Marketing Management Units I & II

The evolution of marketing has been a revolutionary process, not an evolutionary one.

In what stage of marketing orientation are customers primarily considered the means to dispose of goods?

Which stage is most closely associated with the concept of 'consumer satisfaction?'

Match the following terms with their correct meanings:

What are the two primary aspects revealed by the concept of micro-marketing?

Macro-marketing emphasizes the impact of a nation's resources on meeting the needs and wants of its citizens.

What is the driving force behind all marketing activities according to Barker and Anshen?

What are the four Ps included in the '4 Ps' of marketing?

What does 'Product' represent within the 4 Ps?

What is the purpose of 'Promotion' within the 4 Ps?

What is the third P in the 4Ps of marketing and what does it include?

The concept of 'marketing mix' focuses on the integration of four key elements that contribute to a firm's overall success: product, price, physical distribution, and promotion.

According to Borden, what are the two key components of the marketing mix?

Marketing mix variables are also referred to as marketing decision variables.

From the perspective of a manufacturer, what is the purpose of 'market segmentation?'

What are the three steps involved in target marketing?

One of the key benefits of micro-marketing is the creation of a customer-centric approach that prioritizes meeting individual needs on a local level.

What does 'niche marketing' involve?

The concept of 'mass marketing' assumes that all consumers have similar needs and wants and will respond favorably to the same marketing approach.

What is the primary purpose of product planning?

What is the definition of a 'product line?'

Factors that influence the composition and changes in a product line include consumer preferences, competitor strategies, market demand, and company goals and objectives.

What are the four characteristics of a product mix?

When a company decides to 'expand' its product mix, it is essentially adding more items to its product line, potentially introducing new product lines.

A core principle of product 'positioning' is to create a unique image for the product in the minds of consumers, highlighting its key benefits and strengths.

What is the primary difference between 'product differentiation' and 'market segmentation?'

What is the primary goal of 'Trading Up' as a product strategy?

What are the main elements involved in product differentiation?

Product innovation, a key driver of a successful product strategy, is often seen as simply adding new features to an existing product.

What are the three categories of new products identified by Stanton?

What is the most common reason for product failure?

The product life cycle is a model that depicts how a product moves through five distinct stages: Introduction, Growth, Maturity, Saturation, and Decline.

Generally, what are the two core components of the product life cycle management?

Match the following product life cycle stages with their respective characteristics

What are the key product management strategies used in the 'introduction' stage of the product life cycle?

What are the key challenges faced by companies during the 'growth' stage of the product life cycle?

What are the key characteristics observed during the 'maturity' stage of the product life cycle?

What are the key strategies used by companies during the decline stage?

A company can introduce new products through either acquisition or development.

What are the six categories of new products?

The product planning process is typically the responsibility of a single individual, such as a product manager, who solely manages all aspects of product development.

The primary purpose of 'social marketing' is to increase the adoption of profitable products and services to create immediate revenue generation for companies.

What are the key concepts that social marketing utilizes to achieve its goals?

The primary objective of a 'regulated market' is to eliminate competition to ensure stability and maximize profits for established companies.

What is the key difference between a 'regulated market' and an 'unregulated market?'

The ultimate goal of a 'spot market' is to facilitate transactions for goods that will be delivered at a future date.

What is the primary purpose of a 'future market?'

The primary function of 'distribution' is to ensure the physical movement of goods from producers to consumers.

The term 'business' emphasizes the element of 'profit' as a goal of commercial activities.

Match the following types of goods with their respective characteristics:

Raw materials are already processed goods that are incorporated into finished products.

Fabricated materials are goods that have undergone some basic processing but still require further processing before becoming final products.

Component parts are final components that are visible in the finished product, such as batteries or tires.

Installation goods like buildings or machinery are considered durable goods because they have an extended lifespan and are meant for production or commercial use.

What is the main distinction between 'services' and 'goods'?

Marketing can be categorized as a 'science' because it involves a systematic and structured approach to analyzing and organizing the process of understanding and meeting consumer needs.

What are the four main approaches to the study of marketing?

Match the following marketing approaches with their definitions:

The 'management approach' to marketing is considered the most modern and scientific approach, placing an emphasis on understanding the role of decision-making in a company's operations.

What is the key characteristic of the 'system approach' to marketing?

The 'societal marketing approach' places a primary emphasis on serving consumers' needs and wants, while prioritizing the profits and growth of the business.

The 'legal approach' to marketing focuses on providing legal counsel to businesses and ensuring compliance with regulations, which is a critical aspect of marketing success.

The 'economic approach' to marketing primarily examines the cost of production, pricing strategies, and the dynamics of supply and demand.

What are the key characteristics of 'modern marketing?'

The concept of 'consumer orientation' emphasizes a focus solely on maximizing sales volume as the key success metric for a business.

Modern marketing is deeply rooted in the idea that businesses should first understand and prioritize consumer needs before deciding what to produce.

What is the primary objective of 'relationship marketing?'

Modern marketing emphasizes that a company should focus its efforts on creating a diverse array of products, targeting a wide range of consumers, to ensure its success.

'Consumer satisfaction' is a core concept in modern marketing, emphasizing the importance of consistently delivering on promises made to customers and exceeding their expectations.

What three factors are essential for creating 'consumer satisfaction' in modern marketing?

The 'integrated marketing' approach focuses on ensuring that all of a company's departments and activities work together in a coordinated and aligned manner to create a consistent and unified customer experience.

The 'Modern Marketing Concept' emphasizes that businesses should start with what they can easily produce and then try to find customers to buy those products.

The concept of 'modern marketing' suggests that customers should be considered 'kings' in the marketplace, and businesses should focus on exceeding their expectations and addressing their needs.

'Customer orientation' is crucial in modern marketing, as it emphasizes that every business decision should be made with the goal of maximizing profits for the company.

'Modern marketing' emphasizes that businesses should begin their marketing efforts with a clear understanding of their target audience and their needs before making any production decisions.

The 'marketing mix' comprises a framework that consists of the four Ps: product, price, place (distribution), and people.

A key advantage of 'concentrated marketing' is that it allows businesses to focus all their resources on a specific niche market, potentially becoming the dominant player in that segment.

A key advantage of 'differentiated marketing' is that it enables companies to offer a wide range of products and services to appeal to different customer segments while minimizing marketing costs and efforts.

A marketer needs to have a clear understanding of 'positioning' when creating marketing messages, as it involves establishing a distinctive image or benefit for their brand in the minds of consumers.