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Marketing 621 TAMU Test 1 Questions and Answers
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Marketing 621 TAMU Test 1
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Marketing 621 TAMU Test 1What is Marketing? - answer the process of CREATING, DISTRIBUTING,
PROMOTING, and PRICING GOODS, SERVICES, and IDEAS to facilitate satisfying
exchange relationships with customers and develop and maintain favorable
relationships with stakeholders in a dynamic environment
***hopefully the customer finds marketing exchanges satisfying
What is the Managerial Approach? - answer broad, general approach
variables associated with marketing are marketing decision variables and environmental
variables
Components of strategic marketing - answer Center: customer
Inner Ring: Marketing Mix/decision variables - product, price, promotion, distribution
Outer Ring: Environmental Variables - marketers don't control, but effect the outcome of
marketing decisions
What is the marketing concept? - answerIt is customer driven
Development: production driven (product efficiency) 1800s, emphasize sales 1920s-
1950s, customer orientation 1950s - present
Basic components of the marketing concept: customer driven (satisfy customer needs),
and measuring customer satisfaction
Marketing Concept Definition - answera management philospophy that guides an
organization's overall activities toward satisfying customers' needs through a
coordinated set of activities that also allows the organization to achieve its goals.
CUSTOMER DRIVEN
Find out what customers need to be satisfied
Major forces in the marketing environment? - answerCompetitive
legal and regulatory
economic
technological
political
sociocultural
Why must marketers analyze marketing environment forces? - answerAffect current
decision making
Affect the consequences of previous marketing decision
,How do organizations respond to marketing environment forces? - answerPassive --
reactive: management makes changes according to the environment reacting to
changes
OR
Proactive - influence environmental forces in some way (ex: lobbying to get laws
changed)
What issues or dimensions are associated with environmental forces? -
answercompetitive forces
- competitive market structures (monopoly/oligopoly)
- competitive tools (basis by which company competes with another
Economic Forces
- general economic conditions (recession = tight wallet, comfort = loose wallet)
- Buying power (the ability to buy income, wealth, etc.)
- Willingness to spend (just because customers have buying power doesn't guarantee
they will spend. They need a willingness to spend.
What environmental forces did UNIQLO focus their company on? - answer"aim high"
Technology
price
customer service
store appearance
What environmental forces does walmart focus their company on? - answerProduct and
Price
NOT customer service
What is the third issue or dimension associated with environmental forces? -
answerPolitical forces
- what and who are they? - political forces get to decide who gets the business
- Why are they important? - they get to decide who gets the business
- how are they influenced?
Practical side - some businesses are more equal to others
The price of the message - answerpaying people in agencies money to try to influence
government officials in a way that will make them want to do things that are consistent
with your business
US Chamber of commerce ($1,095,795,680)
American Medical Assn. ($310,047,500)
General Electric ($304,790,000)
National association of Realtors ($282,046,256)
American Hospital Assn. ($364,177,280)
Pharmaceutical Psch and Mfrs of America ($259,336,420)
, Blue Cross/Blue Shield ($237,777,678)
AARP ($236,782,064)
Northrop Grumman ($216,122,213)
Exxon Mobil ($201,862,742)
Top 10 Companies' Campaign Contributions (1998-2014) - answerA way to influence
people who want to be elected
AT&T (58 thousand $)
Goldman Sachs (46 thousand $)
JP Morgan and Chase (35 thousand $)
UPS (33 thousand $)
Citigroup (33 thousand $)
Blue Cross/Blue Shield (30 thousand $)
Microsoft Corp (30 thousand $)
General Electric (29 thousand $)
Lochhead Martin (28 thousand $)
Morgan Stanley (26 thousand $)
Issues or dimensions associated with environmental forces (D & E - answerLegal and
regulatory forces
- Laws -- provisions (impact on effects of what happens in business practices)
- Interpretation of laws (laws don't have to change for interpretation to change
- Regulations (federal trade commission, food and drug administration, occurs on an
industry-by-industry basis, state level & local level usually local like what can be sold
door to door.
Technological forces
- effects -- cut both ways
- adoption and use
Sociocultural forces
- demographics (income, age, in a population certain things change over time and we
have to look back a few years to recognize the change)
- diversity (we are recognizing these differences and taking action to care for them)
- cultural values (how we value marriage - more people just live together divorce used to
be hugely negative socially)
-consumer issues (efforts made to inform consumers of things)
6 demographic trends - answerSouth-shifting population (51.4% of US population
growth in Southern states
The New Majority (recent census shows over 50% of US population is "non-white")
Intermarriage increase - Marriage across ratial and ethnic lines doubled since 1980
"Graying" of America - 79 million baby boomers will exit the work force within 20 years
Gender Shift (Women) - hold 49.8% of all US paid jobs, own 40% of businesses
More Grandparent-headed households - 26% increase from 2001-2010
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