Marketing exam 1

Flashcard 1:
Q: What is marketing?
A: Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Flashcard 2:
Q: What are the 4Ps of the marketing mix?
A: Product, Price, Place, and Promotion.

Flashcard 3:
Q: What is a service in marketing?
A: A service is an intangible offering that provides value to customers, such as a haircut, financial advice, or a hotel stay.

Flashcard 4:
Q: What are the three types of customer needs?
A: Physical needs (e.g., food, clothing), social needs (e.g., belonging, affection), and individual needs (e.g., knowledge, self-expression).

Flashcard 5:
Q: What is the difference between customer wants and demands?
A: Wants are the form human needs take when shaped by culture and individual personality, while demands are wants backed by buying power.

Flashcard 6:
Q: What are the macro strategies for developing customer value?
A: Retaining loyal customers, efficient operations, high perceived value products, and good physical location/internet presence.

Flashcard 7:
Q: What is STP in marketing?
A: STP stands for Segmentation, Targeting, and Positioning. It is a process used to identify and evaluate market opportunities.

Flashcard 8:
Q: What is market segmentation?
A: Market segmentation is dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

Flashcard 9:
Q: What is market targeting?
A: Market targeting is evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Flashcard 10:
Q: What is market positioning?
A: Market positioning involves defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the product compared to competitors.

Flashcard 11:
Q: What are the five steps in creating a marketing plan?
A:

1. Define the mission and objectives.

2. Conduct a situation analysis (SWOT).

3. Identify and evaluate opportunities using STP.

4. Implement the marketing mix and allocate resources.

5. Evaluate performance using marketing metrics.

Flashcard 12:
Q: What is the purpose of a SWOT analysis?
A: A SWOT analysis assesses the internal environment (Strengths and Weaknesses) and the external environment (Opportunities and Threats) to inform strategic planning.

Flashcard 13:
Q: What is the Boston Consulting Group (BCG) Matrix?
A: The BCG Matrix is a tool that evaluates a company’s product portfolio based on market growth rate (vertical axis) and relative market share (horizontal axis).

Flashcard 14:
Q: What are the steps in the consumer decision process?
A:

1. Need Recognition

2. Search for Information

3. Evaluation of Alternatives

4. Purchase and Consumption

5. Post-Purchase Behavior

Flashcard 15:
Q: What is post-purchase cognitive dissonance?
A: Post-purchase cognitive dissonance is the discomfort experienced after making a purchase, especially for expensive or infrequently bought items. Firms reduce it by reinforcing the decision (e.g., return policies, thank-you letters).

Flashcard 16:
Q: What is customer loyalty in marketing?
A: Customer loyalty is when customers repeatedly purchase from a brand due to satisfaction and positive experiences. Firms use CRM programs to retain loyal customers.

Flashcard 17:
Q: What is integrated marketing communications (IMC)?
A: IMC is the use of various communication disciplines (advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing) to provide clarity, consistency, and maximum communicative impact.

Flashcard 18:
Q: What is value-based marketing?
A: Value-based marketing focuses on creating value for customers by offering benefits that outweigh costs, often through relational orientation and customer relationship management (CRM).

Flashcard 19:
Q: What is the role of technology in value cocreation?
A: Technology enables value cocreation, where customers collaborate with firms to create products or services that meet their specific needs and preferences.

Flashcard 20:
Q: What is conscious marketing?
A: Conscious marketing involves making socially responsible activities an integral part of corporate strategies, benefiting society while achieving business goals.

Flashcard 21:
Q: What is a mission statement?
A: A mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake.

Flashcard 22:
Q: What is a market penetration strategy?
A: A market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers to increase market share.

Flashcard 23:
Q: What is a product development strategy?
A: A product development strategy involves offering a new product or service to a firm’s current target market.

Flashcard 24:
Q: What is a diversification strategy?
A: A diversification strategy introduces a new product or service to a market segment that is not currently served by the firm.

Flashcard 25:
Q: What is operational excellence?
A: Operational excellence is achieved through efficient operations, excellent supply chain management, and strong relationships with suppliers.