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U of Iowa Marketing Midterm 1 Question and answers 100% correct 2024

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U of Iowa Marketing Midterm 1 Question and answers 100% correct 2024 U of Iowa Marketing Midterm 1 Marketing - correct answer the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, a...

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  • August 30, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • u of iowa marketing midterm 1
  • u of iowa marketing midterm 1 question and answers

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U of Iowa Marketing Midterm 1
Marketing - correct answer ✔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


exchange - correct answer ✔The provision or transfer of goods, services, or
ideas in return for something of value


Value Creation - correct answer ✔the possible benefits of a consumer: can
be many things. Businesses need to harness this to create a commodity.
Ex: bottle shape for perfume, sound for a sports car, delivery for media
rental/streaming


Godin Video - Purple Cow - correct answer ✔Consumers have little time and
too many choices, this is why consumers ignore stuff. SO, how do we get
market things to be noticed? Be Remarkable!


Mousetrap Principle - correct answer ✔Not everyone can be successful
because you need to think of consumer behavior, usage, and disposition. Like
it because you don't touch it, it gets the job done, and it can be thrown out in
its entirety. This means they buy another one because their previous one was
thrown out. Its either touch it or throw it out and buy another.


Marketing Mix - correct answer ✔Product, Price, Place, Promotion


Product - correct answer ✔creating value, having some benefit to offer to
potential customers


Price - correct answer ✔capturing value, what the perceived benefit is worth

, Place - correct answer ✔delivering value, how will the customer receive their
perceived benefit


Promotion - correct answer ✔communicating value, how will potential
customers learn about your perceived benefit? Ads? special offers?


Customer Relationship Management - correct answer ✔managing detailed
information about individual customers and carefully managing customer
touch points to maximize customer loyalty - digital communication made
relationships easier and with better information


Marketing Goals and Objectives - correct answer ✔defines what the
business hopes to accomplish - need to be time specific, measurable
(compared to a benchmark), realistic, and show where the resources are to
meet the goal (the how - ex: training)


Mission statement - correct answer ✔a statement of the organization's
purpose - what it wants to accomplish in the larger environment - should say
values, core competencies, and the business you are in


Ansoff's Growth Model - correct answer ✔Market Penetration, Product
Development, Market Development, Diversification


Market Penetration - correct answer ✔a marketing strategy that tries to
increase market share among existing customers/the existing market with the
same products - ex: getting the current market to use more frequently by
starting loyalty rewards


Product Development - correct answer ✔company growth by offering
modified or new products to current market segments - ex: Starbucks creating

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