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Cob 300 Marketing Test 1 (CH 1,2,5,9,14) Questions and Answers
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Cob 300 Marketing Test 1 (CH 1,2,5,9,14) Questions and Answers
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Cob 300 Marketing Test 1 (CH 1,2,5,9,14)Questions and Answers
Marketing - 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
What is the key to marketing? - Answers -Value
Value - Answers -Benefit - cost
Elements of marking mix - Answers --price
-promotion
-product
-place
Production Orientation - Answers -Production era
Sales Orientation - Answers -Focusing organizational efforts on selling as many
products as possible
Market orientation - Answers -The tendency of an economic activity to locate close to its
market; a reflection of large and variable distribution costs.
Value based pricing - Answers -A pricing strategy that involves first determining the
perceived value of the product from the customer's point of view and then pricing
accordingly.
sustainable competitive advantage - Answers -a competitive advantage that other
companies have tried unsuccessfully to duplicate and have, for the moment, stopped
trying to duplicate
Marketing strategy - Answers -target market + marketing mix
sustainable competitive advantage - Answers -
Marketing Plan - Answers -Step 1: Business mission & objectives
(planning Phase)
Step 2: Situation analysis (Planning phase)
- SWOT
Step 3: Identify opportunities (Implementation phase)
, Step 4: Implement marketing mix (Implementation phase)
Step 5: Evaluate performance using marketing metrics (Control phase)
Strategic Planning Step 1: Define the mission and or vision - Answers --Key questions
in determining the mission
-Mission statement
Step 2: Situation Analysis - Evaluate Internal & External Environments - Answers -
Situational analysis
- Internal environmental assessment
- External environmental assessment
Internal environment assessment - Answers -Identifies the firm's strengths and
weaknesses
External environmental assessment - Answers -identifies opportunities and threats
Step Three: Identifying and Evaluating Opportunities Using STP - Answers -STP
-Segmentation
-Targeting
-Positioning
Segmentation - Answers -1) Similar needs and wants
2) Respond similarly to marketing action
Targeting - Answers -Target different segments with different products or marketing
efforts
Positioning - Answers -What are your key points of difference and which ones will you
build on
Step Four: Implementing Marketing Mix and Allocate resources - Answers --Product
Value Creation
-Price Value Capture
-Place Value Delivery
-Promotion Value Communication
Step 5: Evaluate Performance - Answers -ROMI - Revenue or profit margin generated
by investment in a specific marking program divided by the cost of that program at a
give risk level, as determined by management
Growth Strategies - Answers -market penetration, market development, product
development, diversification
Segmentation Process - Answers -Current and potential needs/wants, distinguishing
characteristics, forecast demand
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