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MARKETING ANALYSIS Exam 100%Updated!!
What is marketing? - ANSWERA set of processes used to produce customer/consumer value and
create profits
What is the goal of marketing? - ANSWERTo maximize long-run profitability
The best marketing is _____? And why? - ANSWEROften invisible and because it makes sales
obsolete
What is marketing management? - ANSWERIt is designing marketing programs that:
- Create value for customers
- Provide a sustainable differential advantage over competitors
- Are a good fit with the company's competencies
What are the three C's? - ANSWERCustomer, Competition, and Company
What are the 4 P's? - ANSWERProduct, Promotion, Place, and Price
What does Product do in marketing and what are examples of that? - ANSWERIt creates value;
examples are product design and branding
What does Promotion do in marketing and what are examples of that? - ANSWERIt communicates
value; examples are advertising, sales, social, and PR
What does Place do in marketing and what are examples of that? - ANSWERIt delivers value;
examples are distribution intensity and channel design
What does Price do in marketing and what are examples of that? - ANSWERIt captures value;
examples are consumer pricing and customer pricing
,What makes Marketing different from many other courses? - ANSWERMarketing is integrative (vs.
linear); One needs to consider how any action might affect all aspects of the situation; And often
there is no ONE right answer, but there are wrong answers
Which analysis precedes the other? - ANSWERQualitative analysis precedes quantitative analysis
Break Even Analysis Meaning - ANSWERHow much is needed for profit to equal zero
What is the profit equation? - ANSWERProfit = (P-VC)Q - FC
What is contribution? - ANSWERP-VC
What is the quantity equation? - ANSWERQ = FC/(P-VC) = FC/Contribution
Which expenses go to numerator and which expenses go to denominator? - ANSWERFixed Expenses
go to numerator and variable expenses go to denominator
What is the markup equation? - ANSWER(price-cost)/cost
What is the margin equation? - ANSWER(price-cost)/price
What is cannibalization? - ANSWERNew product sales also affect existing product sales, and this must
be considered in break even analyses
What are the three components of the value salami? - ANSWERVIU, Price, and Cost
In terms of the value salami, what does VIU consist of? - ANSWERCustomer Surplus (Economic
Driving Force)
In terms of the value salami, what does Price consist of? - ANSWERMargin (Profit)
In terms of the value salami, what does Cost consist of? - ANSWERCost of Production (Loaded)
,When doing a VIU calculation, what are the tips you need to keep in mind? - ANSWERBe sure to
include all costs when doing a VIU calculation; Use the user's cost of capital when making multi-year
calculations; and BE A CUSTOMER.
Internal Measures, what are some measurable firm outputs of this activity? - ANSWERUnit sales,
Margins (Price-Variable Costs), and Fixed Marketing Costs
What are the marketing activities that lead to fixed marketing costs? - ANSWERAdvertising,
Marketing Research, Sales and Service, and Marketing and Administration
What are the marketing activities that lead to variable marketing costs? - ANSWERPrice and other
promotions (discounts)
What are the marketing activities that lead to product related costs that are not included? -
ANSWERR&D and Production
What does NMC stand for and what is its equation? - ANSWERNet Marketing Contribution; NMC =
(Unit Sales * Margin) - Marketing Costs
What are some good summary measures of NMC? - ANSWERROS and ROI
What is the equation of ROS? - ANSWERROS = NMC/Sales
= (Unit Sales X Margin - Marketing Costs) /Sales
= Margin - Marketing Costs/Sales
What is the equation of ROI? - ANSWERROI = NMC/marketing costs
= (Unit Sales X Margin - Marketing Costs)/Marketing Costs
What might be appropriate external market-based measures? - ANSWERMarket Metrics and
Customer Metrics
What falls under Market Metrics? - ANSWERMarket Share and Growth Rates (firm & industry)
, What falls under Customer Metrics? - ANSWERRecency-Frequency-Monetary (RFM analysis),
Customer satisfaction, Customer retention/loyalty, Customer awareness, and Brand Equity
What is missing from Market and Customer metrics? - ANSWERNo measure of relative performance;
and the need to benchmark how the competition is doing in terms of marketing efficiency and
customer based performance
What is the basic idea underlying conjoint? - ANSWERConsumers view a product or service as a
bundle of attributes offering different benefits; Consumer's overall evaluation is the sum of the
individual evaluations
What is the best method in surveying customers? - ANSWERAsk people to make trade offs between
options
What is an example of a tradeoff survey question? - ANSWERWhich one do you choose?
- American Express Gold at 15.7% interest rate, no annual fee, and $5,000 credit limit
- Visa Sky Miles card at 9.9% interest rate, $55 annual fee with $1,500 credit limit
- Platinum Mastercard at 19.1% interest rate, no annual fee, and $10,000 credit limit
What is the overall advantage to conjoint? - ANSWERIf we learn how buyers value the components of
a product, we are in a better position to sell (design) products that are profitable.
More specifically, we can estimate psychological tradeoffs that consumers make when evaluating
several attributes together, measure preferences at the individual level, and uncover real or hidden
drivers what may not be apparent to the respondent themselves
What are the steps to conjoint? - ANSWER1. Define the attributes that you want to measure
(estimate)
2. Vary the product features (independent variables) to build many (usually 12 or more) product
concepts
3. Ask respondents to rate/rank those product concepts
4. Code the responses and attributes
5. Based on the respondents' evaluations of the product concepts, we estimate the value of each
attribute
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