MKTG 3101 Midterm All Answers Correct
Marketing Myopia ️When companies fail to define products in terms of customers' needs and wants
(and recognizing that those needs and wants may evolve).
5 steps to creating a successful marketing plan (UDSDD) ️1. Understand the marketplace and
custo...
MKTG 3101 Midterm All Answers Correct
Marketing Myopia ✔️When companies fail to define products in terms of customers' needs and wants
(and recognizing that those needs and wants may evolve).
5 steps to creating a successful marketing plan (UDSDD) ✔️1. Understand the marketplace and
customer needs and wants.
2. Determine goals and objectives
3. Set marketing strategies
4. Determining tactics: engaging customers, building profitable customer relationships and creating
customer delight.
5. Determine your marketing budget
value proposition ✔️a set of benefits that companies promise to consumers to satisfy their needs. The
value proposition is fulfilled through a market offering, which delivers customer value and satisfaction,
resulting in long-term exchange relationships with customers.
Market-oriented mission statements ✔️take an external view and put the customers at the center of
their universe.
Ex. Apple's market oriented mission, for instance, is "to be bringing the best user experience to its
customers through its innovative hardware, software, and services."
Product-oriented mission statements ✔️focus on what products or services to serve rather than what
solutions to provide for customers.
These statements provide less flexibility for the company because most products have short life cycle
and offer limited market expansion.
4 P's of Marketing ✔️§ Product (the good or service)
§ Price (what the consumer pays)
§ Place (the location where a product is marketed)
§ Promotion (the advertising).
, Marketing ROI = ✔️Marketing ROI = net marketing contribution* divided by marketing expenses
Net Marketing contribution = ✔️Net Marketing contribution = net sales minus cost of goods sold minus
marketing expenses
BCG (Business Consulting Group) Growth Share Matrix: ✔️· "cash cows": Low Growth, High Share.
Companies should milk these for cash to reinvest.
· "stars": High Growth, High Share. Companies should significantly invest in these as they have high
future potential.
· "question marks,": High Growth, Low Share. Companies should invest in or discard these depending on
their chances of becoming stars.
· "pets.": Low Share, Low Growth. Companies should liquidate, divest, or reposition these
Product/Market Expansion Strategies (EXISTING market segments) ✔️1. Market Penetration: If you
seek to increase sales to EXISTING market segments without changing your products
2. Product Development: Modifying or developing new products for EXISTING market segments
Product/Market Expansion Strategies (NEW market segments) ✔️1. Market Development: for your
Group Marketing Plan, you will need to launch an Existing product in a New Market.
2. Diversification: If your team is really ambitious, you could also suggest modifying an existing product
to meet the needs of the New Market.
Product/Market Expansion Grid ✔️
4 steps of strategic planning (DSDD) ✔️·
o (1) Defining the company's mission,
o (2) Setting objectives and goals,
o (3) Designing a business portfolio
o (4) Developing functional plans.
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