stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
1st Partial Review Flashcards | StudBud
Explore
/
1st Partial Review
1st Partial Review
23 terms
·
StudBud Administration
·
22 plays
Is a key concept review for our 1st partial exam
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
According to the five-step model of the marketing process, to create value, a company should:
Understand the marketplace and customer needs and wants
Understand product features and experience
Design a customer value-driven strategy
Produce a unique product that fits customer's profile
2
Types of Market Research project objectives:
Interrogatory
Causal
Exploatory
Descriptive
3
Secondary data is the cheapest and more accurate source of market research
True
False
4
The goal of marketing is to make selling unnecessary
True
False
5
Customer lifetime value is how much that customer could consume now that you lost him
True
False
6
A value proposition is supposed to be done in regards to the customer needs, wants and demands
False
True
7
What are the missing elements of the marketing plan structure?
Marketing objectives, environment analysis and strategy evaluation
Situation analysis, target market strategy and implementation & control
Market research objectives, Marketing Mix and cost analysis
8
A BCG matrix gives you strategies for product line growth or downsizing?
False
True
9
Positioning:
Is shaped by culture and perception
It always happens as planned
Happens in relation to competitors in a chosen category
Happens in consumer's minds
10
Analysing the Marketing Environment is vital to create a Marketing Strategy because:
We need to be able to project company performance in a changing environment
We need to do an efficient and strategic resource planning
We need to know future trends and customer expectations
11
The marketing mix includes:
How will the offering be available to the consumer
How much will it charge for the product or service
A need-satisfying market offering
Strategy to persuade customer of the offer's merits
12
The difference between production, product and selling concepts with marketing oriented concept is
The first three are based in company's interests first
Marketing oriented is based on customer satisfaction
Marketing oriented is based in profit margins
The first three are based in customer satisfaction
13
A quantitative research:
Yields structured data
Requires statistical analysis
Yields subjective results
14
Changes in the political, economic, social, technological, environmental or legal environment can potentially affect me
False
True
15
A Value Proposition is a commitment between the customer and the brand
True
False
16
One of the main characteristics of "Value" is:
It is always objective
Is tied to the cost of products or services
It is subjective and depends on customer perception
17
When developing a Market Research project, the problem definition:
Is problematic and is based on a disfuntion
Is essential to stay on track with the investigation
Must be as concrete and narrowed down as possible
Will help you define and pick the correct methodology and tools
18
Qualitative research results are good to gain customer insight and generate a hypothesis
False
True
19
Ethnography is a "quali" tool that helps understand how a person lives, usages and problems in their natural environment
True
False
20
A Marketing Mix:
Is planned on 4 main areas: product, place, price and promotion
Is the key tactical tool of a strategic marketing plan
Set of controllable, tactical marketing tools
Aims to produce a response on a particular target market
21
The main difference in selling and marketing concepts is:
Selling profits through sales volume
Marketing is about advertising and prootion
Selling focuses on the transaction
Marketing profits through customer satisfaction
22
Marketing myopia is when we loose sight of the benefits, experiences and competitive advantage of our product
False
True
23
An Ansoff Matrix is a tool to analyse your portfolio and have a more efficient resource planning
False
True
