MKT 320F - Unit 1 exam with complete solutions 2024_2025
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Course
MKT 320F
Institution
MKT 320F
Summarize and explain the purpose of marketing in the organization and the basic marketing concept
Marketing has three key purposes: (1) to acquire customers, (2) retain those customers, and (3) incentivize those customers to become brand ambassadors and promote the brand to their sphere of influe...
MKT 320F - Unit 1 exam with complete
solutions 2024/2025
Summarize and explain the purpose of marketing in the organization and the
basic marketing concept - ANSWER- Marketing has three key purposes: (1) to
acquire customers, (2) retain those customers, and (3) incentivize those
customers to become brand ambassadors and promote the brand to their sphere
of influence.
Distinguish among the four main firm orientations and their historical
connections - ANSWER- production, sales, marketing, and societal marketing
Describe the overview of the marketing discipline and the key elements of a
situation analysis (5 Cs), aspiration decisions (STP or marketing strategy), and
action plan decisions (4 Ps). - ANSWER- The goal of marketing, at the end of the
day, is to acquire customers, retain customers, and incentivize customers to
become brand ambassadors. To accomplish this goal, we start our marketing
plan with our situation analysis of the 5 C's: Customers, Company, Competition,
Context, and Collaborators. (SWOT is a useful analysis tool at this point.)
Following our analysis is our decisions—or marketing plan. We start with
aspiration decisions. We (1) segment the customers that we will market to, (2) we
decide to target those customers, and (3) we position our product to the
customer as to be perceived how we intend it to. Then we make our action plan
decisions - commonly known as the marketing mix (4 P's): Product + promotion +
Place = Value Creation. Value Capturing = price. Finally, we analyze the outcome,
which is determined by the customer. Here we look at the customer acquisition
and retention, the buy rate, sales, profits, and franchise.
What are the different types of customers we should analyze? - ANSWER-
Initiators, gatekeepers, deciders, influencers, purchasers, and users.
What does customer analysis entail? - ANSWER- Determine who our customers
are. Is it B2B or B2C? Are they one of the 6 above?
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