Exam (elaborations)
Cob 300 Marketing Test 1 (CH 1,2,5,9,14) Questions and Answers
- Course
- Institution
Cob 300 Marketing Test 1 (CH 1,2,5,9,14) Questions and Answers
[Show more]
Content preview
Cob 300 Marketing Test 1 (CH 1,2,5,9,14)Questions and Answers
Marketing - Answers -the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
What is the key to marketing? - Answers -Value
Value - Answers -Benefit - cost
Elements of marking mix - Answers --price
-promotion
-product
-place
Production Orientation - Answers -Production era
Sales Orientation - Answers -Focusing organizational efforts on selling as many
products as possible
Market orientation - Answers -The tendency of an economic activity to locate close to its
market; a reflection of large and variable distribution costs.
Value based pricing - Answers -A pricing strategy that involves first determining the
perceived value of the product from the customer's point of view and then pricing
accordingly.
sustainable competitive advantage - Answers -a competitive advantage that other
companies have tried unsuccessfully to duplicate and have, for the moment, stopped
trying to duplicate
Marketing strategy - Answers -target market + marketing mix
sustainable competitive advantage - Answers -
Marketing Plan - Answers -Step 1: Business mission & objectives
(planning Phase)
Step 2: Situation analysis (Planning phase)
- SWOT
Step 3: Identify opportunities (Implementation phase)
, Step 4: Implement marketing mix (Implementation phase)
Step 5: Evaluate performance using marketing metrics (Control phase)
Strategic Planning Step 1: Define the mission and or vision - Answers --Key questions
in determining the mission
-Mission statement
Step 2: Situation Analysis - Evaluate Internal & External Environments - Answers -
Situational analysis
- Internal environmental assessment
- External environmental assessment
Internal environment assessment - Answers -Identifies the firm's strengths and
weaknesses
External environmental assessment - Answers -identifies opportunities and threats
Step Three: Identifying and Evaluating Opportunities Using STP - Answers -STP
-Segmentation
-Targeting
-Positioning
Segmentation - Answers -1) Similar needs and wants
2) Respond similarly to marketing action
Targeting - Answers -Target different segments with different products or marketing
efforts
Positioning - Answers -What are your key points of difference and which ones will you
build on
Step Four: Implementing Marketing Mix and Allocate resources - Answers --Product
Value Creation
-Price Value Capture
-Place Value Delivery
-Promotion Value Communication
Step 5: Evaluate Performance - Answers -ROMI - Revenue or profit margin generated
by investment in a specific marking program divided by the cost of that program at a
give risk level, as determined by management
Growth Strategies - Answers -market penetration, market development, product
development, diversification
Segmentation Process - Answers -Current and potential needs/wants, distinguishing
characteristics, forecast demand
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now