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BUSML 3250 Exam 1 Questions and Answers
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BUSML 3250 Exam 1 Questions and Answers
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BUSML 3250 Exam 1 Questions andAnswers
What is marketing? - Answer-The process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing Process - Answer-1st 4 steps create value for customers, last step captures
value from customers
Understand marketplace and customer needs and wants
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 profits and customer equity
Customer Needs - Answer-states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants - Answer-form that needs take as they are shaped by culture and
individual personality
Customer Demands - Answer-wants backed by buying power
Marketing Myopia - Answer-Focusing only on existing wants and losing sight of
underlying consumer needs
Customer Satisfaction - Answer-product's perceived performance matches the buyer's
expectations
Customer Dissatisfaction - Answer-product's performance falls short of expectations
Customer Delight - Answer-performance exceeds expectation
Customer Equity - Answer-the total combined customer lifetime values of all of the
company's customers
Customer Lifetime Value - Answer-value of the entire stream of purchases a customer
makes over a lifetime of patronage
Production Concept - Answer-idea that consumers will favor products that are available
and highly affordable
Company should focus on improving production and distribution efficiency
,Product Concept - Answer-consumers will favor products that offer the most quality,
performance, and features
Selling Concept - Answer-consumers won't buy enough of the firm's products unless the
firm undertakes a large-scale selling and promotion effort
Marketing Concept - Answer-philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than the competitors do
Societal Marketing Concept - Answer-company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests
Customer-Driven Marketing - Answer-o Find, attract, keep, and grow target customers
by creating, delivering, and communicating superior customer value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Steps in Strategic Planning - Answer-o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
Mission Statement - Answer-o A statement of the organization's purpose- what it wants
to accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we develop
the firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? - Answer-o Goals measure how
well the organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The company
needs to turn its mission statement into detailed supporting objectives for each level of
management. Each manager should have objectives and be responsible for reaching
them" (42).
Boston Consulting Group (BCG) Matrix - Answer-A portfolio-planning method that
evaluates a company's SBU's (strategic business unit) in terms of market growth rate
and relative market share
Star: high-growth, high-share businesses or products
, Cash cow: low-growth, high-share businesses or products
Question mark: low-share business units in high-growth markets
Dogs: low-growth, low-share businesses or products
o "Under the classic BCG portfolio planning approach, the company invests funds from
mature, successful products and businesses (cash cows) to support promising products
and businesses in faster-growing markets (stars and question marks), hoping to turn
them into future cash cows" (45).
Product-Market Growth Matrix - Answer-Identify growth opportunities
Market penetration: increase sales of existing products to existing markets
Market development: introduce existing products to new markets
Product development: selling new products to existing markets
Diversification: emphasize both new products and new markets
SWOT Analysis - Answer-o An overall evaluation of the company's strengths (S),
weaknesses (W), opportunities (O), and threats (T)
Market Segmentation - Answer-dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
products or marketing programs
Market Targeting - Answer-- the process of evaluating each market segment's
attractiveness and selecting one or more segments to enter
Positioning - Answer-arranging for a product to occupy a clear, distinctive, and desirable
place relative to competing products in the minds of target consumers
4 P's of Marketing (Marketing Mix) - Answer-o Product- good/service offered to target
market
o Price
o Place (distribution)- activities that make product available to target consumers
o Promotion- communicate merits of the product and persuade target customers
Microenvironment - Answer-actors close to the company that affect its ability to serve its
customers
o Company
o Suppliers
o Marketing intermediaries- firms that help the company promote, sell, and distribute its
goods to final buyers
o Customer markets
o Competitors
o Publics- any group that has an actual or potential interest in or impact on an
organization's ability to achieve its objectives
Financial
Media
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