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marketing 201 byu swenson test 1|231 Q’s and A’s|100% Scores
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marketing 201 byu swenson test1|231 Q’s and A’s|100% Scores
Define marketing - -activity, set of instructions, and process for creating,
communicating, delivering, and exchanging offerings that have value for
customers
-What does D&C 89:4 tell us? - -Marketing can be used for good and evil
-How is value created? - -By meeting customer's functional and emotional
needs
-What are the 4 P's? - -Product, Price, Promotion, Place
-What is the marketing concept? - -By delivering value, marketing satisfies
customer's needs and wants at a profit
-What do marketers focus on? - -People VS Structure.
1. Needs and Wants
2. Ability, willingness, authority to purchase to satisfy 1
-What is B2B (Business Market)? - -Business - to - Business
Individuals within companies purchase product for use within company or
resale
EX: BMW purchases Michelin tires, then sells BMWs with Michelin tires
-What is B2C (Consumer Market?) - -Business - to - Consumer
Individual exchange product for personal use
EX: person buys candy bar from store
-Strategic Triangle - -
-How do you keep customers? - -By creating and delivering exceptional
value
-attracting the right customers = profit
-What is the Corporate Strategy? - -What business should we be in?
-specialize in areas that draw on common core skills and resources
-specialist perform better than generalists
-What is the Strategic Business Unit (SBU) Strategy? - -How do we compete
effectively in given business?
-market growth rate and relative market share
,-Types of SBU's - -Stars, Cash Cows, Question Marks, Dogs
-Dogs (SBU) - -Low market share, low market growth rate
-little hope of becoming stars or cash cow.
-generate enough cash just to support themselves
-Question Marks (SBU) - -Low market share, high market growth rate
-pose investment dilemmas for the company
-generally significant investment from cash cows needed
-Cash Cows (SBU) - -High market share, low market growth rate
-business dominates in slow-growth markets
-typically generate more cash than they need so companies reallocate
resources elsewhere
-Stars (SBU) - -High market share, high market growth rate
-Business are dominant players in fast-growing markets
-may require significant cash investment to support rapid growth
-As growth rate slows, they become cash cows
-What is the marketing strategy? - -How do we orchestrate the marketing
mix to deliver value to a particular market segment?
-Each functional area of the company (finance, HR, etc) has a strategy
consistent with SBU and Corporate Strategy
Addresses: Target Market and Marketing Mix
-Marketing Mix - -4 P's: Product, Price, Place, Promotion
-Marketing Strategy: Path to Profitability - -1. Segmentation Process
2. Targeting
3. Positioning
-Marketing Strategy: Path to Profitability: Segmentation Process - -
Customers grouped into homogeneous subgroups/segments so they are
similar in how they respond to marketing effort
-Marketing Strategy: Path to Profitability: Targeting - -Company
selects/targets segments to serve
-Marketing Strategy: Path to Profitability: Positioning - -Company positions
its product offering for the target customers
-How do you market through the eyes of Brand Champions? - --build
messages around understanding of people
-people are most persuaded by seeing why other consumer like them
, -What does it mean to "Ride a Wave"? - --looking at an existing product and
creating a complementary product
-Brand Champions enhance consumption with complementary products
-Ansoff Matrix (Product-Market Expansion Matrix) - -1. Market Penetration
2. Product Development
3. Market Development
4. Diversification
-Ansoff Matrix: Market Penetration - --existing product
-existing market
-Ansoff Matrix: Product Development - --new products
-existing markets
-Ansoff Matrix: Market Development - --existing product
-new market
-Ansoff Matrix: Diversification - --new product
-new market
-What is the Marketing Strategy Equation? - -Target Market + Marketing Mix
= Marketing Strategy (creating value for customers)
-focus on brand champions for "swing group" customers
-look for undeserved customers targets and design a marketing mix to fill the
gap in the marketplace
-What is the Marketing Plan? - -Generated by adding an itemized budget
and time schedule to a marketing strategy
-What drives profitability? - -1. Customer Acquisition
2. Customer Retention
3. Increase sales per customer
4. Margin per sale
-How do you acquire new customers? - -1. Acquire profitability
2. Less upfront sales
3. Higher-value customers
-How do you retain customers? - -1. Eliminate why they're leaving
2. Recover customers
3. Loyalty initiative
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