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TOP 10 Learning Questions for
Chapter 1: Defining Marketing for the 21st
Century
Ria AbendanApril 2011
1. Marketing Management involves ________, __________ & _________ superior customer value.
A. Developing, influencing & communicating
B. Creating, influencing & communicatingC. Creating, communicating & deliveringD. Influencing, communicating &
deliveringE. None of the above
2
3
What is Marketing?Marketing Management
•The art and science of:
• Choosing target markets
• Getting, keeping, and growing customers
• Creating, Communicating, and Delivering superior customer VALUE
CCD
VALUE
1. Marketing Management involves ________, __________ & _________ superior customer value.
A. Developing, influencing & communicating
B. Creating, influencing & communicatingC. Creating, communicating & deliveringD. Influencing, communicating &
deliveringE. None of the above
4
2. Promoting a visit to Star City is an example of marketing what?
A. A placeB. An experienceC. A propertyD. An organizationE. None of the above
5
Examples
Experiences are marketed by orchestrating several goods and services
2. Promoting a visit to Star City is an example of marketing what?
A. A placeB. An experienceC. A propertyD. An organizationE. None of the above
7
3. In a modern exchange economy, ______ markets buy resources from ______ markets, turn them to goods and services, and sell them to _______ markets.
A. Government, manufacturer, consumerB. Manufacturer, resource, intermediaryC. Resource, consumer, governmentD. Intermediary, resource, consumerE. None of the above
8
There are five basic markets in a modern economy
Manufacturer Markets
ConsumerMarkets
IntermediaryMarkets
ResourceMarkets
GovernmentMarkets
Consumers sell labor to resource markets
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resources
money
Manufacturers buy resources…
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resourcesresources
money money
…turn them to goods & services and sell to intermediaries
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resourcesresources
goods and services
money
money money
Intermediaries sell finished goods to consumers
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resourcesresources
goods and services goods and services
money money
money money
The government collects tax revenues to buy goods
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resourcesresources
goods and services goods and services
money money
money money
taxes
taxes, goods
taxes, goods
taxes, goods
And uses these goods and services to provide public service
Manufacturer Markets
ConsumerMarkets
ResourceMarkets
GovernmentMarkets
resourcesresources
goods and services goods and services
money money
money money
taxes
taxes, goods
taxes, goods
taxes, goods
services
services, money
services, money
services, money
3. In a modern exchange economy, ______ markets buy resources from ______ markets, turn them to goods and services, and sell them to _______ markets.
A. Government, manufacturer, consumerB. Manufacturer, resource, intermediaryC. Resource, consumer, governmentD. Intermediary, resource, consumerE. None of the above
16
4. Value is the sum of customers’ perceived _______ and _______.
A. Expectation and benefitB. Share of mind and equityC. Image and equityD. Equity and costE. Cost and benefit
17
Value and Satisfaction are important concepts in Marketing
• Value = sum of customers’ perceived benefits and costs
• Combination of the customer value triad (QSP)
VALUE
QUALITY
SERVICE PRICE
4. Value is the sum of customers’ perceived _______ and _______.
A. Expectation and benefitB. Share of mind and equityC. Image and equityD. Equity and costE. Cost and benefit
19
5. The following are examples of communication channels except:
A. Clear’s Black Valentines EventB. McDonald’s “BF/GF” TV adC. Sun Life door-to-door agentsD. P.Noy’s campaign postersE. None of the above
20
Marketers may use different kinds of Marketing Channels
Communication Channels
radiotv
billboards
events
Examples:
Distribution Channelswholesalers
retailersdoor to door agents
Examples:
Marketers may use different kinds of Marketing Channels
Service Channels
Example:
banks
warehouses
Marketers may use different kinds of Marketing Channels
5. The following are examples of communication channels except:
A. Clear’s Black Valentines EventB. McDonald’s “BF/GF” TV adC. Sun Life door-to-door agentsD. P.Noy’s campaign postersE. None of the above
24
6. If you would like an external hard drive included when you buy a laptop, this is an example of what type of need?
A. Stated NeedsB. Unstated NeedsC. Real NeedsD. Delight NeedsE. Secret Needs
25
There are 5 Types of Consumer Needs
Stated Needs
Real Needs
Unstated Needs
Delight Needs
Secret Needs
“I want an inexpensive TV.”
Real Needs may underlie the Stated Needs
Stated Needs
Real Needs
Unstated Needs
Delight Needs
Secret Needs
“I want a TV whose maintenance cost, not initial price, is low (or
zero).”
Unstated needs are expected already by the customer
Stated Needs
Real Needs
UnstatedNeeds
Delight Needs
Secret Needs
“I want good service from the manufacturer.”
Delight Needs ask more of the expected output
Stated Needs
Real Needs
Unstated Needs
Delight Needs
Secret Needs
“I want it to come with a home theater system.”
Secret Needs may not easily be articulated by the customer
Stated Needs
Real Needs
Unstated Needs
Delight Needs
Secret Needs
“I want my friends to see me as a smart buyer.”
6. If you would like an external hard drive included when you buy a laptop, this is an example of what type of need?
A. Stated NeedsB. Unstated NeedsC. Real NeedsD. Delight NeedsE. Secret Needs
31
7. _______ is a new marketing wherein industry boundaries are blurring as companies recognize new opportunities lie at the intersection of two or more industries.
A. Industry ConvergenceB. Consumer ResistanceC. Technology ConvergenceD. Retail TransformationE. None of the Above
32
Companies are recognizing opportunities at the intersection of two or more industries
Convergence
• Blurring of industry boundaries
• Fueled by shift to digital technology
7. _______ is a new marketing wherein industry boundaries are blurring as companies recognize new opportunities lie at the intersection of two or more industries.
A. Industry ConvergenceB. Consumer ResistanceC. Technology ConvergenceD. Retail TransformationE. None of the Above
34
8. Which is true about new consumer capabilities?
A. Consumers now have an amplified voice to influence public opinion.
B. Consumers now have greater access to information compared to before.
C. Consumers have gained a substantial increase in buying power.
D. All of the above.E. None of the above.
35
New Consumer Capabilities
Substantial increase in buying power
Greater variety of available goods & services
Great amount of information
Greater ease in interacting and placing & receiving orders
Ability to compare notes on products & services
Amplified voice to influence public opinion
8. Which is true about new consumer capabilities?
A. Consumers now have an amplified voice to influence public opinion.
B. Consumers now have greater access to information compared to before.
C. Consumers have gained a substantial increase in buying power.
D. All of the above.E. None of the above.
37
9. Which of the following is not a company orientation:
A. PeopleB. ProductC. MarketingD. ProductionE. Selling
38
There are 4 Types of Company Orientations
Production
Marketing
Product
Selling
CompanyOrientations
Production Concept – customers want products that are available and inexpensive
Production
• Focus is on production efficiency, low cost and mass distribution
Product Concept – customers want products that offer the highest quality and performance
Product
• Focus is on quality, performance and continuous innovation
Selling Concept – consumers, if left alone, will not buy
Selling
• Focus is for company to sell what they make
• Applies mostly to unsought goods
• Example: cemetery plots
Marketing Concept – finding the right products for your customers
Marketing
• Focus is on finding the right products for customers through research
9. Which of the following is not a company orientation:
A. PeopleB. ProductC. MarketingD. ProductionE. Selling
44
10. Which is NOT true about the 4Ps Marketing Mix?
A. Direct Marketing is under PromotionsB. Inventory is under ProductC. Volume discounts is under PriceD. Locations is under PlaceE. None of the above (all are correct)
45
Marketing-Mix Tools: The Four Ps
http://pauldunay.com/wp-content/uploads/2010/01/4ps.png
• To Create, Communicate, and Deliver VALUE to consumers, marketers should devise marketing activities classified as “marketing mix” tools of four broad kinds – the Four Ps
Product involves variety, quality, design, features, brand name…
• The tangible object or intangible service that is produced or manufactured by a company
• Example:
• Beer products by San Miguel
Price involves list price, discounts, allowances, payment period, credit terms…
• The amount a customer pays for the product (wholesale / retail)
• Example:
Place involves channels, coverage, locations, inventory…
• Represents the location where a product can be purchased
• Examples for San Miguel products:
supermarkets sari-sari stores convenience stores
Promotion involves sales promotions, advertising, public relations, direct marketing…
• All communications that a marketer may use in the market place
• Examples:
events merchandisingtv commercials
10. Which is NOT true about the 4Ps Marketing Mix?
A. Direct Marketing is under PromotionsB. Inventory is under ProductC. Discounts is under PriceD. Locations is under PlaceE. None of the above (all are correct)
51
TOP 10 Learning Questions for
Chapter 1: Defining Marketing for the 21st
Century
Ria AbendanApril 2011