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Cob 300 Marketing Test 1 (CH 1,2,5,9,14) questions well answered
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Cob 300 Marketing Test 1 (CH 1,2,5,9,14) questions well answered
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Cob 300 Marketing Test 1 (CH 1,2,5,9,14)Marketing - correct answer ✔✔the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
What is the key to marketing? - correct answer ✔✔Value
Value - correct answer ✔✔Benefit - cost
Elements of marking mix - correct answer ✔✔-price
-promotion
-product
-place
Production Orientation - correct answer ✔✔Production era
Sales Orientation - correct answer ✔✔Focusing organizational efforts on selling as many products as
possible
Market orientation - correct answer ✔✔The tendency of an economic activity to locate close to its
market; a reflection of large and variable distribution costs.
Value based pricing - correct answer ✔✔A pricing strategy that involves first determining the perceived
value of the product from the customer's point of view and then pricing accordingly.
sustainable competitive advantage - correct answer ✔✔a competitive advantage that other companies
have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate
Marketing strategy - correct answer ✔✔target market + marketing mix
, sustainable competitive advantage - correct answer ✔✔
Marketing Plan - correct answer ✔✔Step 1: Business mission & objectives
(planning Phase)
Step 2: Situation analysis (Planning phase)
- SWOT
Step 3: Identify opportunities (Implementation phase)
Step 4: Implement marketing mix (Implementation phase)
Step 5: Evaluate performance using marketing metrics (Control phase)
Strategic Planning Step 1: Define the mission and or vision - correct answer ✔✔-Key questions in
determining the mission
-Mission statement
Step 2: Situation Analysis - Evaluate Internal & External Environments - correct answer ✔✔Situational
analysis
- Internal environmental assessment
- External environmental assessment
Internal environment assessment - correct answer ✔✔Identifies the firm's strengths and weaknesses
External environmental assessment - correct answer ✔✔identifies opportunities and threats
Step Three: Identifying and Evaluating Opportunities Using STP - correct answer ✔✔STP
-Segmentation
-Targeting
-Positioning
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