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What is Marketing?
Marketing is the activity, set of institutions and process fro creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
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What are the four P's of Marketing?
- Product
- Price
- Place
- Promotion
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What are the four sources of sustainable competitive advantage?
- Customer Excellence
- Operational Excellence
- Product Excellence
- Locational Excellence
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What are the 5 steps of the Marketing Plan?
- Step 1. Define the Business Mission.
- Step 2. Conduct a situation analysis using SWOT. (Internal strengths and weaknesses & external opportunities and threats.)
- Step 3. Identify and Evaluate Opportunities using STP (segmentation, targeting and positioning)
- Step 4. Implement Marketing Mix and Allocate Resources
- Step 5. Evaluate performance using Marketing Metrics.
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What are four growth strategies?
- Market Penetration
- Market Development
- Product Development
- Diversification
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What are the 3 categories of Social Media?
- Social Networking sites.
- Media Sharing Sites
- Thought Sharing sites
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What are the 5 steps for a social media campaign
- Step 1. Identify Strategy and Goals
- Step 2. Find your target audience
- Step 3. Campaign experiment and engage
- Step 4. Budget
- Step 5. Monitor and change.
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Ethical Climate?
Withing a Marketing firm (or any division of a marketing firm) includes having a set of values that guides decision making behavior.
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What is Corporate Social Responsibility?
Refers to the voluntary actions taken by a company to address the social, ethical and environment impacts of its business operations and the concerns of its stakeholders.
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What are the 4 steps for the framework of ethical decision making?
- 1. Identify issues (what are they?)
- 2. Gather info and identify the stakeholders
- 3. Brainstorm and evaluate alternatives
- 4. Choose a course of action
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What are the 3 elements of the immediate environment?
- Company Capabilities
- Corporate Partners
- Competition
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What are the 6 Macro-environmental factors? CDSTEP...
- Culture
- Demographic
- Social Trends
- Technological
- Economics
- Political / legal
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What are the 5 steps for the consumer decision process?
- 1. Need Recognition
- 2. Information Search
- 3. Alternative Evaluation
- 4. Purcahse
- 5. Post Purchase
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What are the 6 buying center roles?
- Initiator
- Influencer
- Decider
- Buyer
- User
- Gatekeeper
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What are the 6 steps for the B2B buying process?
- 1. Need Recognition
- 2. Product Specification
- 3. RFP Process (Request for Proposal)
- 4. Proposal Analysis, Vendor Negotiation and Selection?
- 5. Order Specification
- 6. Vendor Performance Assessment using metrics
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What are the 5 steps of the STP (Segmentation, Targeting & Positioning) process?
- 1. Evaluate the overall Strategy & Objective.
- 2. Choose the segmentation method.
- 3. Evaluate Segment Attractiveness.
- 4. Select Target Market.
- 5. Develop a positioning Strategy.
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What are the 5 steps of the marketing research process?
- 1. Defining the objectives and research needs.
- 2. Designing the research.
- 3. Data Collection process.
- 4. Analyzing data and developing insights.
- 5. Action plan and implementation.
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What are the 2 primary data collection techniques?
- Qualitative Research.
- Quantitative Research.
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What are the 5 different types of values of Branding for the customer?
- 1. Brands Facilitate Purchases
- 2. Brands Establish Loyalty
- 3. Brands Protect from Competition and Price Competition
- 4. Brands are Assets
- 5. Brands impact Market value.
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What are the 5 brand equity of the owner?
- Brand Equity
- Brand Awareness
- Perceived Value
- Brand Association
- Brand Loyalty
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What are the 6 steps for the process of developing a product?
- Idea Generation
- Concept Testing
- Product Development
- Market Testing
- Product Launch
- Evaluation of Results
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What are the four service Gaps?
- The Knowledge Gap
- The Standards Gap
- The Delivery Gap
- The Communication Gap
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What are the 5 c's of pricing?
- Competition
- Costs
- Company Objectives
- Cutomers
- Channel Members
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What are the 4 deceptive and illegal price practices?
- Deceptive and Illegal Price Advertising
- Predatory Pricing
- Price Discrimination
- Price Fixing
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What are the 5 distribution center activities?
- 1. Management of Inbound Transportation
- 2. Receiving and Checking using UPC or RFID (Radio frequency Identification Device)
- 3. Storing and Cross Docking
- 4. Getting Merchandise Floor Ready
- 5. Preparing to ship Merchandise to Store
- 6. Shipping Merchandise to Store.
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What are the 3 different types of retailers?
- Food Retailers
- General Merchandise
- Service
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What are the 6 elements of an integrated marketing communications strategy?
- Advertising
- Public Relations
- Sales Promotion
- Personal Selling
- Direct Marketing
- Online Marketing
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7 Steps in Planning and Executing an Ad campaign
- 1. Identify the target audience
- 2. Set advertising objectives
- 3. Determine the advertising budget
- 4. Convey the message
- 5. Evaluate and select Media
- 6. Create Advertisements
- 7. Asses Impact
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What are the 5 steps of the personal selling process?
- Generate and qualify leads
- Preapproach
- Sales Presentation and overcoming reservations
- Closing sale
- Follow up
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