Certified Marketing Management Specialist (CMMS) Review Material PDF

# Certified Marketing Management Specialist (CMMS) Review Material **Created by Center for Professional Advancement and Continuing Education, Inc.** **2024** ___ This material is not for sale. ___ ## Table of Contents: - Principles of Marketing - 4 - Marketing Management - 5 - Marketing Manageme...

# Certified Marketing Management Specialist (CMMS) Review Material **Created by Center for Professional Advancement and Continuing Education, Inc.** **2024** ___ This material is not for sale. ___ ## Table of Contents: - Principles of Marketing - 4 - Marketing Management - 5 - Marketing Management Philosophies - 8 - Market Orientation - 10 - Strategic Planning in Marketing - 13 - Ansoff's Strategic Opportunity Market - 15 - The Innovation Matrix - 16 - Boston Consulting Group Model - 17 - General Electric Model - 18 - Marketing Plan - 19 - Competitive Advantage - 21 - Target Market - 22 - Digital Marketing - 23 - Marketing Management: Key Terms and Definitions - 24 - Other References - 26 - Related Topics: - Consumer Decision Making - Business Marketing - Segmenting and Targeting Markets - Marketing Research - Product Concepts - Developing and Managing Products - Pricing Concepts - Marketing Communications - Services and Nonprofit Organization Marketing - Advertising, Public Relations, and Sales Promotion - Digital Marketing - Social Media and Marketing ## Disclaimer: This CMMS Reference and Review booklet is intended for educational and informational purposes only. While every effort has been made to ensure the accuracy, completeness, and reliability of the information provided, we do not guarantee or warrant the one percent accuracy or correctness of the content. The materials may contain errors, omission, or may have become outdated due to industry standards. The use of these materials does not create any form of a professional relationship between the reader and the authors or publishers. For the most updated information, please refer to official sources and relevant publications. ## **Principles of Marketing** - What is the first step in the segmentation, targeting, and positioning (STP) process in marketing? A) Segmentation - Which of the following is NOT one of the 4Ps of the marketing mix? A) Price - Which of the following is a factor that influences consumer behavior in the field of marketing? A) Weather conditions - What is the marketing concept that focuses on achieving organizational goals by satisfying customer needs and wants? A) Social Marketing Concept ## **Marketing Management** - Which marketing philosophy emphasizes making continuous product improvements rather than relying on aggressive advertising? A) Marketing Concept - Which of the following is not a part of the marketing mix? A) Place - What is the process of dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors called? A) Penetration - Which of the following is not a stage in the product life cycle? A) Saturation - What is the term used to describe the value that a company's products or services provide to customers? A) Value proposition - What 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? A) PEST analysis - Which of the following is a promotional tool used by companies to communicate with and persuade customers to buy their products? A) Cost leadership ## **Marketing Management Philosophies** - In the customer-focused marketing approach, the focus is on producing high-quality products without considering customer needs. False - Market segmentation involves dividing a market into smaller segments based on distinct characteristics to better target specific consumer groups. True - SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats, and is a strategic planning tool used to assess the internal and external factors affecting a company. True - The concept of brand equity refers to the financial value of a brand, which is separate from the tangible assets of a company. True - Which marketing management philosophy focuses on maximizing profits through sales volume and aggressive promotional strategies? A) Marketing concept - According to the marketing management concept, which philosophy believes in creating value for customers and building profitable customer relationships? C) Marketing concept - The societal marketing concept places emphasis on: E) Balancing customer satisfaction with society's best interests - Which marketing management philosophy believes that customers will not buy enough of the organization's products unless it undertakes a large-scale selling and promotion effort? B) Selling concept - The marketing concept focuses on: C) Understanding customer needs and wants ## **Market Orientation** - Sales orientation focuses on selling products rather than satisfying customer needs. False - In sales orientation, the key focus is on building long-term relationships with customers. False - Sales orientation typically involves high pressure sales tactics. True - Customer needs are not a priority in a sales-oriented approach. False - Sales orientation is more concerned with pushing products onto customers rather than listening to their feedback. True - In the context of societal marketing orientation, which of the following statements best describes the primary focus of marketing activities? E) Balancing the needs of consumers, society, and the company - How does societal marketing orientation differ from traditional marketing orientations? C) Traditional marketing emphasizes consumer satisfaction, while societal marketing considers broader societal concerns - Which of the following is a key principle of societal marketing orientation? A) Balancing the needs of consumers, society, and the company - How does societal marketing orientation contribute to long-term business success? D) By building strong relationships with consumers and society - Which of the following is an example of a company demonstrating societal marketing orientation? C) A company that actively supports environmental conservation initiatives - What is the main focus of a sales orientation? B) Customer needs and wants - What is the main focus of a market orientation? D) Customer needs and wants - Which orientation emphasizes pushing products to customers? B) Sales orientation - Which orientation emphasizes understanding and fulfilling customer needs? D) Market orientation - In a sales orientation, what is the primary goal? B) Closing sales ## **Strategic Planning in Marketing** - What is the purpose of strategic planning in marketing? C) To develop long-term strategies - Which of the following is NOT a step in the strategic planning process in marketing? E) Implementing random tactics - In marketing, what does SWOT stand for? D) Strengths, Weaknesses, Opportunities, Threats - How does strategic planning in marketing contribute to a company's success? D) By aligning marketing efforts with overall goals - Which of the following is an example of a marketing objective? E) Increasing brand awareness by 50% - Which of the following is true regarding Strategic Business Units (SBUs)? D) SBUs have their own distinct mission and objectives - In the context of strategic management, which characteristic is essential for defining an SBU? A) It must have its own set of competitors and a manager responsible for strategic planning - How do SBUs contribute to the overall success of a corporation? A) By focusing on their unique market segments and developing tailored strategies - Which statement best describes the relationship between an SBU and the parent corporation? E) SBUs should support the overall objectives of the parent company - What is a common purpose of establishing SBUs within a corporation? D) To allow for a focus on specific markets or products within the larger organization - Are strategic alternatives different courses of action that can be implemented by a company to achieve its objectives? True - Can strategic alternatives only involve one option for the company to pursue? False - Are strategic alternatives typically developed during the planning process of a company? True - Can strategic alternatives help a company adapt to changes in the external environment? True - Are strategic alternatives fixed and unchangeable once they are determined? False ## **Ansoff's Strategic Opportunity Market** - In Ansoff's Strategic Opportunity Matrix, which option involves selling existing products to new markets? A) Market Development - Which option in Ansoff's Strategic Opportunity Matrix involves introducing new products to existing markets? A) Market Development - What does the Market Penetration strategy in Ansoff's Strategic Opportunity Matrix focus on? A) Increasing sales of existing products in existing markets - Which strategy in Ansoff's Strategic Opportunity Matrix involves taking existing products and introducing them to new markets? A) Market Penetration - An organization decides to diversify its products and markets in Ansoff's Strategic Opportunity Matrix. Which strategy is it implementing? C) Diversification ## **The Innovation Matrix** - In the context of The Innovation Matrix, what does the "operational excellence" quadrant represent? D) Companies that seek to expand into new markets rapidly - Which quadrant of The Innovation Matrix is characterized by companies that focus on incremental innovations and improving existing products to meet customer needs? C) Customer intimacy - Companies in which quadrant of The Innovation Matrix prioritize building strong relationships with customers, providing personalized solutions, and creating a tailored experience for each client? C) Customer intimacy - In The Innovation Matrix, which quadrant represents companies that continuously experiment with new ideas, products, and services without worrying about immediate profitability? A) Experimental innovation - What is the main focus of companies in the "market expansion" quadrant of The Innovation Matrix? A) Expanding into new markets rapidly ## **Boston Consulting Group Model** - In the context of the Boston Consulting Group (BCG) Model, what does the term "cash cow" refer to? C) A business unit with low market growth and high market share - According to the BCG Model, what type of business unit is classified as a "dog"? A) A business unit with low market growth and low market share - How does the BCG Model categorize a "star" business unit? E) High market growth and high market share - In the BCG Matrix, what strategy is typically recommended for "question mark"business units? B) Invest heavily for growth - Which of the following is an accurate statement about the BCG Model? B) It classifies businesses into four categories based on market growth rate and relative market share ## **General Electric Model** - What is the General Electric Model used for in economics? A) Modeling economic growth - In the General Electric Model, what does the symbol $Y$ typically represent? E) Aggregate output - Which of the following is an assumption of the General Electric Model? D) Consumers save a constant fraction of their income ## **Marketing Plan** - What is the purpose of a marketing plan? D) To outline marketing goals and strategies - When conducting a SWOT analysis in the context of a marketing plan, what does the "T" stand for? B) Threats - Which of the following is NOT typically included in a marketing plan? D) Sales projections - What is the significance of budget allocation in a marketing plan? C) It ensures that financial resources are allocated effectively to achieve marketing objectives ## **Competitive Advantage** - Companies with a cost competitive advantage typically have lower production costs compared to their competitors. True - Cost competitive advantage can only be achieved through lowering the price of products and services. False - Achieving a cost competitive advantage requires constant innovation and investment in technology to reduce costs. True - One way to achieve cost competitive advantage is through outsourcing labor to low-cost countries. True - Cost competitive advantage is important in both product and service industries. True ## **Target Market** - When describing the target market for a product or service, which of the following is NOT typically considered? A) Consumer's favorite color - Which of the following best describes the term "target market"? C) The group of consumers who are most likely to be interested in a product or service - In target market segmentation, which one of the following is NOT one of the common segmentation variables used? C) Technographic - When developing a target market profile, which of the following would NOT be relevant to include? A) Consumer's favorite TV show - Which of the following is a primary reason why it is important to clearly define the target market for a product or service? A) To tailor the product or service to meet specific needs of consumers ## **Digital Marketing** - Which of these is NOT a key metric used to measure the success of a digital marketing campaign? B) Net Profit Margin - What does SEO stand for in the context of digital marketing? B) Search Engine Optimization - Which advertising model charges advertisers each time their ad is displayed to a user online? E) Cost-Per-Click (CPC) - How can A/B testing be beneficial in digital marketing? E) Test multiple versions of a webpage or ad to see which performs better - Which of the following metrics would be most useful in assessing the effectiveness of a social media marketing campaign? B) Engagement Rate ## **Marketing Management:** **Key Terms and Definitions** - **A/B Test:** A method for comparing two options (such as email subject lines or website layouts) to determine which performs better. - **Advertising Agency:** A company hired to produce advertising efforts across various channels (TV, radio, print, etc.). - **Affiliate Marketing:** A digital marketing strategy where third parties refer visitors to products or services and earn a commission for successful sales. - **B2B Marketing:** Marketing aimed at businesses rather than individual consumers. - **Bounce Rate:** The percentage of visitors who leave a web page without taking any action. - **Brand Equity:** The value associated with a brand in the marketplace and among its customers. - **Brand Loyalty:** When customers consistently choose a specific brand over others. - **Brand Manager:** Responsible for developing strategies to distinguish a brand from competitors. - **Brand Marketing:** Focusing on building relationships with potential and existing customers rather than immediate sales. - **Buyer Persona:** A fictional representation of a brand's target audience based on research. - **Churn Rate:** The percentage of lost customers over a specific period. - **Competitor Analysis:** Researching main competitors to analyze their branding, marketing, and products. - **Content Marketing:** Creating and distributing valuable content to attract and engage a target audience. - **Conversion Rate:** The percentage of users who complete a desired action (e.g., making a purchase). - **CRM (Customer Relationship Management):** Managing interactions with customers to improve relationships and retention. - **CTA (Call to Action):** A prompt encouraging users to take a specific action (e.g., signing up, downloading). - **Customer Segmentation:** Dividing customers into distinct groups based on shared characteristics. - **Digital Marketing:** Promoting products or services using digital channels (websites, social media, email, etc.). - **E-commerce:** Conducting business transactions online. - **Funnel:** The customer journey from awareness to conversion. - **Inbound Marketing:** Attracting and engaging customers through valuable content and experiences. - **KPI (Key Performance Indicator):** Measurable metrics used to evaluate marketing success. - **Landing Page:** A web page designed for a specific marketing campaign or goal. - **Lead Generation:** Attracting potential customers and collecting their information. - **Market Research:** Gathering data about market trends, customer preferences, and competitors. - **Marketing Mix (4Ps):** Product, Price, Place, and Promotion—essential elements of marketing strategy. - **Mobile Marketing:** Targeting users on mobile devices through apps, SMS, or mobile websites. - **Niche Marketing:** Focusing on a specific segment of the market. - **Outbound Marketing:** Traditional advertising methods (TV, radio, billboards) to reach a broad audience. - **Persona:** A detailed description of an ideal customer. - **Positioning:** How a brand is perceived relative to competitors. - **PPC (Pay-Per-Click):** Advertising model where advertisers pay for each click on their ads. - **ROI (Return on Investment):** Calculating the profitability of marketing efforts. - **Segmentation:** Dividing the market into smaller groups based on shared characteristics. - **SEO (Search Engine Optimization):** Improving a website's visibility in search engine results. - **Social Media Marketing:** Promoting products or services on social media platforms. - **SWOT Analysis:** Assessing a brand's strengths, weaknesses, opportunities, and threats. - **Target Audience:** The specific group of people a brand aims to reach. - **User Experience (UX):** How users interact with a product or website. - **Viral Marketing:** Creating content that spreads rapidly through social sharing. - **White Paper:** An authoritative report or guide on a specific topic. - **ZMOT (Zero Moment of Truth):** The point when a consumer researches a product before purchasing. ## **Other references:** - *Marketing Management* by Philip Kotler and Kevin Lane Keller: A comprehensive guide that delves into marketing strategies and methodologies. - *Positioning: The Battle for Your Mind* by Al Ries and Jack Trout: Explores the art of positioning products in consumers' minds. - *Contagious: Why Things Catch On* by Jonah Berger: Investigates why certain ideas, products, or content become viral. - *Epic Content Marketing, Second Edition* by Joe Pulizzi and Brian Piper: Learn how to break through the clutter and build a community through content.. - *Content Rules: How to Create Killer Blogs, Podcasts, Videos, Ebooks, Webinars (and more)* by Ann Handley and C. C. Chapman: Practical advice on creating engaging content. - *Influence: The Psychology of Persuasion* by Robert B. Cialdini: Understand the principles behind effective persuasion. - *Reverse Psychology Marketing: The Death of Traditional Marketing and the Rise of the New "Pull” Game* by I. Sinha and T. Foscht: A fresh perspective on marketing approaches. - *Made to Stick: Why Some Ideas Survive and Others Die* by Chip Heath and Dan Heath: Explore what makes ideas memorable and impactful. - *Social Media Marketing Workbook: How to Use Social Media for Business* by Jason McDonald, Ph.D.: Practical guidance for leveraging social media. - *Permission Marketing: Turning Strangers into Friends and Friends into Customers* by Seth Godin: Learn about building customer relationships. - *Selling the Invisible: A Field Guide to Modern Marketing* by Harry Beckwith: Insights into marketing intangible services. - *Consumer Behavior: Buying, Having, Being* by Michael Solomon: Understand consumer psychology and behavior. - *Hooked: How to Build Habit-Forming Products* by Nir Eyal: Discover how to create products that engage users. - *Principles of Marketing (17th Ed)* by Prafulla Agnihotri, Philip T. Kotler, and Gary Armstrong: A foundational textbook on marketing principles. - *The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk* by Al Ries and Jack Trout: Classic principles for successful marketing.