Ch1 defining marketing for the 21st century questions abendan

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Ch1 defining marketing for the 21st century questions abendan

  1. 1. TOP 10 Learning Questions for Chapter 1: Defining Marketing for the 21 st Century Ria Abendan April 2011
  2. 2. 1. Marketing Management involves ________, __________ & _________ superior customer value. <ul><li>Developing, influencing & communicating </li></ul><ul><li>Creating, influencing & communicating </li></ul><ul><li>Creating, communicating & delivering </li></ul><ul><li>Influencing, communicating & delivering </li></ul><ul><li>None of the above </li></ul>
  3. 3. What is Marketing? <ul><li>Marketing Management </li></ul><ul><li>The art and science of: </li></ul><ul><ul><li>Choosing target markets </li></ul></ul><ul><ul><li>Getting, keeping, and growing customers </li></ul></ul><ul><ul><li>C reating, C ommunicating, and D elivering superior customer VALUE </li></ul></ul>C C D VALUE
  4. 4. 1. Marketing Management involves ________, __________ & _________ superior customer value. <ul><li>Developing, influencing & communicating </li></ul><ul><li>Creating, influencing & communicating </li></ul><ul><li>Creating, communicating & delivering </li></ul><ul><li>Influencing, communicating & delivering </li></ul><ul><li>None of the above </li></ul>
  5. 5. 2. Promoting a visit to Star City is an example of marketing what? <ul><li>A place </li></ul><ul><li>An experience </li></ul><ul><li>A property </li></ul><ul><li>An organization </li></ul><ul><li>None of the above </li></ul>
  6. 6. Examples Experiences are marketed by orchestrating several goods and services
  7. 7. 2. Promoting a visit to Star City is an example of marketing what? <ul><li>A place </li></ul><ul><li>An experience </li></ul><ul><li>A property </li></ul><ul><li>An organization </li></ul><ul><li>None of the above </li></ul>
  8. 8. 3. In a modern exchange economy, ______ markets buy resources from ______ markets, turn them to goods and services, and sell them to _______ markets. <ul><li>Government, manufacturer, consumer </li></ul><ul><li>Manufacturer, resource, intermediary </li></ul><ul><li>Resource, consumer, government </li></ul><ul><li>Intermediary, resource, consumer </li></ul><ul><li>None of the above </li></ul>
  9. 9. There are five basic markets in a modern economy Manufacturer Markets Consumer Markets Intermediary Markets Resource Markets Government Markets
  10. 10. Consumers sell labor to resource markets Manufacturer Markets Consumer Markets Resource Markets Government Markets resources money
  11. 11. Manufacturers buy resources… Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources money money
  12. 12. … turn them to goods & services and sell to intermediaries Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services money money money
  13. 13. Intermediaries sell finished goods to consumers Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money
  14. 14. The government collects tax revenues to buy goods Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods
  15. 15. And uses these goods and services to provide public service Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods services services, money services, money services, money
  16. 16. 3. In a modern exchange economy, ______ markets buy resources from ______ markets, turn them to goods and services, and sell them to _______ markets. <ul><li>Government, manufacturer, consumer </li></ul><ul><li>Manufacturer, resource, intermediary </li></ul><ul><li>Resource, consumer, government </li></ul><ul><li>Intermediary, resource, consumer </li></ul><ul><li>None of the above </li></ul>
  17. 17. 4. Value is the sum of customers’ perceived _______ and _______. <ul><li>Expectation and benefit </li></ul><ul><li>Share of mind and equity </li></ul><ul><li>Image and equity </li></ul><ul><li>Equity and cost </li></ul><ul><li>Cost and benefit </li></ul>
  18. 18. Value and Satisfaction are important concepts in Marketing <ul><li>Value = sum of customers’ perceived benefits and costs </li></ul><ul><li>Combination of the customer value triad (QSP) </li></ul>VALUE QUALITY SERVICE PRICE
  19. 19. 4. Value is the sum of customers’ perceived _______ and _______. <ul><li>Expectation and benefit </li></ul><ul><li>Share of mind and equity </li></ul><ul><li>Image and equity </li></ul><ul><li>Equity and cost </li></ul><ul><li>Cost and benefit </li></ul>
  20. 20. 5. The following are examples of communication channels except: <ul><li>Clear’s Black Valentines Event </li></ul><ul><li>McDonald’s “BF/GF” TV ad </li></ul><ul><li>Sun Life door-to-door agents </li></ul><ul><li>P.Noy’s campaign posters </li></ul><ul><li>None of the above </li></ul>
  21. 21. Marketers may use different kinds of Marketing Channels Communication Channels radio tv print billboards events Examples:
  22. 22. Distribution Channels wholesalers retailers door to door agents Examples: Marketers may use different kinds of Marketing Channels
  23. 23. Service Channels Example: banks warehouses Marketers may use different kinds of Marketing Channels
  24. 24. 5. The following are examples of communication channels except: <ul><li>Clear’s Black Valentines Event </li></ul><ul><li>McDonald’s “BF/GF” TV ad </li></ul><ul><li>Sun Life door-to-door agents </li></ul><ul><li>P.Noy’s campaign posters </li></ul><ul><li>None of the above </li></ul>
  25. 25. 6. If you would like an external hard drive included when you buy a laptop, this is an example of what type of need? <ul><li>Stated Needs </li></ul><ul><li>Unstated Needs </li></ul><ul><li>Real Needs </li></ul><ul><li>Delight Needs </li></ul><ul><li>Secret Needs </li></ul>
  26. 26. There are 5 Types of Consumer Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want an inexpensive TV.”
  27. 27. Real Needs may underlie the Stated Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want a TV whose maintenance cost, not initial price, is low (or zero).”
  28. 28. Unstated needs are expected already by the customer Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want good service from the manufacturer.”
  29. 29. Delight Needs ask more of the expected output Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want it to come with a home theater system.”
  30. 30. Secret Needs may not easily be articulated by the customer Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want my friends to see me as a smart buyer.”
  31. 31. 6. If you would like an external hard drive included when you buy a laptop, this is an example of what type of need? <ul><li>Stated Needs </li></ul><ul><li>Unstated Needs </li></ul><ul><li>Real Needs </li></ul><ul><li>Delight Needs </li></ul><ul><li>Secret Needs </li></ul>
  32. 32. 7. _______ is a new marketing wherein industry boundaries are blurring as companies recognize new opportunities lie at the intersection of two or more industries. <ul><li>Industry Convergence </li></ul><ul><li>Consumer Resistance </li></ul><ul><li>Technology Convergence </li></ul><ul><li>Retail Transformation </li></ul><ul><li>None of the Above </li></ul>
  33. 33. Companies are recognizing opportunities at the intersection of two or more industries Convergence <ul><li>Blurring of industry boundaries </li></ul><ul><li>Fueled by shift to digital technology </li></ul>
  34. 34. 7. _______ is a new marketing wherein industry boundaries are blurring as companies recognize new opportunities lie at the intersection of two or more industries. <ul><li>Industry Convergence </li></ul><ul><li>Consumer Resistance </li></ul><ul><li>Technology Convergence </li></ul><ul><li>Retail Transformation </li></ul><ul><li>None of the Above </li></ul>
  35. 35. 8. Which is true about new consumer capabilities? <ul><li>Consumers now have an amplified voice to influence public opinion. </li></ul><ul><li>Consumers now have greater access to information compared to before. </li></ul><ul><li>Consumers have gained a substantial increase in buying power. </li></ul><ul><li>All of the above. </li></ul><ul><li>None of the above. </li></ul>
  36. 36. New Consumer Capabilities Substantial increase in buying power Greater variety of available goods & services Great amount of information Greater ease in interacting and placing & receiving orders Ability to compare notes on products & services Amplified voice to influence public opinion
  37. 37. 8. Which is true about new consumer capabilities? <ul><li>Consumers now have an amplified voice to influence public opinion. </li></ul><ul><li>Consumers now have greater access to information compared to before. </li></ul><ul><li>Consumers have gained a substantial increase in buying power. </li></ul><ul><li>All of the above. </li></ul><ul><li>None of the above. </li></ul>
  38. 38. 9. Which of the following is not a company orientation: <ul><li>People </li></ul><ul><li>Product </li></ul><ul><li>Marketing </li></ul><ul><li>Production </li></ul><ul><li>Selling </li></ul>
  39. 39. There are 4 Types of Company Orientations Production Marketing Product Selling Company Orientations
  40. 40. Production Concept – customers want products that are available and inexpensive Production <ul><li>Focus is on production efficiency, low cost and mass distribution </li></ul>
  41. 41. Product Concept – customers want products that offer the highest quality and performance Product <ul><li>Focus is on quality, performance and continuous innovation </li></ul>
  42. 42. Selling Concept – consumers, if left alone, will not buy Selling <ul><li>Focus is for company to sell what they make </li></ul><ul><li>Applies mostly to unsought goods </li></ul><ul><li>Example: cemetery plots </li></ul>
  43. 43. Marketing Concept – finding the right products for your customers Marketing <ul><li>Focus is on finding the right products for customers through research </li></ul>
  44. 44. 9. Which of the following is not a company orientation: <ul><li>People </li></ul><ul><li>Product </li></ul><ul><li>Marketing </li></ul><ul><li>Production </li></ul><ul><li>Selling </li></ul>
  45. 45. 10. Which is NOT true about the 4Ps Marketing Mix? <ul><li>Direct Marketing is under Promotions </li></ul><ul><li>Inventory is under Product </li></ul><ul><li>Volume discounts is under Price </li></ul><ul><li>Locations is under Place </li></ul><ul><li>None of the above (all are correct) </li></ul>
  46. 46. Marketing-Mix Tools: The Four Ps http://pauldunay.com/wp-content/uploads/2010/01/4ps.png <ul><li>To C reate, C ommunicate, and D eliver VALUE to consumers, marketers should devise marketing activities classified as “marketing mix” tools of four broad kinds – the Four Ps </li></ul>
  47. 47. Product involves variety, quality, design, features, brand name… <ul><li>The tangible object or intangible service that is produced or manufactured by a company </li></ul><ul><li>Example: </li></ul><ul><li>Beer products by San Miguel </li></ul>
  48. 48. Price involves list price, discounts, allowances, payment period, credit terms… <ul><li>The amount a customer pays for the product (wholesale / retail) </li></ul><ul><li>Example: </li></ul>
  49. 49. Place involves channels, coverage, locations, inventory… <ul><li>Represents the location where a product can be purchased </li></ul><ul><li>Examples for San Miguel products: </li></ul>supermarkets sari-sari stores convenience stores
  50. 50. Promotion involves sales promotions, advertising, public relations, direct marketing… <ul><li>All communications that a marketer may use in the market place </li></ul><ul><li>Examples: </li></ul>events merchandising tv commercials
  51. 51. 10. Which is NOT true about the 4Ps Marketing Mix? <ul><li>Direct Marketing is under Promotions </li></ul><ul><li>Inventory is under Product </li></ul><ul><li>Discounts is under Price </li></ul><ul><li>Locations is under Place </li></ul><ul><li>None of the above (all are correct) </li></ul>
  52. 52. TOP 10 Learning Questions for Chapter 1: Defining Marketing for the 21 st Century Ria Abendan April 2011

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