...Marketing Exam Questions Student’s name Institutional affiliations 1. A company that choses to use the value approach will focus more on delivering value to the customer whereas one that uses the 4ps will focus more on the product. For the two companies steps will almost be the same only that the one using the value approach offering more. For instance the value approach goes beyond availing the product but ensures the customer understand the product and gets the most of the product. The 4Ps approach promotes and advertises the product, while the value approach goes beyond that and offers – the value, product plus service, benefit, and enjoyment that can be received with the product. 2. Just like the four Ps this start with the creation of product that has value and then communicate/promote the offering by describing it and gather consumer opinion. Delivering is similar to place whereby you now take the created product to the consumer for them to purchase. Exchanging is when you now trade value for the product or what the 4Ps calla price. 3. a) Marketing creates goods and services that a company can offer to its consumers at a price. The price, the goods and the services constitute the company’s offering b) Marketers educate potential consumers about the value of what they are offering as well as gathering their opinion on whether they want the offering. c) Marketing cannot just promise value it should be able to get the product to into the hands of the consumer...
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...MGM 301- Exam #1 Study Guide Chapter 1- Creating Customer Relationships and Value Through Marketing Marketing: the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, it’s stakeholders, and society at large - more broad than advertising and selling - stresses the importance of delivering genuine benefits to customers To serve buyers and sellers, marketing needs to: 1.) discover the needs and wants of prospective customers 2.) satisfy these needs Exchange: the trade of things of value between buyer and seller so that each is better off after the trade - many diverse factors influence marketing activities (relationships with customers, shareholders, suppliers, environmental forces) 4 Factors for Marketing to Occur 1. Two or more parties (individuals or groups) with unsatisfied needs 2. A desire and ability on their part to be satisfied 3. A way for the parties to communicate 4. Something to exchange Meeting Consumer Needs with New Products 1. Focus on the customer benefit 2. Learn from the past Consumer Need: occurs when a person feels deprived of basic necessities such as food, clothing, and shelter Consumer Want: a need shaped by a person’s knowledge, culture, and personality Market: people with both the desire and ability to buy a specific offering Target Market: one or more specific groups of potential consumers toward which an organization directs its marketing...
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...recognized a problem or need triggered by internal or external stimuli, marketers need to identify circumstances that trigger a particular need so they can develop marketing strategies that trigger consumer interest. After the need has been recognized, the buyer becomes more receptive to information about a product and may enter to an active information search looking for reading material, phoning friends, going online to learn about the product. In the evaluation stage, the buyer forms preferences among the brands in the choice set. The consumer may also form an intention to buy the most preferred brand. In executing a purchase intention, the buyer makes up its mind for a product of choice and go ahead to get it. After the purchase, the consumer might experience dissonance that stems from noticing certain disquieting features or hearing favorable things about other brands and will be alert to information that supports his or her decision. In conclusion, it is important for smart companies try to fully understand the consumer buying decision process even though buyer’s do not always pass through all five stages and may skip or reverse some it provides a good frame or reference because it captures the full range of considerations that arise when a buyer is involved in a new purchase. 2) Segmentation and marketing: A market segment consists of a group of customers who share a similar set of needs and wants; the marketer’s task is to identify them and decided which one...
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...Principles of Marketing Midterm Exam Part 2 1. What is the American Marketing Association’s (AMA) definition to marketing and what does marketing entail? Marketing is the process of planning and implementing the origin, pricing, promotion and distribution of ideas, goods and services to create exchanges that fulfill individual and organizational objectives. More informally, Marketing is said to be a business function dealing with customers and managing profitable customer relationships. This is, trying to get to the customer in the best and most efficient and effective way in order to create a perception of a product in the customers mind. For example, when you think of Nike the initial association that comes to mind is the Nike check. Furthermore, ASA College has associated itself with the color purple. In addition, the goal of marketing is delivering satisfaction, and drawing in new customers by promising better deals than that of competitors. 2. What is the difference between planning, strategic planning, and marketing planning? Planning is thinking about and organizing the activities required to achieve a desired goal. Planning involves the creation and maintenance of a plan. As such, planning is a fundamental property of intelligent behavior. Strategic Planning is an extensive process that addresses a business, or a portion of the business such as marketing. Marketing strategies derive from strategic plans. To understand the relationship between the two, it's...
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...Vivian Menzies Marketing 5000 Final Exam 1. List and briefly describe using examples the five major promotional mix tools. How would these be used to introduce a new line of microwave pasta meals? I utilized the 5 promotional mix tools in my Starbucks presentations as seen below- I will utilize the similar tactics introducing a new line microwave pasta meals. Advertising | | I would advertise utilizing he following: TV, Social Media Tweet, Facebook and Pinterest for local recipes to promote the new microwave pasta and of course Local newspaper to be featured as quick easy receipts and the specially the Mothers magazines to purchases.. | Personal Selling | | Local passionate sales people: Costco demonstrators, Publix Apron recipes andDemonstrations. To promote one on one sales personal. This type quick easy Meals for mothers on the go. Nit would focus on the personal up close and personal sales. Through these venues as describe above | Public Relations | | Events, public performances, green initiatives philanthropic endeavors. I would leverage our marketing efforts already in place by our hundreds of thousandsOf dollars marketing. Public events locally at farmers market since our product isNo GMO’s and Gluten Free. We partner with community efforts and farm to tableEvents so we utilize this to market our products effectively and efficiently. We have Amazing philanthropy events and things we as an organization do to promote giving Fun runs, breast...
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...Chap 6 creating product solutions Video clip Tommy excessive emotive Richard always watching, customer focus Product Strategy * Is a well conceived plan that emphasizes becoming a product expert, selling benefits, and configuring value-added solutions * Helps salespp make the right decision concerning the selection and position of products to meet specific customer needs Selling solutions * Are mutually shared answers to recognized customer problems * More encompassing than specific products * Those that provide measuarable results * Those that require greater effort to define and diagnose the customer’s problems Product strategy should be tailored to the customer’s buying needs * Transactional buyers * Standard or generic * Understand their own product needs * Product can be easily substituted * Consultative * Hidden feature * Differentiated choices * Customizable * Strategic alliance * High cost importance * Limited substitutability Explosion of product strategy * Domestic and global markets overflowing * >30,000 consumer products produced each year * good news: buyer have a choice * bad news: more complicated Product configuration * product selection process * often referred to as “product configuration” * product configuration software * develops customized product solutions quickly and accurately * incorporates customer...
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...Sample Questions-Exam II 1) Information provided by one firm on household demographics and lifestyle, purchases, TV viewing behavior, and responses to promotions is called: a. multi-source data b. marketing research data c. single-source data d. on-line data e. in-home data 2) Ford Motor Company uses the slogan “No boundaries” for its ad campaigns for Ford SUVs. It invites people who want ultimate people-carrying and gear-storing capabilities “to be outfitted with the most far-reaching sports utility vehicle on earth”. If the SUV campaign is trying to appeal to young adults who don’t like the restrictions of a sedan, who want to be able to pack up and leave at a moment’s notice, and who enjoy freedom and independence, it is relying on _________ and _________segmentation. a. socioeconomic; demographic b. psychographic; lifestyle c. geographic; usage rate d. demographic, usage rate e. demographic, psychographic 3) Which of the following statements demonstrates the formation of a segment based on household size? a. Campbell’s makes spicier nacho cheese sauce for its distributors in Texas than it does in Maine. b. GE built a downsized microwave oven to hang under kitchen cabinets. c. Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners. d. a fast food hamburger restaurant is open for breakfast on Sunday...
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...BLAW 2210 Term Paper Career Preparation My top two career choices are corporate financial analysis in investment banking and actuary. I will be discussing the legal environment of my career choices, taxing authorities, entity structure, graduate school in order to obtain certain license, self-assessment of my chosen careers. First, I will discuss how I can work as a corporate financial analysis in investment banking. After that, I will talk about what I need prepare to be an actuary. 1.corporate financial planning and analysis The responsibility of a corporate financial planing and analysis is to support management planning and decision making by identifying, maintaining, and evaluating information,as well as recommending actions. * Legal environment * Entity structure Investment banking is concerned with the primary function of assisting the capital market in its function of capital market intermediation, i.e. the movement of financial resources from those who have them means investors, to those who need to make use of them means issuer for generating profit. Therefore, it can be inferred that investment banks are those institutions that are the counterparts of banks in the capital market in the function of intermediation in resources allocation. Investment banks carried on carious activities it helps companies and governments and their agencies to raise money by issuing and selling securities in the primary market. They assist public and private corporations...
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...“I wish developing great products was as easy as writing a check. If that was the case, Microsoft would have great products.” Steve Jobs, Cnet News. May 10, 2007 1. Patterns in Microsoft’s response to competitive threats and opportunities Standardization and simplification, complementary products, aggressive market penetration strategies (tenacity, deep investments and bundling), aggressive deal making. If I were to quote Microsoft’s best and most genius strategy that allowed them to gain impressive market share and become virtually impregnable in OS and application software market, it would be standardization (=compatibility) and simplification. They made their products easy to use, switch between and upgrade, which saved their clients a good amount of money in training and re-training employees, equipping new sites, etc. They looked past minor competitive losses in favor of bigger gains that would allow them to ultimately win market share, as in the example when they made their Office package available on Mac OS while Lotus and WordPerfect were hesitant to do so, even though Apple had many products competitive to Microsoft offerings. Another winning strategy was to produce complementary products: OS and applications that were perfectly compatible, as well as making these products available for different PCs and operating systems (=Apple) thus making Microsoft products ubiquitous and omnipresent. Impressive profits and large cash account further allowed Microsoft to...
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...University 01/2010 – Present Director Assistant, Canadian Chamber of Commerce in Shanghai 06/2009 – 08/2009 • Designed 2010 Expo Guide for Canadians in Shanghai. • Coordinated events on Canada’s Day and assisted Administrative Director with related projects • Located and entered data into several databases; made phone calls, and ensured timely mail processing. • Assisted administrative team members with clerical function. Dining Service Associate, University of Minnesota – Twin Cities 09/2009 – 12/2009 • Maintained inventory of standard dining service supplies and assists manager coordinate attendants. Member, Actuarial Club in University of Minnesota – Twin Cities 01/2009 – 12/2009 • Arranged the preparation of Casualty Actuarial Society (CAS) exam Volunteer, Students Today Leaders Forever 03/2009 – 12/2009 • Assisted the donation of food to Minnesotans at risk of hunger. Volunteer, in school for the Mute and the Deaf in Zhoushan, Zhejiang Province 2006 – 2009 • Taught disabled students Mandarin. Policy-analyst, Model United Nation in Shanghai K.J. Senior High School 2006 – 2008 • Analyzed UN policies for Model UN conferences HONORS/ AWARDS Honor Program, Awarded by Associate Dean of University of Minnesota – Twin Cities Global Excellent Scholarship, Awarded by University of Minnesota – Twin Cities Dean's List, Awarded by University of Minnesota – Twin Cities st th 1 prize, World 20 Odyssey of Mind Competition in China Area 09/2008 – 12/2009 09/2008 – 12/2009 Fall 2008, Fall 2009...
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...12/9/14 Marketing Final Exam Question 2- When it comes to McDonald’s supply chain, the main focus is bringing food from cow to plate. This is a short way of saying that the company wants to know every detail about how their ingredients are brought into the restaurants. McDonald’s has such a great relationship with their suppliers that they trust. McDonald’s also tries not to completely knock out a supplier’s entire crop and make it so they cannot work with them again. The company always tries to gain a lasting relationship with all of their suppliers, this is a great thing for the farmers and is also a positive for farmers to keep these long lasting relationships. The relationships between McDonald’s and their suppliers are key to their success. Another interesting aspect of McDonald’s supply chain is how they decided what menu items are available. For example, over the summer, McDonald’s offered Blueberry Banana Nut Oatmeal as a breakfast choice; however, the oatmeal has been in the works for a long time. Before it could hit the nationwide menu, though, McDonald’s needed to find enough suppliers to grow the blueberries that they would use in restaurants. Since McDonald’s is such a large market, finding some of the fresh ingredients can become a problem. For example, if McDonald’s wanted to create a Pineapple Salad, they would not be able to because the pineapple supply in the world is not large enough to supply all of McDonald’s restaurants. McDonald’s fully understands...
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...First question:- Corantor is a hi-tech global company with a traditionally low profile. Until recently, if you asked anyone if he knew the corantor brand name, the like hood was that he would say yes. However, he might not have known what Corantor provides in the way of its total product range, and might have associated the brand name and company with traditional technology. The "Let's Make Things Better" global brand campaign has raised the corantor profile, and provided it with a more focused and distinctive personality. From your point of view, what did corantor do to build its strong Brand and be well known by every one? Building a strong brand is the goal of many organizations Corantor started small but built a solid reputation with the customer along the way and in the process the name of the company's brands were well known. The following are steps Implemented by Corantor to create a strong brand. Determine the target customers in a better way,and their demographics,what are the capabilities needed to serve them ,how and when to reach them to deliver the needed messages to raise their awareness of the brand or to persuade them to buy Corantor products and to positioning Corantor in the minds of its target customers with a distinctive personality. Identifying all contact points where customers interact with the company. To create a holistic brand experience, we need to create a consistent and convincing experience at each of these touch points. For example...
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...MKT 564 Global Marketing Final Exam Question #1 (50 points) XCF Company wants to raise $9 million with debt financing to finance the entry into a foreign market. These funds are needed to finance working capital, and XCF will repay them with interest in one year. The company is considering three options: a) Borrowing U.S. dollars from a U.S. bank at 8% interest rate A= $9,000,000 x 1.09 Total Payment @1yr = $9,810,000 USD b) Borrowing British pounds from the Royal Bank of London at 10% interest rate A=$9,000,000/2 = $4,500,000 GBP =$4,500,000 x 1.1 =$4,950,000 GBP GBP has depreciated by 10% ………..1 GBP = 2 x .90 = 1.80 USD =4,950,000 x 1.80 Total Payment @1yr =$8,959,500 USD c) Borrowing Euros from the Deutsche Bank in Frankfurt at 5% interest rate =$9,000,000/1.5 =$6,000,000 EURO =$6,000,000 x 1.05 =$6,300,000 EURO EURO has depreciated by 5% ………..1 EURO = 1.5 x 1.05 = 1.575 USD =6,300,000 x 1.575 Total Payment@1yr =$9,922,500 USD The figures show that it would be best to borrow from the Royal Bank of London because it will be the least amount of cash outflow at the end of one year. If XCF borrows in foreign currency, they will have to convert it immediately in dollars at today’s spot rate. In one year’s time, they will have to pay back the bank in the currency they borrowed it plus interest. To do so, they will convert U.S. dollars using the spot rate in a year’s...
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...MKGT310 Final Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Final Exam is open book and open notes. The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit for Grading button by then, you will be exited from the exam automatically. In the Final Exam environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet service providers and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your Final Exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to log in again as quickly as possible. The Help Desk cannot grant any student additional time on the exam. 3. See the Syllabus section "Due Dates for Assignments & Exams" for due date information. 4. Reminders * You will only be able to enter your online Final Exam one time. * Click the Save Answers button often. * If you lose your Internet connection during your Final Exam, log on again and try to access it. If you are unable to enter the Final Exam, first contact the Help Desk and then your instructor. * You will always be able to see...
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...Planning général des examens du 1st semestre 2013/2014 du 02/12 au 19/12 General exams schedule Fall semester December 02nd until 19th Le planning des examens peut être sujet à modification. En cas de modification, les étudiants doivent pouvoir se rendre disponibles sur la période d'examen (de leur programme) prévue dans la calendrier général 2013/2014. The general exams schedule may be subject to modification.In that case, students are requested to make sure they are available during the entire exam period (for their programme) specified in the general calendar 2013/2014. Service Planification/Examens Direction des Programmes et de la pédagogie 1/6 Date Heure debut Heure fin 18:00 18:00 18:00 Duree 10:00 10:00 10:00 28/11/2013 08:00 29/11/2013 08:00 02/12/2013 08:00 du 03/12/2013 au 06/12/2013 05/12/2013 05/12/2013 05/12/2013 05/12/2013 05/12/2013 06/12/2013 06/12/2013 06/12/2013 06/12/2013 06/12/2013 06/12/2013 du 03/12/2013 au 06/12/2013 09:00 12:00 03:00 09:00 12:00 03:00 09:00 12:00 03:00 14:00 17:00 03:00 14:00 17:00 03:00 09:00 12:00 03:00 09:00 13:00 04:00 09:00 12:00 03:00 14:00 17:00 03:00 14:00 17:00 03:00 14:00 17:00 03:00 12:00 12:00 12:00 11:00 11:00 12:00 12:00 16:00 17:00 12:00 13:00 12:00 16:00 16:30 17:00 16:30 17:30 16:30 12:00 12:00 11:00 12:00 11:00 12:00 12:00 12:00 11:00 16:30 16:00 17:00 03:00 03:00 03:00 02:00 02:00 03:00 03:00 02:00 03:00 03:00 04:00 03:00 01:30 02:00 02:30 02:00 03:00 02:00 03:00 03:00 02:00 03:00 02:00 03:00...
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