Exam (elaborations)
Cob 300 Marketing Test 1-solved
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Cob 300 Marketing Test 1
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Cob 300 Marketing Test 1The five major value and engagement themes - Answers -1. Creating value for the
customers in order to capture value in return
2. Customer engagement & today's digital & social media
3. Building & managing strong, value creating brands
4. Measuring and managing return on marketing
5. Sustainable marketing around the globe
Needs become - Answers -wants
Wants become - Answers -demands
Marketing Myopia - Answers -Company's paying more attention to products than to the
products actual benefits
Market - Answers -Set of actual or potential buyers of a prod or service
Marketing Management Orientations:
Production
Product
Selling
Marketing
Societal Marketing Concept - Answers -Before was handmade specialty goods
Production- Value cheap and available (industrial revolution, if you produce it, it will be
sold)
Product- Value quality, performance, and innovation
Selling- Value huge marketing effort
Marketing- Value consumers wants and desires and target competitively
Societal Marketing Concept- Society, Consumers, Company (profits)
4 P's of Marketing - Answers -Product, Placement, Price, Promotion
Customer engagement marketing - Answers -New, being a part of consumers everyday
lives and conversations
, Customer Lifetime Value - Answers -All purchases EVER made by a customer
Customer Equity - Answers -All of a company's potential and actual customer lifetime
values added up
The Marketing Process - Answers -1. Understand market place and customer needs
and wants
2. Design a customer value driven marketing strategy
3. Construct on integrated marketing program that delivers superior value
4. Engage customers build profitable relationships, create customer delight
5. Capture value from customers to create profits and customer equity
Marketing Offerings - Answers -Products, services, experiences
5 core customer & marketplace concepts - Answers -1. needs, wants, demands
2. market offerings
3. value / satisfaction
4. exchanges & relationships
5. Markets
Value proposition - Answers -Innovative service / feature intended to make a company
or product attractive to customers
Strategic Planning - Answers -The process of making a plan fit for company goals,
capabilities, and the changing market opportunites
4 Steps of Strategic Planning - Answers -1. Define company mission
2. Set corporate objectives / goals
3. Design the business portfolio
4. Plan marketing / other functional strats
Mission Statement - Answers -Company's purpose / what it wants to accomplish
Business Portfolio - Answers -Collection of businesses / products that best fit the
strengths and weaknesses of a comp / make up that comp
SBU's - Answers -Strategic business units
Can be comp division, product line within a div, or sometimes even a single brand or
product
Growth Share Matrix - Answers -Market Growth Rate- Measures market attractiveness
Relative Market Share- Measures a company's strength in a particular market
Stars- High growth, high share
Differentiation, high then eventually plateauing
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