MKT 5513 - Module 1

MKT 5513 - Module 1

Commoditization

Consequence of mature industries where slowing innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor

True

True or False:
All organizations require effective planning and a sound marketing strategy to achieve their goals and objectives.

True

True or False:
Today’s economy is characterized by rapid technological change, economic/financial anxiety, and increasing consumer skepticism.

Challenges and Opportunities of Marketing in Today’s Economy

Power shift to customers

Massive increase in product selection

Audience and media fragmentation

Changing value propositions

Shift in demand patterns

Privacy, security, and ethical concerns

Unclear legal jurisdiction

Power shift to customers

Massive increase in product selection

Audience and media fragmentation

Changing value propositions

Shift in demand patterns

Privacy, security, and ethical concerns

Unclear legal jurisdiction

Challenges and Opportunities of Marketing in Today’s Economy include:

Children’s Online Privacy Protection Act (COPPA)

_________ imposes certain requirements on operators of websites or online services directed to children under 13 years of age, and on operators of other websites or online services that have actual knowledge that they are collecting personal information online from a child under 13 years of age.

marketspace

Electronic marketplaces unbound by time or space

Metamarket

Cluster of closely related goods and services that center around a specific consumption activity

Market

Group of individuals or institutions with similar needs that can be met by a specific product

Metamediary

Provides a single access point where buyers can locate and contact many different sellers in the metamarket

Exchange

Process of obtaining something of value by offering something in return

There must be at least two parties for the exchange

Each party should have something that the other party values

Each party must be capable of communication and delivery

What are the conditions of an exchange in marketing?

conditions of an exchange

The following describes what:
There must be at least two parties for the exchange

Each party should have something that the other party values

Each party must be capable of communication and delivery

True

True or False:
Each party must be free to accept or reject exchange

accept ; reject

Each party must be free to _____ or _____ exchange.

desirable

Each party must believe it is _______ to exchange with the other party.

exchange

Each party must believe it is desirable to _______ with the other party.

Product

Something acquired through an exchange to satisfy a need or want

product.

Something acquired through an exchange to satisfy a need or want is known as a:

Something acquired through an exchange to satisfy a need or want

A product is known as:

products

Goods, Services, Ideas, Information, Digital products, People, Places, Experiences, Real or financial property, Organizations are examples of:

Goods, Services, Ideas, Information, Digital products, People, Places, Experiences, Real or financial property, Organizations

Examples of products are:

Utility

Ability of a product to satisfy a customer’s need or want

utility

The ability of a product to satisfy a customer’s need or want is known as:

ability of a product to satisfy a customer’s need or want

Utility is defined as:

Form utility, Time utility, Place utility, Possession utility, and Psychological utility

The three forms of utility are known as:

five

There are ______ forms of utility.

Place utility

Product is available where customers want it is known as _________.

Time utility

Product is available when customer wants it is known as:

Place utility

Product is available where customers want it is known as:

Possession utility

Deals with easy transfer of ownership or title is known as:

Psychological utility

Product provides positive experiential attributes that customers find satisfying.

strategy

A firm’s game plan for success is known as:

tactical planning.

Focusing on specific markets or market segments and the marketing programs that meet their needs is known as:

marketing plan

A firm’s ___________ is the outlining of the marketing program.

Internal Analysis

Analyzing the firm’s current and future performance and sustainability strategies

competitive intelligence

Analyzing competing businesses is known as:

external scanning.

Analyzing the external environment is known as:

situational analysis.

Collecting and interpreting internal, competitive, and environmental information is known as:

competitive advantage

Advantage a firm has over competitors is known as:

competitive advantage

____________ serves as an edge to serve customer needs and maintain relationships with important stakeholders

serves as an edge to serve customer needs and maintain relationships with important stakeholders and Helps set a strategic focus to the entire marketing program .

Developing a competitive advantage:

competitive advantage.

If a firm Helps set a strategic focus to the entire marketing program, then they are utilizing means of:

marketing program decisions

Creating a link between product benefits and customer needs , Pricing decisions, Distribution and supply chain management , Integrated marketing communication (IMC) or promotion are all aspects of:

Creating a link between product benefits and customer needs , Pricing decisions, Distribution and supply chain management , Integrated marketing communication (IMC) or promotion

Marketing program decisions include:

market segmentation and target marketing.

Marketing strategy decisions include ___________ and ______________.

marketing strategy decisions.

Target marketing and market segmentation are focus points involved in a firms”:

product positioning

Establishing a mental image of the product in the minds of target buyers is known as:

social responsibility.

A firm's obligation to maximize positive impact on society while minimizing negative impact is known as:

marketing ethics.

A firms principles and standards that define acceptable conduct in marketing activities are known as:

marketing implementation

The process of executing the marketing plan is known as:

True

True or False:
The marketing implementation should be controlled to ensure that the strategy stays on course.

implementation

The marketing __________ should be controlled to ensure that the strategy stays on course.

Developing and maintaining customer relationships

_______ and ___________ involves shifting from transactional marketing to relationship marketing.

Constant change, People-driven nature of marketing, Lack of rules for choosing marketing activities, Societal evolution of marketing and business practices, Increasing customer expectations, Declining customer satisfaction and brand loyalty, Increasing price sensitivity, Change in customer attitudes toward business and marketing activities, Competition in mature markets, Increase in expansion into foreign markets, Aggressive cost-cutting measures

Challenges in a firms marketing strategy can include:

challenges

Constant change, People-driven nature of marketing, Lack of rules for choosing marketing activities, Societal evolution of marketing and business practices, Increasing customer expectations, Declining customer satisfaction and brand loyalty, Increasing price sensitivity, Change in customer attitudes toward business and marketing activities, Competition in mature markets, Increase in expansion into foreign markets, Aggressive cost-cutting measures are all ____________ that may arise or can arise in a firm’s marketing strategy.

marketing strategy.

Constant change, People-driven nature of marketing, Lack of rules for choosing marketing activities, Societal evolution of marketing and business practices, Increasing customer expectations, Declining customer satisfaction and brand loyalty, Increasing price sensitivity, Change in customer attitudes toward business and marketing activities, Competition in mature markets, Increase in expansion into foreign markets, Aggressive cost-cutting measures are all challenges that may arise or can arise in a firm’s _____________.

product, price, place, promotion

What are the four (4) P’s of the marketing mix?