MAR 4480 Exam 1 FSU || with A+ Guaranteed Solutions.
Commoditization correct answers Consequence of mature industries where slowing innovation,
extensive product assortment, excess supply and frugal consumers force margins to the floor
If a product is a commodity... correct answers The product is exactly the same as your
competition
Having a commodity is correct answers Not a good thing, because it drives down the prices
Marketing Planning and Strategy correct answers All organizations require effective planning
and a sound marketing strategy to achieve their goals and objectives
Today's Economy correct answers Characterized by rapid change, economic/financial anxiety,
and increasing consumer skepticism
The Challenges and Opportunities of Marketing in Today's Economy correct answers - Power
shift to customers
- Massive increase in product selection
- Audience and media fragmentation
- Changing value propositions
- Privacy, security, and ethical concerns
Marketing correct 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
Exchange correct answers Process of obtaining something of value by offering something in
return
Exchange Conditions correct answers - At least two parties
- Something of value
- Capable of communication and delivery
- Freedom to accept or reject
- Desire to deal with other party
Product correct answers Something acquired through an exchange to satisfy a need or want
Utility correct answers Ability of a product to satisfy a customer's want or need
Types of Utility correct answers Form, Place, Time, Possession, Psychological
Form Utility correct answers Product contains distinguishing attributes
Time Utility correct answers Product is available when the customer wants it
, Place Utility correct answers Product is available where the customer wants it
Possession Utility correct answers Deals with easy transfer of ownership or title
Psychological Utility correct answers Product provides positive experiential attributes that
customers find satisfying
Strategic Planning Levels correct answers Strategy, Marketing plan, Research and analysis,
Developing competitive advantage, Marketing strategy decisions, Social responsibility,
Sustainability, Marketing ethics, Marketing implementation, Developing and maintaining
customer relationships
Strategy correct answers Firm's game plan for cussess
3 levels of strategy correct answers Corporate, Business, and Functional
Marketing Plan correct answers Part of a business plan, a detailed outline of a marketing
program that the company will use to achieve success and win in the marketplace
Research and Analysis correct answers Internal, External, and Situation
Internal Analysis correct answers Analyzing the firm's current resources, capabilities, and
strategies
External Analysis correct answers Analyzing the environmental influences, industry, and
competition
Situation Analysis correct answers Interpreting the pertinent internal, environmental,
competitive, customer and industry information to provide a baseline for the current situation
Competitive Advantage correct answers Advantage a firm has over competitors; Serves as an
edge to serve customer needs and maintain relationships with important stakeholders
What is the goal for the competitive advantage? correct answers To become sustainable
What is a tool to measure the degree of advantage? correct answers VRIO
VRIO correct answers Value, Rarity, Imitability, Organization
Value = no correct answers Competitive disadvantage
Rarity = no correct answers Competitive parity
Imitability = no correct answers Temporary Comp. Adv.
Organization = no correct answers Unused Comp. Adv.
