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Entrepreneurial Marketing Question and answers already passed 2024

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Entrepreneurial Marketing Question and answers already passed 2024 Entrepreneurial Marketing - Kevin Krause - University of Iowa - Midterm 1 What is entrepreneurial marketing? - correct answer Finding a problem that needs to be solved. What is marketing? (AMA definition ) - correct answer...

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  • August 30, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Entrepreneurial Marketing - Kevin
Krause - University of Iowa - Midterm 1
What is entrepreneurial marketing? - correct answer ✔Finding a problem that
needs to be solved.


What is marketing? (AMA definition 1985 - 2005) - correct answer ✔Process
of planning & executing conception, pricing, promotion & distribution of ideas,
goods & services to create exchanges that satisfy individual & organizational
objectives.


What is marketing? (AMA definition 2005 - Present) - correct answer
✔Creating, communicating, & delivering value to customers & for managing
customer relationships in ways that benefit the organization & its
stakeholders.


7 Steps in marketing process - correct answer ✔1. Identify and understand
consumers' needs
2. Develop products, services or experiences to meet needs
3. Price effectively
4. Inform customers that products exist
5. Deliver effectively, efficiently and conveniently
6. Ensure satisfaction during and after exchange process
7. Build long term relationships


8 P's of service marketing - correct answer ✔1. Product
2. Pricing
3. Promoting

,4. People
5. Placing
6. Physical evidence
7. Process
8. Productivity


Transactional marketing - correct answer ✔- Customer acquisition
- Creation


Relationship marketing - correct answer ✔- Retention
- Fulfillment


5 Forces - correct answer ✔1. Political and regulatory environment
2. Economic environment
3. Competitive environment
4. Technological environment
5. Social and cultural environment


Environmental scanning - correct answer ✔Identify and interpret trends that
lead to entrepreneurial business opportunity


First rule of marketing? - correct answer ✔People don't buy products, they
buy solutions to problems. Thus good marketers don't sell, they deliver
solutions.


Features - correct answer ✔Means of providing benefit to customer;
distinctive characteristic sets product apart, something intrinsic (essential).

, Ex. Batteries included


Benefits - correct answer ✔Real or perceived value customer experiences
(resolution of problem, fulfillment of need), or what feature does for buyer.


Ex. Control channels from anywhere in the room


Pre-industrial revolution marketing needs? - correct answer ✔Little need for
marketing because few goods exchanged.


Production era marketing needs? - correct answer ✔Production efficiencies
make many things cheaper to buy than to make.


Sales era marketing needs? - correct answer ✔Create demand to keep
economy expanding; people thought they had what they needed.


Consumer era marketing needs? - correct answer ✔Post-war era; more
competition; softer sell; focus on service and experience rather than product.


Today's marketing needs? - correct answer ✔Product quality; more subtle
approach; social responsibility.


Criticisms of marketing? - correct answer ✔1. Creates an artificial need
2. Creates a materialistic society
3. Promises miracles - creating unrealistic expectations


Current challenges in marketing? - correct answer ✔1. Constant change

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