CMMS Review Material 2024

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Questions and Answers

Which of the following is not a stage in the product life cycle?

  • Saturation
  • Maturity (correct)
  • Introduction
  • Decline
  • Growth

What is the term used to describe the combination of tools used by a company to communicate with customers?

  • Advertising (correct)
  • Distribution
  • Cost leadership
  • Product development
  • Pricing

Which of the following is a marketing metric used to measure brand awareness?

  • Profit margin
  • Brand recall (correct)
  • Market share
  • Customer satisfaction
  • Sales revenue

What is the initial step in the segmentation, targeting, and positioning (STP) process for marketing?

<p>Market Research (B)</p> Signup and view all the answers

Which of the following BEST describes the concept of the marketing mix?

<p>The variables that a company can control to influence customers' buying decisions (E)</p> Signup and view all the answers

Which of the following is not a step in the market segmentation process?

<p>Positioning the product in the marketplace (B)</p> Signup and view all the answers

Which of the following is NOT one of the 4Ps of the marketing mix?

<p>Partnership (A)</p> Signup and view all the answers

When a company adopts the strategy of market penetration, it is focusing on:

<p>Increasing market share in current markets (D)</p> Signup and view all the answers

Which of these is a factor that significantly impacts consumer behavior in marketing?

<p>Socio-cultural factors (B)</p> Signup and view all the answers

Which marketing concept places a strong emphasis on meeting customer needs and wants to achieve organizational goals?

<p>Marketing Concept (B)</p> Signup and view all the answers

Which model is used for strategic planning to create a competitive advantage based on the principle that a sound strategy should fit the company's external environment?

<p>Porter's Five Forces Model (D)</p> Signup and view all the answers

What marketing philosophy emphasizes continuous product improvement instead of relying heavily on aggressive advertising?

<p>Product Concept (C)</p> Signup and view all the answers

What is the term used to describe the value that a company's products or services provide to customers?

<p>Value proposition (D)</p> Signup and view all the answers

Which of these is NOT a part of the marketing mix?

<p>Profit (D)</p> Signup and view all the answers

What is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

<p>Market Segmentation (C)</p> Signup and view all the answers

What is the primary purpose of market research?

<p>To understand customer needs, wants, and behaviors (A)</p> Signup and view all the answers

Which of the following BEST describes the defining characteristic of societal marketing orientation?

<p>Balancing the needs of consumers, society, and the company (B)</p> Signup and view all the answers

Which statement accurately contrasts societal marketing orientation with traditional marketing orientations?

<p>Traditional marketing emphasizes consumer satisfaction, while societal marketing considers broader societal concerns (C)</p> Signup and view all the answers

What is a key principle of societal marketing orientation?

<p>Balancing the needs of consumers, society, and the company (B)</p> Signup and view all the answers

How does societal marketing orientation contribute to long-term business success?

<p>By building strong relationships with consumers and society (C)</p> Signup and view all the answers

Which statement best describes the relationship between an SBU and the parent corporation?

<p>SBUs should support the overall objectives of the parent company (E)</p> Signup and view all the answers

Which of the following is an example of a company demonstrating societal marketing orientation?

<p>A company that invests in sustainable practices and supports local communities (C)</p> Signup and view all the answers

What is a common purpose of establishing SBUs within a corporation?

<p>To allow for a focus on specific markets or products within the larger organization (E)</p> Signup and view all the answers

Which option highlights the key difference between societal marketing and traditional marketing?

<p>Traditional marketing prioritizes consumer satisfaction, while societal marketing considers broader societal concerns (A)</p> Signup and view all the answers

Are strategic alternatives different courses of action that can be implemented by a company to achieve its objectives?

<p>true (B)</p> Signup and view all the answers

Which option is NOT a core principle of societal marketing orientation?

<p>Prioritizing the interests of shareholders over all other stakeholders (A)</p> Signup and view all the answers

Can strategic alternatives only involve one option for the company to pursue?

<p>false (A)</p> Signup and view all the answers

Which statement BEST describes the goal of societal marketing orientation?

<p>To create value for both consumers and society while ensuring the company's long-term success (D)</p> Signup and view all the answers

Are strategic alternatives typically developed during the planning process of a company?

<p>true (B)</p> Signup and view all the answers

Can strategic alternatives help a company adapt to changes in the external environment?

<p>true (B)</p> Signup and view all the answers

Are strategic alternatives fixed and unchangeable once they are determined?

<p>false (A)</p> Signup and view all the answers

In Ansoff’s Strategic Opportunity Matrix, which option involves selling existing products to new markets?

<p>Market Development (C)</p> Signup and view all the answers

How does a company implement 'Positioning' effectively?

<p>By highlighting unique features that differentiate it from competitors. (C)</p> Signup and view all the answers

Which of these is a key advantage of using a SWOT analysis in marketing?

<p>It provides a comprehensive view of a company's internal and external factors. (A)</p> Signup and view all the answers

What does ZMOT (Zero Moment of Truth) represent in a marketing context?

<p>The time when a customer actively researches a product before buying. (A)</p> Signup and view all the answers

What is the primary goal of implementing a successful viral marketing campaign?

<p>Increase brand awareness and reach a wide audience. (C)</p> Signup and view all the answers

How does a company create a strong 'Persona' for its target audience?

<p>By developing a fictional representation of the ideal customer based on research. (B)</p> Signup and view all the answers

Which of the following marketing strategies focuses on enhancing a website's visibility in search engine results?

<p>SEO (A)</p> Signup and view all the answers

What is the main difference between a 'White Paper' and a 'Viral Marketing' campaign?

<p>A 'White Paper' provides in-depth information, while a 'Viral Marketing' campaign aims for rapid content sharing. (B)</p> Signup and view all the answers

What is the primary purpose of measuring 'ROI' (Return on Investment) in marketing?

<p>Determining the effectiveness and profitability of marketing campaigns. (C)</p> Signup and view all the answers

Which of the following is NOT typically considered when describing the target market for a product or service?

<p>Consumer's favorite color (D)</p> Signup and view all the answers

Which of the following best describes the term "target market"?

<p>The group of consumers who are most likely to be interested in a product or service (D)</p> Signup and view all the answers

In target market segmentation, which one of the following is NOT one of the common segmentation variables used?

<p>Technographic (B)</p> Signup and view all the answers

When developing a target market profile, which of the following would NOT be relevant to include?

<p>The company's production costs (E)</p> Signup and view all the answers

Which of the following is TRUE about achieving a cost competitive advantage in the marketplace?

<p>It can be achieved through efficient production processes and outsourcing opportunities. (D)</p> Signup and view all the answers

Which of the following statements is TRUE about the role of marketing planning in a company's success?

<p>Marketing planning involves creating a clear understanding of the target market and how to reach them. (D)</p> Signup and view all the answers

Which of the following is NOT a common benefit of developing a strong marketing plan?

<p>It ensures complete control over the company's market share. (C)</p> Signup and view all the answers

Which of the following is an example of a common barrier to achieving a cost competitive advantage in the marketplace?

<p>A lack of efficient production processes and cost management. (B)</p> Signup and view all the answers

Flashcards

Societal Marketing Orientation

A marketing concept that emphasizes balancing consumer needs, societal interests, and company profits.

Traditional Marketing Orientation

A marketing approach focused primarily on consumer satisfaction and profit maximization.

Key Principle of Societal Marketing

The main guideline to balance the needs of consumers, society, and the company.

Profit Maximization

The strategy of increasing net revenues, often without regard for social consequences.

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Consumer Needs

Basic requirements and desires of the customers that products must satisfy.

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Long-term Business Success

Achieving sustained growth and profitability by valuing consumer and societal relationships.

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Short-term Gains

Immediate profits that may undermine long-term success and responsibility.

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Environmental Concerns

Considerations regarding the impact of business practices on the natural environment.

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Strategic Business Unit (SBU)

A semi-autonomous unit within a corporation focused on a specific market or product.

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Alignment with Corporate Strategy

SBUs should support and align with the overall objectives of the parent company.

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Purpose of SBUs

To focus on specific markets or products while operating within a larger organization.

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Strategic Alternatives

Various courses of action that a company may pursue to meet its objectives.

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Ansoff’s Market Development

Selling existing products to new markets as a growth strategy.

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Ansoff’s Product Development

Introducing new products to existing markets to increase revenue.

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Market Penetration Strategy

Focuses on increasing sales of existing products in existing markets.

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Adaptation to Environment

Strategic alternatives help a company adjust to changes in the external environment.

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Penetration

A strategy focused on increasing market share in existing markets.

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Value Proposition

The value a company's products or services provide to customers.

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Marketing Mix

The combination of variables a company controls to influence buying decisions.

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Market Segmentation

The process of dividing a market into distinct groups of consumers.

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Product Life Cycle

The stages a product goes through from introduction to decline.

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Advertising

A promotional tool to communicate and persuade customers.

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Porter's Five Forces Model

A framework for analyzing competition in an industry.

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STP Process

The process of Segmentation, Targeting, and Positioning in marketing.

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4Ps of Marketing

The four key elements of marketing: Product, Price, Place, Promotion.

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Consumer Behavior Factors

Elements that influence how consumers decide to purchase products.

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Marketing Concept

A business philosophy that aims to fulfill customer needs and organizational goals.

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Product Concept

The philosophy of continuous product improvement and innovation.

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Economic Conditions

Factors related to the economy that influence consumer purchasing behavior.

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Persona

A detailed description of an ideal customer for marketing purposes.

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Positioning

How a brand is perceived in relation to its competitors.

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PPC (Pay-Per-Click)

An advertising model where advertisers pay for each ad click.

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ROI (Return on Investment)

A measure of profitability for marketing efforts.

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Segmentation

Dividing the market into smaller groups based on shared traits.

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SEO (Search Engine Optimization)

Improving a website's visibility in search engine results.

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Target Audience

The specific group a brand aims to reach with its marketing.

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User Experience (UX)

How users interact with a product or website.

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Company's Mission Statement

A statement that defines the company's purpose and direction.

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Target Market

The group of consumers most likely interested in a product.

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Cost Competitive Advantage

Achieving lower production costs than competitors.

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Outsourcing Labor

Hiring external organizations to perform tasks for lower costs.

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Segmentation Variables

Criteria used to divide a market into distinct groups.

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Consumer Behavior

Patterns in how consumers make purchasing decisions.

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Innovation in Cost Competitive Advantage

Continuous improvement of technology to reduce costs.

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Common Segmentation Variables

Typical categories for dividing a market, like demographic and psychographic.

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Study Notes

Certified Marketing Management Specialist (CMMS) Review Material

  • This material is a review booklet for the Certified Marketing Management Specialist (CMMS) program, created in 2024.
  • It's intended for educational purposes only and is not for sale.
  • Content covers various marketing topics and concepts.
  • The document includes a table of contents listing specific sections.
  • Topics addressed include principles of marketing, marketing management philosophies, strategic planning, the innovation matrix, the Boston Consulting Group Model, and the General Electric Model.
  • Other topics include marketing plans, competitive advantage, target market, digital marketing, and key marketing terms/definitions.
  • Disclaimer mentions that while content is accurate to the best of the author's ability, it is not guaranteed.
  • Further material, such as published books, is encouraged for deeper study.

Table of Contents (Page 2)

  • Principles of Marketing (Page 4)
  • Marketing Management (Page 5)
  • Marketing Management philosophies (Page 8)
  • Market Orientation (Page 10)
  • Strategic Planning in Marketing (Page 13)
  • Ansoff's Strategic Opportunity Matrix (Page 15)
  • The Innovation Matrix (Page 16)
  • Boston Consulting Group Model (Page 17)
  • General Electric Model (Page 18)
  • Marketing Plan (Page 19)
  • Competitive Advantage (Page 21)
  • Target Market (Page 22)
  • Digital Marketing (Page 23)
  • Marketing Management: Key Terms and Definitions (Page 24)
  • Other References (Page 26)

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