Definitions
What is marketing
a) advertising
b) scamming customers
c) “marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.”
d) wolf of wall street
c
what is the marketing plan order?
a) Planning phase, Implementation phase, Marketing strategy
b)Marketing strategy, planning phase, implementation phase,
c) Planning phase, implementation phase, control phase
d) none of the above
c
Which out of the four P's do most successful firms use
Value-based orientation
Starbucks having many convenient to access retail locations is an example of which of the 4 p's
a) price
b) product
c) promotion
d) place
d
what is the definition of exchange
The trade of things of value between the buyer and the seller so that each is better off as a result
what is a relational orientation of marketing
Marketers have developed relational orientation as they are aware of the need to think about customers in terms of relationships rather than transactions. To build relationships, firms focus on the lifetime value of the relationship, not how much money is made during each transaction
what is CRM and how do firms use it
CRM stands for customer relationship management. Firms that employ CRM systematically collect information about their customer's needs and then use that information to target their best customers with the products, services and special promotions that appear most important to them.
what are the five steps of the marketing plan in order
Step 1: Business Mission & Objectives
Step 2: Situational Analysis
Step 3: Identify Opportunities
Step 4: Implement Marketing Mix
Step 5: Evaluate Performance by Using Marketing Metrics
What are the 4 p's in order
a) product, price, place promotion
b) price, product, place promotion
c) product, price, promotion, place
d) price, place, product, promotion
e) i dunno
a
Which of the four P's is most important to retailers
Place
what does the acronym SBU stand for
strategic business unit
A division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined group of customers
How do firms become more value driven
Firms become value driven by focusing on four activities. First, they gather vast quantities of information about their customers and competitors. Then they analyze and share it across their own organization and with other firms that might be involved in getting the product or service to the marketplace, such as manufactures and transportation companies. Second, they strive to balance their customer's benefits and costs of their offerings for themselves, their customers, and society as a whole. Third, they concentrate on building relationships with customers. Fourth, they take advantage of new technologies and connect their customers using the latest digital, social, and mobile media channels.
What does the acronym CDSTEP stand for
Cultural, demographic, social, technological, economic, and political forces.
Waffle house has now implemented a drive through to combat a KFC that appeared next door. Unfortunately a Kaiju appeared causing civilian evacuation and Donald Trump is president again calling for the mass eating's of waffles. What are all SWOT factors in play here
the new drive through a strength, the Kaiju is an environmental threat, the change in waffle sentiment is an opportunity and the new KFC next door is a threat
What is the similarities and differences between a marketing plan vs a business plan
Both marketing and business plans generally encompass the following:
1. Executive summary
2. Company overview
3. Objectives/goals, usually according to strategic plan and focus
4. Situational analysis
5. STP analysis
6. Marketing strategy
7. Financial projections
8. Implementation plan
9. Evaluation and control metrics
However, a business plan also includes details about R&D and operations, and both documents may feature details about other key topics, depending on the focus of the company and the plan