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COMM296 – Midterm questions and correct answers
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COMM296 – Midterm questions and correct answers
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COMM296 – Midterm questions andcorrect answers
What is marketing? - correct answer ✔✔a set of business practices designed to plan for an present an
organizations products or services in a way that builds effective customer relationships
What is the fundamental purpose of marketing? - correct answer ✔✔to create value (out-value the
competition)
Value - correct answer ✔✔central part of marketing (4 P's)
4 P's - correct answer ✔✔Product, Price, Place, Promotion
4 orientations of marketing - correct answer ✔✔1. product
2. Sales
3. market
4. Value - Based
Characteristics of Value-based marketing - correct answer ✔✔1. beyond just customers (stakeholders)
2. maximizes value
3. long-term focus
4. relationships
5. evolves over time
Sustainable competitive advantage - correct answer ✔✔something the firm can persistently do better
than its competitors that is not easily copied and thus can be maintained over a short period of time
5 basic steps in marketing planning - correct answer ✔✔1. align with goals
, 2. Analyze situation
3. develop marketing strategy
4. implement strategy
5. monitor and control
Step 1: Align with goals
(5 basic steps in marketing planning) - correct answer ✔✔what is organization's overall direction
(marketing plan must serve this)
step 2. Analyze situation
(5 basic steps in marketing planning) - correct answer ✔✔- research, analyze internal and external
context; summarize in SWOT and look for priorities
- SWOT: look at relationships between quadrants
Step 3: Develop marketing strategy
(5 basic steps in marketing planning) - correct answer ✔✔includes; target market, positioning and 4 P's
Step 4: Implement strategy
(5 basic steps in marketing planning) - correct answer ✔✔roll out the strategy to the target market
Step 5: Monitor and control
(5 basic steps in marketing planning) - correct answer ✔✔pause to evaluate and adjust the strategy
Customers - correct answer ✔✔understand the people we aim to serve because it helps us understand
the people we aim to serve
Company - correct answer ✔✔the types of resources, knowledge and skills we need to maximize value
Corporate partners - correct answer ✔✔how are the other organizations involved in our value creation
(their relevant strengths and weaknesses)
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