Exam (elaborations)
marketing 270 Midterm questions and answers graded A+ correct 2024/2025
marketing 270 Midterm questions and answers graded A+ correct 2024/2025
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marketing 270 MidtermSteps of a Marketing Plan
-Understand a marketplace and customer needs
-Design a customer driven marketing strategy
-Construct an integrated marketing program that delivers superior value
-Build profitable relationships and create customer delight
-Capture value from customers to create profit
Target Marketing
Selecting a segment of the market to cultivate
Value Proposition
The set of benefits or values a firm promises to deliver to consumers to satisfy their needs
Selling concept
-profits thru sales volume
-starts in a factory
-focus on existing products
Marketing concept
-profits thru customer satisfaction
-starts with a market
-focus on consumer needs
Consumer Lifetime Value
the value of the entire stream of purchases a customer makes over a lifetime of patronage
4 P's of Marketing
Product, Price, Place, Promotion
Marketing Management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate
exchanges effectively and efficiently
-marketing concept
-selling concept
-production concept
-product concept
Strong Mission Statements
, -market oriented, not product oriented
-is translated into supporting objectives for each level of management
Business Portfolio
the group of different products or brands owned by an organization and characterized by different
income-generating and growth capabilities
Strategic Business Unit (SBU)
a division of the firm itself that can be managed and operated somewhat independently from other
divisions and may have a different mission or objectives
BGC Growth Share Matrix
-star
-cash cow
-question mark
-dog
Star
-high market growth rate, high relative market share
-requires heavy investment
Cash Cow
-low growth, high market share
-Don't require as much investment
question mark
-high growth, low market share
-Require a lot of cash
Dog
-low growth potential and small market share
-not very promising
4 basic marketing strategies for growth
-market penetration:existing products, existing mkt
-market development: existing product, new mkt
-product development:new product, existing mkt
-Diversification:new product, new mkt
SWOT analysis
strengths, weaknesses, opportunities, threats
strength
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