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1. 4 Piece of Marketing (Marketing MIX)

- Product (Function, Brand, packaging, services) àCreating value

- Price (Price, discount, bundling, Credit Terms) à Capturing value

- Promotion (Advertising, Sales Force, Publicity, Promotions) à Communicating value

- Place (Channel, inventory, logistics, distribution) à delivering value 

Ex1 :

Traditionally, marketing activities have been divided into the four Ps: product, price, place, and promotion. The four Ps represent the
A)   marketing mix.
B)   marketing channel.
C)   marketing plan.
D)   marketing era.
E)   marketing implementation.

Example 2: Which element of the marketing mix is most relevant to the activity "delivering value"?
A)  promotion
B)   purchasing
C)   product
D)   price
E)   place

Example 3: Which marketing activity is most directly served by the promotion element of the marketing mix?
A)   communicating value
B)   creating value
C)   capturing value
D)   delivering value
E)   producing value

2. Elements of Market Plan:

- How product or service will be conceived or designed

- Cost of it

- Where/How to promoted

- How will get consumer

Ex:

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

A)   a marketing plan.
B)   a marketing exchange.
C)   supply chain logistics.
D)   production management.
E)   delivery of the value proposition.

3. Steps of Marketing Plan

(1) define the business mission,

(2) perform a situation analysis,

(3) identify and evaluate opportunities,

(4) implement marketing mix and allocate resources,

(5) evaluate performance.

Examples: What is the third step in the marketing planning process

A)   define the business mission

B)   identify and evaluate opportunities

C)   evaluate using a matrix

D)   implement marketing mix and allocate resources

E)   perform situation analysis

4. Excellence

n Operational excellence

- Efficient operations and excellent supply chain and Human Resources management

n Customer excellence

- Making sure your customers’ desired outcomes are successfully achieved.

n Location excellence

- Method of achieving excellence by having a strong physical location and/or Internet presence

n Product excellence

- Getting the right products to market faster through deep user insight, a clear product strategy, and an inspiring roadmap.

Example:

Firms achieve ________ through efficient procedures and excellent supply chain management.
A)   customer excellence
B)   locational excellence
C)   customer loyalty
D)   value-based pricing
E)   operational excellence

Some banks offer special accounts designed to attract junior high school students. Savings in these accounts are generally small amounts, which cost banks more to maintain than they are worth; however, bankers know that consumers are creatures of habit and hope that these young people will become adult customers. These banks recognize
A)   that operational excellence is an important macro strategy.
B)   the lifetime value of customers.
C)   that product excellence leads to loyal customers.
D)   the importance of making decisions based on short-term results.
E)   that if customers bring in some revenue, costs do not matter.

5. Customer loyalty Program

- A strategy that helps retain customers and encourage them to continue purchasing from your brand. Ex: rewarding customers to incentive them to repurchase product

Ex: One example of a customer loyalty program is

A)   a "frequent diner" restaurant card that offers a free appetizer for every $100 spent.

B)   a quantity discount offered for large purchases at an office supply store.

C)   access to seasonal sales on top-selling items.

D)   an "everyday low price" policy on all products at a grocery store.

E)   an extensive customer service training program.

6. Customer retention program

- A company’s ability to turn customers into repeat buyers and prevent them from switching to a competitor.

Example: Customer retention programs are based on what concept?
A)   Customer excellence is the easiest macro strategy to follow.
B)   Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.
C)   It is important to maximize profits in the first few months of a customer relationship.
D)   Segmentation, targeting, and positioning analysis should not be rushed.
E)   Firms must spend large amounts of money to retain customers.

7. SWOT Analysis

- Strength

- Weakness

- Opportunity

- Threats

Example:

Manufacturers that use just-in-time manufacturing systems coordinate closely with suppliers to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a(n) ________ in a SWOT analysis.

A)   weakness

B)   opportunity

C)   threat

D)   strength

E)   metric

In a SWOT analysis, increasing gasoline prices would represent a potential ________ for manufacturers of electric cars.

A)   internal weakness

B)   external threat

C)   external opportunity

D)   operational advantage

E)   marketing mix

8. Culture

- shared meanings, beliefs, morals, values

Examples:

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their

A)   social concerns.

B)   culture.

C)   demographics.

D)   generational cohorts.

E)   religion.

9. Consumer Decision Process Model

- How consumer evaluate making a purchasing decision

1. Problem recognition

2. information search

3. alternatives evaluation (universal, retrieval, and evoked)

4. purchase decision

5. post-purchase evaluation

Example:

1. The consumer decision process model represents

A)   the concept of habitual decision making.

B)   the retrieval of an evoked set based on physiological needs.

C)   the steps that consumers go through before, during, and after making purchases.

D)   the shift from an internal to an external locus of control.

E)   the types of decisions all consumers must make for each product or service purchase.

2. Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?

A)   need recognition

B)   postpurchase evaluation

C)   information search

D)   situational analysis

E)   evaluation of alternatives

3. In the consumer decision process, we decide how much time and effort to expend searching for information based partly on ________ associated with the product or service being considered.

A)   postpurchase dissonance

B)   the alternative evaluation process

C)   the degree of perceived risk

D)   the results of habitual decision making

E)   the results of the external search