Marketing Concepts Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a consequence of having unsatisfied customers?

Unloyalty of customers (correct)

Increased customer loyalty

Decrease in overall sales

Higher demand for products

What does a strong marketing orientation emphasize in relation to customer needs?

Meeting consumer needs while maintaining profitability (correct)

Maximizing profits at the expense of consumer health

Producing high quantities regardless of demand

Ignoring societal impacts in marketing strategies

Which of the following is NOT a goal of the Societal Marketing Concept?

Enhancing societal well-being

Delivering effective satisfaction better than competitors

Increasing immediate sales regardless of consequences (correct)

Determining consumer needs and wants

How might fast food restaurants be creating social costs?

Through convenient food options that promote unhealthy eating (D) Signup and view all the answers

What assumption is made about consumers in relation to socially responsible companies?

They are willing to support companies that promote social responsibility (A) Signup and view all the answers

What should companies consider according to the Societal Marketing Concept?

Long-run interests of both consumers and society (C) Signup and view all the answers

What factor is crucial for companies in satisfying consumer wants and needs?

Identifying market demands accurately (B) Signup and view all the answers

What is a potential effect of fast food marketing strategies mentioned?

Promotion of unhealthy eating habits and waste (C) Signup and view all the answers

What type of distribution uses all available outlets to sell a product?

Intensive Distribution (B) Signup and view all the answers

Which factor is NOT mentioned as a basic factor influencing the evolution of distribution channels?

Market Demand (D) Signup and view all the answers

What is the main focus of direct marketing?

Communicating directly with targeted customers (D) Signup and view all the answers

What is typically true of direct distribution channels?

They are common in business-to-business markets. (C) Signup and view all the answers

Which of the following best defines exclusive distribution?

Relying on a single outlet for a broad geographic area (A) Signup and view all the answers

What does merchandising in retail primarily focus on?

Promoting the sale of goods at the retail outlet (C) Signup and view all the answers

In the context of distribution logistics, what does the process involve?

Efficient movement of goods from warehouses to end customers (B) Signup and view all the answers

What is the main goal of the promotional mix?

Communicating product benefits and persuading the market to buy (D) Signup and view all the answers

What is the first stage in the new product planning process?

Idea generation (C) Signup and view all the answers

Which pricing method takes into account how sensitive consumers are to price changes?

Demand elasticity (B) Signup and view all the answers

What is loss leader pricing designed to achieve?

To encourage customers to make additional purchases (C) Signup and view all the answers

What does cross elasticity of demand relate to?

The relationship between the price of one product and the demand for another (D) Signup and view all the answers

At which stage of new product planning is economic analysis typically conducted?

Economic analysis and marketing strategy design (A) Signup and view all the answers

Which of the following best describes a distribution channel?

The path goods take from vendor to consumer (D) Signup and view all the answers

Market skimming is a strategy used for what purpose?

To maximize profit from high-value customers (B) Signup and view all the answers

Which of the following statements about pricing a product line is true?

Costs and demand elasticity must be evaluated alongside competition. (A) Signup and view all the answers

What typically characterizes an industrial buying decision?

Involves various criteria and trained professionals (C) Signup and view all the answers

In a Straight Rebuy situation, what is the level of information required?

Minimal information is required (D) Signup and view all the answers

Which of the following is NOT a typical consideration for industrial buyers?

Brand loyalty (C) Signup and view all the answers

What step follows the data analysis in the marketing research process?

Reporting research findings and final conclusions (A) Signup and view all the answers

What percentage of the marketing research job is considered completed once the problem and objectives are defined?

50% (C) Signup and view all the answers

What is the focus of a Modified Rebuy situation?

Medium novelty with moderate consideration of alternatives (A) Signup and view all the answers

What is an essential requirement for setting sales objectives?

They should be quantifiable. (B) Signup and view all the answers

What is the primary focus during the First Buy class situation?

Maximum information needed (D) Signup and view all the answers

Which of the following is NOT a possible way to express sales objectives?

Employee satisfaction rates (B) Signup and view all the answers

Which of the following is a critical component of problem definition in marketing research?

Identifying research objectives (D) Signup and view all the answers

What is a primary advantage of using own sales teams?

Greater integration within the company. (B) Signup and view all the answers

Which of the following correctly describes foreign sales teams?

They involve only variable costs. (B) Signup and view all the answers

What is one of the main drawbacks of using own sales teams?

They involve higher fixed costs for low sales volumes. (A) Signup and view all the answers

Which of the following statements about sales objectives is TRUE?

They should be reasonable. (D) Signup and view all the answers

How can compensation of salespeople impact their motivation?

Competitively structured compensation can boost motivation. (B) Signup and view all the answers

What role does control of the sales force play in sales management?

It ensures alignment with the overall sales strategy. (B) Signup and view all the answers

What does the 'Law of Diminishing Marginal Returns' imply regarding sales representatives?

There is an upper limit to the effectiveness of additional sales representatives. (D) Signup and view all the answers

Which of the following is the primary objective when planning visits for sales representatives?

To maximize the effectiveness and efficiency of the representatives' time. (B) Signup and view all the answers

What is an effective method of motivating sales representatives according to the content?

Continuous training and regular meetings. (B) Signup and view all the answers

What can undermine the effectiveness of a sales leader?

Cultivating fear among team members. (B) Signup and view all the answers

In assigning sales representatives to territories, what should be prioritized?

Total performance in sales across all territories. (C) Signup and view all the answers

Which of the following is an example of a sales promotion strategy for motivating sellers?

Implementing a structured competition or prize system. (D) Signup and view all the answers

What is not a factor to consider when planning visits for sales representatives?

The social preferences of the sales representatives. (A) Signup and view all the answers

The ideal leadership style for managing sales representatives is characterized by:

An unobtrusive role that allows autonomy and empowerment. (C) Signup and view all the answers

Study Notes

Marketing Management I

Course title: DIRECCIÓ COMERCIAL I
Recommended Bibliography:
- Marketing (13 ed.). Roger A. Kerin & Steven W. Hartley. McGraw-Hill, 2018
- Marketing. Concepts & Strategies European Edition. Dibb, Sinkim, Pride, Ferrell. (8th European edition) 2019.
- Marketing Management. Kotler et al. (4th European Edition). Pearson-Prentice Hall, 2019.
- Marketing Turístico. Antoni Serra (2nd edition). Eds. Pírámide, 2012.
- Any book on Marketing Management or Fundamentals of Marketing available at the UIB Library.

Important Dates

Final Exam's date: 15/01/2025 16:00h
Recovery Exam's date: 04/02/2025 16:00h
1st assignment presentation:
- 11/11/2024
- 13/11/2024
- 18/11/2024
2nd assignment presentation:
- 02/12/2024
- 04/12/2024
- 09/12/2024
- 11/12/2024

First Assignment Topics

Entry barriers to e-commerce
Ethics/CSR as a Business Competitive Tool
Neuro-marketing
E-commerce
Managing the Online Reputation
Digital marketing (changes compared to traditional marketing)
Digital Marketing Concepts and Strategies
The impact of eWOM (on hospitality firms)
Social Networks as a marketing tool
Online reputation (measurement and management)
Value co-creation processes with customers
Travel Planning (comparing XX and XXI century sources)
Content Marketing
Big Data & Marketing Research
Artificial Intelligence & Marketing Research

First Assignment Details

The deadline for submitting the written assignment is 18/01/2025.
Length of the written assignment: between 10-20 pages.
Presentations should be around 15-20 minutes.

Second Assignment Topics

Factors explaining the success of Airbnb
Entry barriers to e-commerce (and the emergence of intermediaries)
Global warming (marketing solutions)
Metaverse (and its impact on marketing)
Artificial Intelligence (impact on the marketing field)
New tools for market segmentation using digital technologies

Second Assignment Details

The deadline for submitting the written assignment is 18/01/2025.
Length of the written assignment: between 10-20 pages.
Presentations should be around 12-15 minutes.

Introduction to the Modern Concept of Marketing

Marketing is not just selling; it's understanding what to produce.
Marketing is both a philosophy (attitude) and a technique (execution).
It's about creating, communicating, delivering, and exchanging value for consumers, clients, partners, and society.

Company Orientation to the Marketplace

Competition: None or minimal (supply lower than demand)
- Emphasis: Production (availability, production and distribution)
- Competition: Increased (balance between supply and demand)
- Emphasis: Product (quality)
- Competition: Strong (supply higher than demand)
- Emphasis: Sales (promotion)
- Competition: Strong (supply higher than demand)
- Emphasis: Marketing (long-term relationships)

Societal Marketing Orientation

Companies should consider long-term social interests and well-being.
Consumer demand for companies showing social responsibility is increasing.
Consumers with higher income and education are more likely to reward socially responsible companies.

How Marketing Acts

Needs are driven by socio-cultural factors (personal characteristics)
Wants are driven by economic factors (available resources)
Marketing identifies needs, guides wants, and stimulates demand.

Does Marketing Create Artificial Needs?

Needs are physiological or psychological states common to all humans.
Desires (wishes) express the will to meet needs.
Demand is the expression of a desire that's constrained by resources.
Marketing mainly acts on demand, helping to shape and guide it.

Some Important Concepts

De-marketing (reducing demand)
Counter-marketing (eliminating demand)
Market-driven/marketing-oriented organizations
Market-driving organizations
Strategic Marketing
Operational/tactical marketing
Relationship marketing (long-term relationships)

A Definition of Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large"

Marketing Management

A process of planning, organizing, implementing, and controlling marketing activities to facilitate and expedite exchanges efficiently.

The Marketing System

Includes suppliers, company (product, price, promotion), distributors, and the market.
Elements are impacted by technological, economic, political-legal, social and cultural environments.

The Marketing Mix

Four controllable variables (Product, Price, Place, Promotion)
Product and distribution are strategic instruments (long-term).
Price and promotion are tactical instruments (short-term).

Special Characteristics of Travel and Tourism Marketing

The four Ps of services marketing are people, people people, and people.
(Operations, marketing, and human resources are interdependent.)

Product Decisions

Product Portfolio
Product differentiation and positioning
Product life cycle
Boston Consulting Group Matrix(Cash Cows, Stars, Question Marks, Dogs)

Branding

Brand is a name, symbol, or combination identifying goods/services.
Trademark is a legally protected brand.
Brand equity is the importance of a brand in customers' eyes.
Brand value is a brand's financial worth.

Multi-Brand Strategy

Marketing of two or more similar/competing products under different brands.
Advantages include obtaining more shelf space, filling gaps, and inducing brand experimentation.

Examples of Umbrella Branding (Forte Hotels Group)

Forte Posthouse (mostly three-star business hotels)
Forte Heritage (from smaller country to larger inns)
Forte Crest (more upmarket business hotels than Posthouse)
Forte Grand Hotels (high-end international hotels including Waldorf, Westbury, and Balmoral hotels)

Product Life Cycle

Products have a limited life.
Sales, profits, and challenges vary through stages.
Marketing actions need to adapt to each stage.

Boston Consulting Group Matrix (BCG Matrix)

Analyzes product market positions based on relative market share and market growth rate.
Cash cows and Stars are desirable (high growth, high market share).
Dogs and question marks require strategy or portfolio management.

Product Modification and Elimination and New Product Planning and Development

Stages: Generation of ideas, Screening of ideas, Concept development & testing, Economic analysis, and strategy design, Product development and testing, Market test, Product launch.

Pricing Decisions

Pricing Methods: Costs, Demand elasticity (consumer sensitivity), and Competition
Market Skimming and Market Penetration Strategies
Yield (Revenue) Management
Pricing a product line.

Distribution Decisions

Distribution channel (vendor to consumer, from consumer to vendor)
Channels include wholesalers, agents (and retailers.)
Intensive, Selective, and Exclusive distribution strategies
Direct marketing
Push and Pull strategies

Promotion Decisions

Merchandising
Distribution Logistics
Channel Strategies (Push & Pull)
Promotion Mix
Advertising, Public Relations, Sales Promotion, Direct Marketing, and Personal Selling

Promotion Decisions (Sales Promotion)

Activities for increasing sales (short-term)
Incentives for buyers or for sellers in a distribution channel.
Target customers (consumers, sales force, distributors/channel).

Promotion Decisions (Personal Selling)

Process of using personal communication; important for high-value/technical products & business accounts (B2B.)
Use in cases where the product or service needs customization.

Sales Management

Sales manager's role: design, implement, and manage sales strategy.
Setting sales objectives, choosing sales system/team, organizing the sales network, determining the size of sales team, assigning sales territories, and planning visits/calls.
Sales team management: motivation techniques (continuous training, exchange of information, task recognition, greater autonomy promotion incentives/competitions.)
Sales team structure: geographical, by products, by clients, and mixed form structure.

Sales Management (Continued)

Objective Setting: Consistent with the marketing plan, measurable, quantifiable, specific time frame, and reasonable.
Sales System Selection: Own sales teams (full-time, integrated) vs. Foreign sales teams (partial dedication).
Sales Team Structuring: Geographic specialization (similar territories), By Product Specialization (homogeneous product lines), By Client Specialization (customer needs /purchase volume.)
Determining Sales Team Size, assigning territories, and planning visits

Consumer Behavior

Understanding buying, consuming, and using consumer goods and services.
Dimensions for analyzing consumer behavior: What?, Who?, Why?, How?, When?, Where?, and How Much?
Stages in Consumer Decision Making: Problem recognition, Information search, Evaluation of alternatives, Purchase, and Post-purchase evaluation.

Consumer Behaviour - Perception

Personal interpretation and meaning-giving to stimuli.
Stages: Exposure, Attention, Interpretation, and Retention.
Selective perception (choosing what's important)
Thresholds (minimum levels for perception to occur.)

Consumer Behaviour - Post-purchase attitudes

Doubt, decision regret, satisfaction, or dissatisfaction.
Sources of dissonance: price, product importance, performance, alternatives, and credibility (of information.)
Marketing actions should aim at managing customer satisfaction and loyalty.

Organizations' Buyer Behavior

Fewer buyers, more concentrated demand.
Closer relationships between supplier and customer.
Larger purchases.
Inelastic demand (in the short term).
Derived demand (from consumer demand).
More complex buying process (technical aspects/expertise required).
Purchase situations (first buy, straight rebuy, modified rebuy).

Research and Information Systems in Marketing

Market research is crucial for managing what's not measurable (market demands, competitiveness behavior, etc.)
Research process steps: -defining the problem -designing a research plan -collect data -analyze and interpret data -report and conclude.

Marketing Planning & Strategy

Understanding the current market position and future aspirations
Defining marketing goals and objectives.
Selecting market strategies (Differentiated, Undifferentiated, Concentrated strategies)
Using analytical frameworks like the Ansoff Matrix to plan for growth
Understanding the different approaches from a market leader perspective to a market follower perspective from a niche strategy perspective.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your understanding of marketing concepts, customer satisfaction, and distribution strategies. This quiz covers key elements of the Societal Marketing Concept and the impact of marketing on customer behavior and social costs. Challenge yourself with questions about the goals of marketing and direct distribution channels.