out Trend: Lasts an average of 10 or more years, Can't create a trend, you can only observe what people are buying Strategic Planning Stages - correct answer Planning phase: situational analysis (where is the firm and where is it headed), goal setting (what do we want), and marketing program (how will we get it) marketing plan: implementation phase-can make corrective actions results: control phase-can make corrective actions Goals - correct answer a targeted level of performance set in advance measurable, specific time constraints, consistent (internally), prioritized