MAR 4480 EXAM 1 || A+ Graded Already.
What is the definition of utility as it pertains to a product correct answers Features or attributes
that set them apart from competition. High form utility would mean high quality products. The
total satisfaction or value that you get from a product.
Know what is used to focus on the internal factors and external factors that give the firm certain
advantages and disadvantages correct answers
Know the difference in primary and secondary research correct answers Primary data collection
is from direct observation. The researcher records the behaviors of customers, competitors, or
suppliers in a natural setting. Secondary data is collected from other sources such as internal,
governmental, books, social media, or commercial data sources.
What type of firms are those that successfully generate, disseminate, and respond to market
information correct answers Market-oriented firms
What is the problem with internal data correct answers It is often not ready to be consumed in a
productive way.
To overcome this, companies will overlook large data management systems that make data much
easier to access.
Know the parts of evaluating the internal environment correct answers - review of current
marketing objectives, strategy, and performance
-review of current and anticipated organizational resources
-review of current and anticipated cultural and structural issues
Know the purposes of a marketing plan correct answers "he marketing plan clearly explains how
the organization will achieve its goals and objectives. In this sense, the marketing plan serves as
the "road map" for implementing the marketing strategy. It instructs employees as to their roles
and functions in fulfilling the plan. It also provides specifics regarding the allocation of resources
and includes marketing tasks, responsibilities of individuals, and the timing of all marketing
activities. Finally, many firms include contingency planning in their marketing plans to keep a
focus on the unknown or disruptive, new challenges and oppor-tunities that must be addressed in
real time as the marketing plan is implemented and adapted over time"
Understand commoditization correct answers a process in which goods or services become
relatively indistinguishable from the same offerings presented by a rival company. Product
commoditization pushes margins lower and reduces brand loyalty further.
What outlines a firm's game plan for success? correct answers A strategy. Strategic planning.
Understand the role of a CEO correct answers CEOs are responsible for managing a company's
overall operations. This may include delegating and directing agendas, driving profitability,
managing company organizational structure, strategy, and communicating with the board.
, Understand the lines of communication correct answers "The advantages of today's
communication and distribution infrastructure are amazing. We can find and communicate with
potential exchange partners anywhere and anytime via telephone, computers, interactive
television, and smartphones. We can also conduct arm's-length transactions in real-time, with the
delivery of exchanged items occurring in a matter of hours if necessary."
Understand competitive intelligence correct answers "involves analyzing the capabilities,
vulnerabilities, and intentions of competing businesses. "
Know what it takes to have a good marketing plan outline correct answers Comprehensive,
flexible, consistent, and logical
Know the difference between strategic planning, customer analysis, environmental planning, and
tactical planning correct answers · Strategic Planning: Begins with an in-depth analysis of
operations inside, as well as outside the business (aka situation analysis) that focuses on a firm's
resources, strengths, and capabilities, usually in comparison to a competitor
· Customer Analysis: Conducting and analyzing research with respect to your customer(s)
· Environmental Planning: (Environmental Scanning) involves the analysis of the external
environment. Look at economic, political, legal, technological, and cultural events/trends that
may effect the future of the organization
· Tactical Planning: Addresses specific markets or market segments and the development of
marketing programs that will fulfill the need of customers in those markets
Understand satisfying a customer need correct answers Organizations create essentially all
marketing activities as a means toward this end; this includes product design, pricing, promotion,
and distribution. In short, an organization would have no reason to exist without customers and a
product to offer to them.
Understand what occurs when customers see goods as commodities correct answers They turn to
the most conveinent, least expensive alternative
Know when organizational structure comes into play correct answers "In a market-oriented
organization, every level of the organization has its focus on serving customer needs. Each level
serves the levels above it by taking any actions necessary to ensure that each level performs its
job well. In this case, the role of the CEO is to ensure that his or her employees have everything
they need to perform their jobs well. This same service mentality carries through all levels of the
organization, including customers. Thus, the job of a frontline manager is to ensure that frontline
employees are capable and efficient. The end result of the market-oriented design is a complete
focus on customer needs."
Know the various data sources and what each has to offer correct answers
The growth of the internet has made changes. What are they correct answers The way consumers
shop (instacart and e-commerce), demand for things, and the ability to get it when you want it.
New technologies and strategies (uber, Airbnb).
