MBA 706 Chen: Exam 1 and answers
What is marketing?- Helps to build brand equity and the company reputations - Helps engage the customer and the company can learn from its customers
relationships - Helps a company stay ahead of the competition
What can be marketed?- Goods - Services - Experie...
MBA 706 Chen: Exam 1 and answers
What is marketing?✔✔- Helps to build brand equity and the company reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
What can be marketed?✔✔- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Product/production orientation✔✔- Focus on building a better gadget
- Ford Model T
Sales orientation✔✔Focus on convincing the custom that your product works the
best for them
Customer orientation✔✔Focus on identifying customers wants before formulating
attractive solutions
Evolution of modern marketing✔✔- Product/production orientations > Sales
orientation > Customer orientation
- Degree of customization increased from product to customer orientation
Marketing management framework✔✔- 5Cs, STP, and 4Ps
- Interdependent
Patterns of consumer behavior✔✔- Phases consumers go through when making a
purchase
- Different kinds of purchases that consumers make
- How consumers sense and perceive, become motivated, form attitudes, and make
decisions
- The cultural differences that influence consumers
Business purchases✔✔- Straight rebuy
- Modified rebuy
- New buy
Convenience✔✔- Low involvement
- Standard/ Frequent/ Impulse
- Not much time spent thinking or panning
Shopping✔✔- Medium involvement
- Not as frequent
Spent time and effort prior to purchase
Specialty✔✔- High involvement
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