Marketing 301 Exam 1 Roth Questions & Answers Solved 100%

Marketing is defined as - Answer the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. The Four P's of Marketing - Answer Product, Price, Place, Promotion Product - Answer What do customers need & want? Price - Answer How much should we ask customers to pay? Place - Answer How will we get it to the customers? Promotion - Answer How will we communicate with the customers? Marketing Concept (Definition) - Answer A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. The Marketing Concept (Diagram) - Answer OUTWARD FACING: Starts with the Market, focuses on Customer Needs through means of Integrated Marketing, and ends with Profits through Customer Satisfaction (Example: Amazon's obsession with their customers increased their revenues) Suppliers - Answer provide resources for a company & its competitors Marketers create value through: - Answer "Products" - physical objects - people - organizations - places - information - ideas (remember example with LeBron's McDonalds commercial) Marketing Intermediaries - Answer help a company distribute the products (NOT the final user of the good) Selling Concept (Definition) - Answer The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. The Selling Concept (Diagram) - Answer INWARD FACING: Starts with Factory, Focuses on Existing Products through Means of Selling and Promoting, and Ends with Profits through Sales Volume Marketing Myopia - Answer the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products (too narrowly focused) (remember the Bic Parfum commercial & how it flopped) Production Concept - Answer focuses on items that customers want a LOT of - customers will favor products that are highly AVAILABLE and AFFORDABLE - company should focus on improving PRODUCTION and distribution efficiency - con is this can lead to marketing myopia (too narrowly focused on the one product) Product Concept - Answer focuses on the QUALITY of the PRODUCT - customers will favor products with the highest quality, performance, and innovation features - company should focus on improving the PRODUCT itself - this can lead to marketing myopia (too much focus on one good) Societal Marketing Concept - Answer human welfare is the biggest concern - should be balanced with consumer's wants and company's profits (example: McDonalds' "Signs" ad honoring local heroes in their community) The Marketing Mix (Definition) - Answer How marketers implement marketing strategies Marketing Mix (Diagram) - Answer 4 P's are all connected through PEOPLE the end goal of the marketing process is to: - Answer capture value from customers in return for profits and customer equity The purpose of consumer engagement marketing is to - Answer get people to RESPOND (both marketers and consumers) - examples are coupons, contests, & giveaways customer loyalty and retention/profitability chart - Answer Butterfly - high retention, low loyalty (ppl who go anywhere for a certain thing) Stranger - low retention, low loyalty (ppl who are completely unwilling to try a product) Barnacle - low retention, high loyalty (rarely purchase but when they purchase it's normally from the same source) True Friend - high retention, high loyalty (purchase often from same source) Evangelist - true friend who often refer company & product to others customer equity - Answer The total combined customer lifetime values of all of the company's customers. - customer lifetime value = the value of the entire stream of purchases a customer makes over a lifetime of patronage. comsumer generated marketing - Answer marketing where the company asks for the consumer to come up with marketing ideas, usually for a prize (example is the JetBlue commercial) Actors in the microenvironment - Answer - The company - Suppliers - Marketing intermediaries - Competitors - Publics - Customers studying the environment allows for marketers to - Answer - understand the constraints they operate under - learn of opportunities - reveal threats to avoid or to combat The Company -- Microenvironment - Answer all departments must "think consumer" and cooperate interfunctionally (ex. McDonalds University) Examples of intermediaries - Answer resellers, physical distribution firms, marketing service agencies, financial intermediaries resellers - Answer marketing intermediaries that resell manufactured products without significantly altering their form physical distribution firms - Answer help the company stock and move goods from their points of origin to their destinations marketing service agencies - Answer design ads financial intermediaries - Answer where money comes from types of publics - Answer financial, media, government, citizen-action, local, general, internal