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MBA 706 CHEN: EXAM 1 QUESTIONS & CORRECT ANSWERS 100%
“What is Marketing? (list 6) - CORRECT ANSWER - marketing helps create value
- marketing satisfies customer needs and wants
- marketing entails an exchange
- marketing requires decisions on the 4ps
- marketing can be performed by individuals & organizations
- marketing occurs in different settings"
"What is the AMA definition of marketing? - CORRECT ANSWER Marketing is 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 Professor Philip Kotler definition of marketing? - CORRECT ANSWER Marketing is:
To create, to communicate, and to deliver value to a target market at a profit"
"Define "open technology" or "open innovation" - CORRECT ANSWER From Philip Kotler:
Find the best ideas, wherever they come from!" "What are the 5 attributes of Marketing Effectiveness that help a firm view its strengths and
weaknesses? - CORRECT ANSWER - a customer oriented philosophy
- an integrated marketing organization
- adequate marketing information
- a strategic orientation
- operational efficiency"
"What is a SWOT analysis? - CORRECT ANSWER strengths, weaknesses, opportunities,
threats"
"Strengths are areas of distinctive competence that: - CORRECT ANSWER -must always be
looked at relative to the competition
- if managed properly are the basis for competitive advantage
- derive from the marketing asset base"
"Weaknesses are areas of disadvantage that: - CORRECT ANSWER - indicate priorities for
marketing improvement
- highlight the areas and strategies that the planner should avoid"
"Threats are trends within the environment with potentially negative impacts that: - CORRECT
ANSWER - increase the risks of a strategy
- hinder the implementation of strategy
- increases the resources required
- reduce performance expectations" "Opportunities are environmental trends with positive outcomes that offer scope for higher
levels of performance if pursued effectively: - CORRECT ANSWER - highlights new areas for
competitive advantage" "Strategies aren't just successful by themselves. The firm will need the capability to execute the
strategy. What are examples of organization capability? - CORRECT ANSWER - managerial
capabilities
- financial capabilities
- operational capabilities
- distribution capabilities
- human resource capability
- intangible factors such as brand image" "The methods for developing a sustainable competitive advantage can be divided into 3 main
groups: - CORRECT ANSWER -organizational advantages,
-departmental and functional advantages, -advantages based on relationships with external bodies"
"What does T stand for in PEST? Examples? - CORRECT ANSWER Technological
environment"
"What are the 5 stages of environmental analysis - CORRECT ANSWER 1. audit of the
environment 2.assements of the nature of the environment
- identification of the key environmental forces 4.identification of the competitive position
- identification of the principal opportunities and threats" "A process which covers the full spectrum of activities firms use in order to understand environmental changes and their implications. An integral part of the ongoing process by which companies develop, implement, control and
review strategies and plans at both the corporate and the business unit levels. - CORRECT
ANSWER formal environmental scanning"
"What are the 3 approaches to environmental scanning? - CORRECT ANSWER -irregular
systems
- Psychological"
"Type of Utility: Product contains distinguishing attributes - CORRECT ANSWER Form
Utility (Ex: Luxury cars)"
"Type of Utility: Product is available when customers want it - CORRECT ANSWER Time
Utility (Ex: 24-hour diners)"
"Type of Utility: Product is available where customers want it - CORRECT ANSWER Place
Utility (Ex: Convenience store, home delivery)"
"Type of Utility: Deals with easy transfer of ownership or title - CORRECT ANSWER
Possession Utility" "Type of Utility: Product provides a positive experiential attribute that customers find satisfying
CORRECT ANSWER Psychological Utility
(Ex: Sporting events)"
"A firm's game plan for success - CORRECT ANSWER Strategy"
"Focusing on specific markets and the marketing programs that meet their needs - CORRECT
ANSWER Tactical Planning"
"Instrument that provides an outline of a firm's marketing program - CORRECT ANSWER
Marketing Plan" "Type of Marketing Research: Objective review of information pertaining to the firm's current
strategy and performance, as well as the current and future availability of resources - CORRECT
ANSWER Internal Analysis"
"Type of Marketing Research: Analyzing the capabilities, vulnerabilities, and intentions of
competing businesses - CORRECT ANSWER Competitive Intelligence"
"Type of Marketing Research: Analyzing the economic, political, legal, technological, and cultural
events and trends that may affect the future of the organization - CORRECT ANSWER
Environmental Scanning"
"Type of Marketing Research: Collecting and interpreting internal, competitive, and
environmental information - CORRECT ANSWER Situation Analysis"
"Something that the firm does better than its competitors that gives it an edge in serving
customers' needs - CORRECT ANSWER Competitive Advantage"
"Establishing a mental image of a product in the minds of target buyers - CORRECT ANSWER
Branding/Positioning"
"What are the five P's of a marketing strategy? - CORRECT ANSWER 1. Product
- Price
- Place
- Promotion
- People"
"A firm's obligation to maximize positive impact on society while minimizing negative impact -
CORRECT ANSWER Social Responsibility"
"Principles and standards that define acceptable conduct in marketing activities - CORRECT
ANSWER Marketing Ethics"
"Process of executing the marketing plan - CORRECT ANSWER Marketing Implementation"
"The implementation phase of a marketing strategy calls into play the 5th P of the marketing
program, known as... - CORRECT ANSWER People"
"The goal of ____________ ______________ is to complete a large number of discrete exchanges with
individual customers. - CORRECT ANSWER Transactional Marketing"
"The goal of ___________ _____________ is to develop and maintain long-term, mutually satisfying
arrangements between the buyer and seller. - CORRECT ANSWER Relationship Marketing"
"Written document providing the blueprint of a firm's marketing activities - CORRECT
ANSWER Marketing Plan"
"Provides a total integration of efforts that focuses on achieving an area's stated objectives. -
CORRECT ANSWER Functional Strategy"
"The ___________ ______________ of the Marketing Plan determines the estimated cost, sales, and
revenues to determine financial projections. - CORRECT ANSWER Financial Assessment"
"A systematic examination of the firm's marketing objectives, strategy, and performance. -
CORRECT ANSWER Marketing Audit"
"________-_________ firms focus on understanding customers in ways that enhance sustainable
competitive advantages. - CORRECT ANSWER Market-oriented"
"The __________ _____________ is an overview of current objectives, strategy, performance, resources,
and organization culture. - CORRECT ANSWER Internal Environment"
"___________ ___________ focus on potential buyers, why they buy, and how to convert non-buyers. -
CORRECT ANSWER Customer Environment"
"The ___________ __________ refers to competition, economic growth and stability, political trends,
legal and regulatory issues, and/or tech advancements. - CORRECT ANSWER External
Environment" "An analysis that is organized, systematic, supported by sufficient resources, and ongoing.
Focuses on tracking internal, customer, and external environments. - CORRECT ANSWER
Situation Analysis"
"A collection of numbers or facts that have the potential to provide information - CORRECT
ANSWER Data"
"Data transformed or combined with other data in a manner that makes them useful -
CORRECT ANSWER Information"
"___________ ____________: Focusing on efficiency of operations and processes, lowering costs, and
delivering good value. - CORRECT ANSWER Operational Excellence"
"___________ ____________: Focusing on tech, product development - CORRECT ANSWER
Product Leadership" "____________ ____________: Focusing on knowing customers, understanding their needs better than
the competition. - CORRECT ANSWER Customer Intimacy"
"What are four types of strategic efforts?
ADTD - CORRECT ANSWER 1. Aggressive
- Diversification
- Turnaround
- Defensive" "Concept that guides a firm as it weaves various marketing elements together into a coherent
strategy, tied to competitive advantages - CORRECT ANSWER Strategic Focus"
"Identifies the firm's relative performance across its industry's factors of competition. -
CORRECT ANSWER Value Curve"
"Four Actions Framework consists of what 4 actions?
RERC - CORRECT ANSWER 1. Reduce
- Eliminate
- Raise
- Create" "Statements of broad, desired accomplishments expressed in general terms that give direction to
a firm's growth and priorities. Should be attainable, consistent, comprehensive, and intangible. -
CORRECT ANSWER Marketing Goals"
"Specific, quantitative benchmarks that measure progress toward the achievement of marketing
goals. - CORRECT ANSWER Marketing Objectives"
"CCDVTP Stands for - CORRECT ANSWER This is Professors Philip Kotler definition of
marketing which stands for Create, Communicate, and Deliver Value to a target market at a Profit Create Value = product management Communicate Value = Brand Management Deliver Value = Customer Management"
"What is the traditionally Marketing Mix? (ORDER IS IMPOTANT) - CORRECT ANSWER The
4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion"
"The marketing mix is influenced by - CORRECT ANSWER the external
environment(political, environment, social and technological), consumers and competitors"
"Competitors are influenced by - CORRECT ANSWER consumers and external environment"
"What's new about customer management? - CORRECT ANSWER From Philp Kotler: We
want to know the customers--not just have them in a database. We want to co-create our products and ads with our customers!"
"What are the 5 stages of the management process? - CORRECT ANSWER •Stage 1: strategic
and marketing analysis(where are we now?) •Stage 2: strategic direction and strategy formulation(where do we want to be?) •Stage 3: develop alternatives(how might we get there?) •Stage 4: evaluation of alternatives(which way is best?) •Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)"
"What are the 3 aspects of a strategic choice? - CORRECT ANSWER - Generation of strategic
options
- Evaluation of strategic options
- Selection of a preferred strategy"
"What are the 3 distinct levels of strategy? (Hofer & Schendel 1978) - CORRECT ANSWER -
Corporate strategy (allocation of resources)
- Business strategy (competitive position)
- Functional level strategy (specific actions)"
"Marketing strategy assesses what? (4) - CORRECT ANSWER •Organizational capabilities
Threats from environmental forces Competitors' strengths and weaknesses •Customers' needs"
"What are the parts of the marketing strategy process - CORRECT ANSWER •Factors
affecting strategic situation •Strategic situation determination •Marketing strategy alternatives •Marketing strategy selection(It is a loop)"
"What are some examples of forces of change? - CORRECT ANSWER - Faster pace of
technology
- New and more aggressive competitors
- Increased legislative demands
- Economic growth/decline
- The emergence of new market opportunities
- The globalization of markets"
"What are some examples of forces against change? - CORRECT ANSWER - Conservative
management policies
- Managerial adherence to tired formulae
- Perceptions of risk
- Compromise solutions
- Resource implications
- Cultural paradigms
- Previous failures and mistakes"
"list the Marketing Shift of Focus - CORRECT ANSWER - mass marketing
- just in time
- time based competition
- one to one marketing"
"focuses on large groups of consumers trying to predict there behavior - CORRECT ANSWER
mass marketing"
"Taylors products and services in response to the marketing changes - CORRECT ANSWER
just-in-time"
"focus on tailoring products and services in response to groups and individual consumer needs -
CORRECT ANSWER time based competition"
"focuses on satisfying indidvual consumer needs and wants - CORRECT ANSWER one to one
marketing" ""The means by which a company can identify its own strengths and weaknesses as they relate to external opportunities and threats. It is thus a way of helping management to select a position in
that environment based on known factors. - CORRECT ANSWER marketing audit"
"What are the elements of a marketing audit? - CORRECT ANSWER -detailed analysis of the
external environment and internal situation
- objective evaluation of past performance and present activities
- clearer identification of future opportunities and threats"
"What are examples of organizational advantages? - CORRECT ANSWER - economics of
scope and or scale
- flexibility
- competitive stance
- size
"The organization itself, suppliers, distribution network, customers, competitors, and the public.
- CORRECT ANSWER micro environment"
"Economic, demographic, technological, political, legal, social and cultural factors. - CORRECT
ANSWER Marco environment"
"What does PEST stand for in the PEST framework for environmental auditing? - CORRECT
ANSWER Political/Legal Factors, Economic Factors, Socio-Cultural Factors, Technological
Factors"
"What does the PEST framework audit? - CORRECT ANSWER environmental audit"
"What does P stand for in PEST? Examples? - CORRECT ANSWER Political (and legal)
environment Ex. Norway (banned sales promotion), India (food: governmental approval to launch new brands), Philippines (food: low-price alternatives to cater to low-income groups)"
"What does E stand for in PEST? Examples? - CORRECT ANSWER Economic (and physical)
environments- An increase in real income growth- Continuing inflationary pressures- Changes in savings/debt ratio- Concern over levels of Third World debt- Different consumer expenditure patterns"
"What does S stand for in PEST? Examples? - CORRECT ANSWER Social, cultural and
demographic environments: size, structure, composition and trends of population .**It is a trend worldwide that there is an older population. In Japan 25% of population i s 65+. Retailers responded by putting smaller local markets in old population spots. (People rely on public transport/walking)" "A customer-centric virtual market that offers closely related products or services belonging to
the same industry or diverse set of industries - CORRECT ANSWER Meta Market (Ex: Auto
Sales)" "A person or business that provides a single access point for consumers to obtain goods and services from suppliers within a metamarket, as well as offering services such as advice,
financing, etc. - CORRECT ANSWER Metamediary (Ex: Zillow)"
"Electronic marketplace, unbound by time or space - CORRECT ANSWER Marketspace"
"Process of obtaining something of value by offering something in return - CORRECT
ANSWER Exchange"
"Five conditions of an exchange - CORRECT ANSWER 1. There must be at least two parties
- Each party should have something that the other party values.
- Each party must be capable of communication and delivery.
- Each party must be free to accept or reject the exchange.
- Each party must believe it is desirable to exchange with the other party."
"Something acquired through an exchange to satisfy a need or want - CORRECT ANSWER
Product"
"Type of product: tangible items - CORRECT ANSWER Goods"
"Type of product: Intangible items consisting of acts or deeds - CORRECT ANSWER Services"
"Type of product: Concepts aimed a promoting a benefit for the customer - CORRECT
ANSWER Ideas"
"Type of product: websites, magazines, schools, research firms - CORRECT ANSWER
Information"
"Type of product: software, music, and movies - CORRECT ANSWER Digital Products"
"Type of product: individuals, including athletes and celebrities, that add value to company's
offering - CORRECT ANSWER People"
"Four main components of a Marketing Plan
- E
- S
- I
4. P - CORRECT ANSWER 1. Explains how the org will achieve its goals
- Serves as a road map for implementing marketing strategies
- Informs employees about their roles and functions
- Provides specifics regarding allocation of resources and marketing activities" "A ___________ ____________ focuses on a firm's resources, strengths, and capabilities vis-à-vis
competitive, customer, and environmental issues. - CORRECT ANSWER Situation Analysis"
"A _____________ ______________ provides a clear and concise explanation of an organization's reason
for existing - CORRECT ANSWER Mission Statement"
