UGA Marketing 3000 Exam Questions With Revised Answers
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Course
Georgia History
Institution
Georgia History
UGA Marketing 3000 Exam Questions With
Revised Answers
Marketing strategy - answer1. a firms target market
2. related to marketing mix (4 p's)
3. The bases on which the firm plans to build a sustainable competitive advantage
Sustainable competitive advantage - answerSomething a firm can persis...
UGA Marketing 3000 Exam Questions With
Revised Answers
Marketing strategy - answer✔✔1. a firms target market
2. related to marketing mix (4 p's)
3. The bases on which the firm plans to build a sustainable competitive advantage
Sustainable competitive advantage - answer✔✔Something a firm can persistently do better than
its competitors. Building a thick wall around its position in the market. The key to long-term
financial performance.
Sustainable competitive advantage example - answer✔✔Nike- There innovation is there
foundation, which has produced a strong brand and loyal customer base. In term's of 4 p's, it is
constantly trying to come up with new versions of it's relatively basic products, shoes and
athletic apparel.
4 macro strategies focus' on marketing mix to develop sustainable competitive advantages -
answer✔✔Customer excellence (virgin airlines)
Operational excellence (uber)
Product excellence (American giant)
Locational excellence (Jittery Joes)
Customer excellence - answer✔✔Involves a focus on retaining loyal customers and excellent
customer service
Operational excellence - answer✔✔Involves a firms focus on efficient operations and excellent
supply chain management
Product excellence - answer✔✔Involves a focus on achieving high-quality products; effective
branding and positioning is key.
Locational excellence - answer✔✔A method of achieving excellence by having a strong physical
location and/or internet presence.
A marketing plan - answer✔✔A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and strategy
specified in terms of the four P's, action programs and projected or pro forma income (and other
financial) statements.
Marketing Plan steps - answer✔✔1. Business mission and objectives
2. Situation analysis
3. Identifying opportunities
4. Implement Marketing Mix
5. Evaluate performance using marketing metrics
Marketing plan phases - answer✔✔1. Planning phase (2)
2. Implementation phase (marketing strategy) (2)
3. Control phase (1)
Planning phase - answer✔✔The part if the strategic marketing planning process when marketing
executives, in conjunction with other top managers *define the mission or vision of the business*
and *evaluate the situation by assessing how various players, both in and outside the
organization, affect the firm's potential for success.*
Implementing phase - answer✔✔The part of the strategic marking planning process when
marketing managers *identify and evaluate different opportunities by engaging in segmentation,
targeting and positioning* and *implementing the marketing mix using the four P's.*
Control phase - answer✔✔The part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take any necessary corrective actions.
Objectives and mission statement - answer✔✔STEP ONE TO MARKETING PLAN
A broad description of a firm's objectives and the scope of activities it plans to undertake.
-What type of business are we?
-What do we need to do to accomplish our goals and objectives?
Staying within core competency
Not turning to marketing myopia
Marketing myopia - answer✔✔A short-sighted and inward looking approach to marketing that
focuses on the needs of the company instead of defining the company and its products in terms
of the customers' needs and wants. It results in the failure to see and adjust to the rapid changes
in their markets.
Conduct a situation analysis - answer✔✔STEP 2 IN MARKETING PLAN
Using a SWOT analysis that assess both the internal environment with regard to Strengths and
Weaknesses and the external environment in terms of Opportunities and Threats.
SWOT - answer✔✔Identifies the firms competitive advantage
Identifying and evaluating opportunities using STP - answer✔✔STEP 3 IN MARKETING
PLAN
Firms use these processes to identify and evaluate opportunities for increasing sales and profits.
Segmentation - answer✔✔The process of dividing the market into groups of customers with
different needs, wants or characteristics- who therefore might appreciate products or services
geared especially for them. Many types of customers appear in any market, and most firms
cannot satisfy everyone's needs.
Ex. Hertz car rental having different types of cars for different types of people.
Targeting - answer✔✔The process of evaluating the attractiveness of various segments which to
pursue as a market.
Positioning - answer✔✔Involves the process of defining the marketing mix variables so that
target customers have a clear, distinctive, desirable understanding of what the product does or
represents in comparison with competing products.
MOST IMPORTANT
Implementing marketing mix and allocate resources - answer✔✔STEP 4 OF MARKETING
PLAN
Marketers implement the actual marketing mix- price, promotion, product, place- for each
product and service based on what they believe their target market will value.
-product value creation
-price value capture
-place value delivery
-promotion value communication
Integrated marketing communication - answer✔✔Represents the promotion dimension of the
four P's; encompasses a variety of communication disciplines- general advertising, personal
selling, sales promotion, public relations, direct marketing and electronic media- in combination
to provide clarity, consistency, and maximizing communicating impact.
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