Marketing 3101 Herd Mid Term Review Graded A+
What is Marketing the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
How do markets determine what is valuable they use market research methods and s...
Marketing 3101 Herd Mid Term Review Graded A+
What is Marketing ✅the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
How do markets determine what is valuable ✅they use market research methods and segmentation
variables
what is marketing myopia ✅the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
what are the four types of customer relation groups ✅Butterflies, True Friends, Strangers, and
Barnacles
give a brief description of each of the four customer relation groups and which one is the best
✅Butterflies are high profitability customers in the short term. True friends are high profitability
customers in the long term (the best). Strangers are low profitability customers in the short term.
Barnacles are low profitability customers in the long term (worst).
What is a mission statement ✅a statement of the organization's purpose or what it wants to accomplish
in a larger environment
What are the 5 components of a mission statement ✅should be realistic, specific, fit the market
environment, based on distinctive competencies, and motivating
what's the difference in a company being market vs product oriented ✅market oriented means that a
company is trying to sell the ideas and value behind the product while product oriented means that the
company focused on the logistics of the product in and of itself
what are the four sections of a growth share matrix and how do are they viewed by companies ✅Star is
the best with high growth rate and high market share, Question Marks have high market growth rate
but low relative market share as they're often newer products, Cash Cows are low growth but high
market share products, and Dogs are low growth and low market share products that will probably be
discontinued soon
, why is a company strategic planning guide used and what are the parts of one ✅because it helps a
company identify growth opportunities through market penetration, market development, product
development, or diversification
What are the four P's of the marketing Mix ✅Price, Product, Promotion, Place
Explain SWOT analysis ✅SWOT stands for Strengths, Weaknesses, Threats, and Opportunities, and is
used to help marketers determine what direction they should move the company in
What is Return on Investment and how is it calculated ✅it is the net return from a marketing
investment divided by the costs of the marketing investment
explain the difference between controllable and uncontrollable factors for a company ✅controllable
factors are within the companies realm of control like marketing strategy, while uncontrollable is not
within the companies realm on control like the state of the economy
Explain the difference between the micro and macro environment ✅the micro environment is the
factors close the business while macro are the larger societal forces that affect the micro environment
Give an example of a micro/macro environment factor ✅an example of a micro environment factor is
the company, suppliers, marketing intermediaries, customer markets, competitors, or publics. an
example of macro environments are demographic, economic, natural technological, political, or cultural
forces
define marketing research ✅the systematic design, collection, analysis, and reporting of data relevant
to a specific marketing situation facing an organization
what are the four steps of marketing research ✅defining the problem and research objectives,
developing a research plan, implementing the research plan through collecting and analyzing data, and
the preparing results
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