What is the product life cycle and what is it based off of?
The course of a product's sales and profits over its lifetime
Four premises:
1. Products...
What is the product life cycle and what is it based off of?
What are the types of brand valuation?
What are the types of brand valuation?
1. Market-based: valuation is based on an estimation of the amount for which a brand can be sold
2. Income-based:...
What counts most in motivating the sales force?
What counts most in motivating the sales force?
1. A clear sales task: ensure that the linkage between effort expended and actual sales results is...
What are the determinants of service quality?
What are the determinants of service quality?
1. Reliability: the ability to perform the promised service dependably and accurately—the first time
2....
What are the characteristics of services marketing and what are their marketing problems/solutions?
What are the characteristics of services marketing and what are their marketing problems/solutions?
1. Intangible: marketing problem- services cannot...
What is a product mix? What are the four dimensions of a product mix?
What is a product mix? What are the four dimensions of a product mix?
Product mix, also known as product assortment, refers to the total number of...
What is a brand? What are the advantages of branding?
What is a brand? What are the advantages of branding?
Enhances Product Recognition - Brands provide multiple sensory stimuli to enhance customer recognition.
For...
What is a product? what are three levels of a product?
What is a product? what are three levels of a product?
The CORE product is NOT the tangible physical product. You can't touch it. That's because the...
Describe the different types of value propositions on which a company might position its products.
Describe the different types of value propositions on which a company might position its products.
Individual buyers and organizational buyers both...
Explain the four major segmentation variables for consumer markets.
Explain the four major segmentation variables for consumer markets.
The four major segmentation variables for consumer markets are:
A. Demographic...
Explain the four major steps in designing a customer-driven marketing marketing strategy.
Explain the four major steps in designing a customer-driven marketing marketing strategy.
Conduct Market Research
The first step in planning a customer...
Explain the major types of buying situations.
Explain the major types of buying situations.
New buy: A purchasing situation requiring the purchase of a product for the very first time.
Modified...
Identify and describe the stages in the adoption process of a new product.
Identify and describe the stages in the adoption process of a new product.
Stage 1 - Product Awareness
Stage 2 - Product Interest
Stage 3 - Product...
Describe the steps of the buyer decision.
Describe the steps of the buyer decision.
I. Need recognition / Problem recognition
II. Information search
III. Alternative evaluation
IV. Purchase...
Explain Maslow's hierarchy of needs.
Explain Maslow's hierarchy of needs.
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep.
2. Safety needs - protection...
What is the customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?
What is the customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?
Customer relationship management...
Differentiate between the three types of marketing research objectives: exploratory research, descriptive research, and causal research.
Differentiate between the three types of marketing research objectives: exploratory research, descriptive research, and causal research.
Exploratory...
Explain the steps involved in the marketing research process.
Explain the steps involved in the marketing research process.
Step 1. Define the Objective & Your "Problem"
Step 2. Determine Your "Research Design"
Step...
Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Describe some common sources of each of these.
Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Describe some common sources of each of...
Discuss the four Ps of the typical marketing mix.
Discuss the four Ps of the typical marketing mix.
Price: The first of the four P's is price. From the manufacturer to the customer, price must be...
Discuss the four Ps of the typical marketing mix.
Discuss the four Ps of the typical marketing mix.
Price: The first of the four P's is price. From the manufacturer to the customer, price must be...
What is a business portfolio? How does a company typically conduct a portfolio analysis?
What is a business portfolio? How does a company typically conduct a portfolio analysis?
A business portfolio is a company's set of investments, holdings,...
Define customer equity, and explain why it is important to a company.
Define customer equity, and explain why it is important to a company.
Customer equity is the total of lifetime values of all your current and future...
Compare and contrast the product and production concepts.
Compare and contrast the product and production concepts.
Production Concept: The production concept holds that the consumer prefer the goods which...
Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to the marketing practices.
Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to the marketing...
What is marketing? briefly describe the marketing process.
What is marketing? briefly describe the marketing process.
Marketing is the process of building profitable customer relationships by creating value...
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