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marketing 270 Midterm questions and answers graded A+ correct 2024/2025 $13.99   Add to cart

Exam (elaborations)

marketing 270 Midterm questions and answers graded A+ correct 2024/2025

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marketing 270 Midterm questions and answers graded A+ correct 2024/2025

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  • August 8, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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marketing 270 Midterm




Steps of a Marketing Plan

-Understand a marketplace and customer needs
-Design a customer driven marketing strategy
-Construct an integrated marketing program that delivers superior value
-Build profitable relationships and create customer delight
-Capture value from customers to create profit

Target Marketing

Selecting a segment of the market to cultivate

Value Proposition

The set of benefits or values a firm promises to deliver to consumers to satisfy their needs

Selling concept

-profits thru sales volume
-starts in a factory
-focus on existing products

Marketing concept

-profits thru customer satisfaction
-starts with a market
-focus on consumer needs

Consumer Lifetime Value

the value of the entire stream of purchases a customer makes over a lifetime of patronage

4 P's of Marketing

Product, Price, Place, Promotion

Marketing Management

The process of planning, organizing, implementing, and controlling marketing activities to facilitate
exchanges effectively and efficiently
-marketing concept
-selling concept
-production concept
-product concept

Strong Mission Statements

, -market oriented, not product oriented
-is translated into supporting objectives for each level of management

Business Portfolio

the group of different products or brands owned by an organization and characterized by different
income-generating and growth capabilities

Strategic Business Unit (SBU)

a division of the firm itself that can be managed and operated somewhat independently from other
divisions and may have a different mission or objectives

BGC Growth Share Matrix

-star
-cash cow
-question mark
-dog

Star

-high market growth rate, high relative market share
-requires heavy investment

Cash Cow

-low growth, high market share
-Don't require as much investment

question mark

-high growth, low market share
-Require a lot of cash

Dog

-low growth potential and small market share
-not very promising

4 basic marketing strategies for growth

-market penetration:existing products, existing mkt
-market development: existing product, new mkt
-product development:new product, existing mkt
-Diversification:new product, new mkt

SWOT analysis

strengths, weaknesses, opportunities, threats

strength

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