Marketing 3101 Mid Term Exam Verified A+
What is marketing? ️Marketing is the process taken to meet a consumer's needs and wants in a
"mutually beneficial way" where the customer is satisfied and the supplying company's needs are met
because then it is a sustainable relationship.
Strategi...
Marketing 3101 Mid Term Exam Verified A+
What is marketing? ✔️Marketing is the process taken to meet a consumer's needs and wants in a
"mutually beneficial way" where the customer is satisfied and the supplying company's needs are met
because then it is a sustainable relationship.
Strategic Business Units (SBU) ✔️Large companies have SBU, each unit has a separate mission and
objectives. That can be planned separately from other company businesses. Usually a division of the
company, but can be a major product line/brand within a division. For example, Theme parks are just
one of several Strategic Business Units for Disney. Other SBUs under the Disney umbrella include media
holdings (ABC, ESPN), movie studios (Disney and Touchstone films), and consumer product sales.
Boston Consulting Group Model ✔️BCG matrix is a framework created by Boston Consulting Group to
evaluate the strategic position of the business brand portfolio and its potential. It classifies business
portfolio into four categories based on industry attractiveness (growth rate of that industry) and
competitive position (relative market share).
What are the four categories in BCG? ✔️stars (high growth - high shares ) Cash cow (low growth- high
share, established products, Question Mark ( low share - high growth) Dogs (low share and low growth)
What's Strategic Planning? ✔️describes the overall direction an organization will pursue within its
environment and guides the allocation of resources. It provides the logic that integrates the
perspectives of functional departments and operating units and points them all in the same direction.
The company starts with a clear mission statement, then setting company objectives and goals,
designing business portfolio. lastly planning marketing and other business strategies.
What's Marketing Mix and its purpose? ✔️Product, price (target customers), place, promotion
(Intended positioning) that the firm blends to produce the response it wants in the target market. The
marketing mix—or the four Ps—consists of tactical marketing tools blended into an integrated program
that actually engages target customers and delivers the intended customer value.
Market Penetration ✔️Company growth by increasing sales of current products to current market
segments without changing the product. For example, Under Armour offers a range of styles and colors
in its original apparel lines, and it boosted its spending on advertising by 35 percent over previous years.
, Market Development ✔️The company grows by developing a new market segment for current
company products. E.g. Under Armour now markets to women consumers and is expanding rapidly in
international markets.
What is the marketing strategy planning process? ✔️1. Mission statement: the goals of a company,
Organization's purpose in the larger environment. Must be market-oriented and defined in terms of
customer needs.
2. Strategic planning: the overall direction an organization will pursue within its environment and also
guides the allocation of resources.
3. Marketing plan: ties everything together, includes looking at a marketing mix and strategy. The core is
to create customer value by targeting, segmentation, positioning, and differentiation.
Customer Driven Marketing Strategy ✔️the major steps include segmentation, targeting,
differentiation, and positioning. Marketing management is in charge of choosing a target market and
build relationships all with the purpose of delivering superior customer value. The best strategy answers
2 questions: what's our target market and what's our value proposition.
Assessing Marketing Opportunities ✔️
Marketing Research Process Steps ✔️1. Issue and problem definition: Marketing managers and
researchers must work together closely to define the problem and agree on research objectives.
2. Designing the research project: determine the exact information needed, develop a plan for gathering
it efficiently, and present the plan to management. The research plan outlines sources of existing data
and spells out the specific research approaches, contact methods, sampling plans, and instruments that
researchers will use to gather new data
3. Collecting data: primary or secondary data
4. Interpreting findings: Researcher has to work through significant data, Look for answers to questions,
Sometimes no clean-cut answers, multiple conclusions are possible
5. Reporting research findings: Conclusions need to be gleaned from the data
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