Principles Of Marketing Instructor Sarah Felmet Test

Mrkg 1311 Principles Of Marketinginstructor Sarah Felmettest 1name

Mrkg 1311 Principles Of Marketinginstructor Sarah Felmettest 1name

MRKG 1311- Principles of Marketing Instructor: Sarah Felmet Test 1 NAME: __________________ 1) Marketing helps create value for a product. T or F (1 point) 2) List 1 era of marketing (1 point) __________________________________________ 3) Name two of the general/main categories that we market (2 points) I. ___________________________ II___________________________ 4) When considering price, it is not necessary to consider the importance of the competitor’s price. (1 point) T or F 5) Which of the following are channels of marketing? (1 point) 1. B2B 2. C2C 3. C2B 4. B2C A. All of the above B. 1 only C. 1 and 3 only D. 1, 2 and 4 only 6) Fill in the blank Entrepreneurship is enhance by marketing and creates ________________. (2 points) 7) Promotion of a product primarily involves: (1 point) A. Creating value for the product B. Determining where the product will be sold C. Focusing of the value of the product D. Considering the competitor’s price 8) Provide a definition for Value (3 points) ________________________________________________________________________________ 9) Price involves determining the minimum value at which the customer still feels satisfied while still making a profit. (1 point) T or F 10) Products include actual goods, services, people and _______________ (1 point) 11) What does the W stand for in SWOT analysis? (1 point) A. World B. Wholesale C. Wants D. Weaknesses 12) Step 1 in the implementation phase of the strategic planning process involves all but which of the following? (1 point) A. Segmentation B. Conducting a SWOT of the market C. Targeting the market D. Positioning 13) Provide a definition for the term “company’s mission.†(3 points) __________________________________________________________ 14) Which of the following are growth strategies? (1 point) 1. Market development strategy 2. Operational excellence strategy 3. Product excellence strategy 4. Diversification strategy A. 1 and 2 only B. None of the above C. 4 only D. 1 and 4 only 15) List the components of the marketing mix (4P’s) (4 points) ________________ ________________ ________________ ________________ 16) Product development strategy focuses on current markets and current products T or F (1 point) 17) Fill in the blank ________________ is a strategy used by a firm to focus on the excellent services for the customer to retain loyal customers (1 point) 18) The control phase in the strategic planning process is a three step phase T or F (1 point) 19) Define Market Penetration Strategy (2 points) _____________________________________________________________ 20) List the 3 phases in the strategic planning process (3 points) __________________________ __________________________ __________________________ 21) Define the term business ethics (3 points) ___________________________________________________________ 22) The following are the steps for the framework for ethical decision making 1. Select a course of action 2. Identify the issues 3. Brainstorm alternatives 4. Gather information and identify who it affects Pick the order within which they should be used (1 point) A. 1, 2, 3, 4 B. 1, 3, 2, 4 C. 4, 1, 2, 3 D. 2, 4, 3, ) Ethical Climate in a company refers to making sure that a company goes green (1 point) T or F 24) Ethics are guided by society only (1 point) T or F 25) It is not necessary to apply ethics to phase 1 of the strategic planning process but it is necessary to apply it to phases 2 and point) T or F 26) Define social responsibility (2 points) ___________________________________________________________ 27) List the two main sub environments when analyzing the market environment (2 points) _________________________ _________________________ 28) Which of the following is not included in the External environment? (1 point) A. The climate B. The economy C. Culture D. Demographics 29) Define the term “demographics.†(2 points) _______________________________________________________________________________ 30) Identity theft and privacy issues are a part of the social trends in marketing (1 point) T or F 31) How do politics impact marketing in the U.S.? (2 points) ________________________________________________________________________________ 32) List 5 characteristics that fall under demographics (5 points) ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ 33) What do the letters “FDA†stand for? (1 point) ______________________________________________ 34) What does the NAFTA allow for (not what it stands for)? (2 points) ___________________________________________________________ 35) When analyzing the macro environment, technology has both advantages and disadvantages (1 point) T or F 36) What are the two types of culture when considering the macro environment? (1 point) 1. Regional culture 2. Personal culture 3. Religious culture 4. Country culture A. 1 and 2 B. 4 and 1 C. 2 and 3 D. 1 and ) Why was the Consumer Product Safety Act created? (3 points) ____________________________________________________________ 38) Diversification strategy focuses on current markets and products (1 point) T or F 39) Define the term global marketing. (3 points) ___________________________________________________________ 40) The letters H.D.I. Stand for which of the following? (1 point) A. Human Decline Index B. Human Development Index C. Human Development Institution D. Home Decline Index 41) Fill in the blank: (1 point) G.D.P. is defined as the ________________ value of the goods and services produced by a country in a year 42) List the 3 factors that are considered in the H.D.I. (3 points) ____________________________ ____________________________ ____________________________ 43) Which of the following are included in the 3 types of shopping discussed? I. Habitual Shopping (1 point) II. Stress Shopping III. Permanent Problem Solving IV. Limited Problem Solving A. None of the above B. All of the above C. I and II only D. I and IV only 44) Tariffs are considered: (1 point) A. A tax B. A marketing firm C. To be illegal D. To be something that every marketing form wants 45) Define the term quota (3 points) ___________________________________________________________ 46) The term counter trade refers to: (1 points) A. Trading goods for money B. Trading goods for goods C. Changing your mind about trading goods D. Refusing to sign a trade agreement 47) Infrastructure and technology are factors in assessing global markets (1 point) T or F 48) Fill in the blank (2 points) Government’s actions can affect marketing in terms of ________________ practices 49) Trade agreements only occur when 3 or more countries have entered into an agreement (1 point) T or F 50) Which of the following is a type of global marketing opportunity? (1 point) A. Quota B. Licensing C. Franchising D. Direct Experience 51) Define the term joint venture (3 points) _________________________________​​​​​​​​​​​​​​​​​​​​​​ 52) Export pricing is a form of international pricing approaches (1 point) T or F 53) Fill in the blank (2 points) In transfer pricing, the ________________ based manager sets the price but an international subsidiary can change it 54) What does S.T. P. stand for? (3 points) __________________________________________________________ 55) Which of the following is an example of a segmentation strategy? (1 point) A. Demographic segmentation strategy B. Concentrated Segmentation Strategy C. Macromarketing D. Symbolic Strategy

Paper For Above instruction

The Principles of Marketing encompass a wide array of concepts and strategic practices aimed at understanding and satisfying customer needs while achieving organizational goals. These principles serve as a foundational guide for effectively creating value, ensuring competitive advantage, and fostering sustainable growth in dynamic markets. This paper explores essential marketing concepts, strategic planning processes, ethical considerations, and environmental influences shaping contemporary marketing practices.

Introduction to Marketing and Value Creation

Marketing fundamentally involves identifying customer needs and developing offerings that deliver value (Kotler & Keller, 2016). Value, in this context, refers to the perceived benefits a customer receives relative to the price paid (Lamb, Hair, & McDaniel, 2018). Creating value is central to competitive differentiation, and marketing efforts aim to enhance customer satisfaction by aligning products and services with consumer expectations.

Marketing Eras and Categories

Historically, marketing has evolved through several eras, including the production, sales, market, and societal marketing eras (Lusch & Vargo, 2014). Currently, the marketing approach emphasizes societal well-being alongside consumer satisfaction. Broadly, marketing can be categorized into two main groups: consumer marketing, which targets individual buyers, and business-to-business (B2B) marketing, which focuses on organizational clients (Coughlan, Anderson, & Stern, 2018).

Strategic Planning and Market Analysis

Strategic planning involves setting objectives, analyzing internal and external environments, and developing strategies to reach target markets. The SWOT analysis—assessing strengths, weaknesses, opportunities, and threats—is a critical component of this process (Kotler & Keller, 2016). The initial step in implementation includes segmentation, targeting, and positioning (STP), which guide the selection of market segments and positioning tactics.

Ethical and Social Responsibility Considerations

Ethics in marketing involves principles that govern truthful presentation, fairness, and respect for consumer rights (Schlegelmilch, 2016). Businesses are increasingly adopting socially responsible practices, acknowledging their impact on society and the environment. Social responsibility extends beyond compliance, encompassing initiatives that benefit stakeholders and promote sustainable development (Carroll, 2015).

Environmental Factors Influencing Marketing

The macro environment significantly influences marketing strategies. Key factors include economic conditions, cultural dynamics, demographics, technology, political climate, and legal regulations (Armstrong & Kotler, 2017). For instance, technological advancements facilitate innovation but also pose challenges such as privacy concerns and digital security risks (Chaffey & Ellis-Chadwick, 2019).

Global Marketing and International Strategies

Global marketing involves adapting marketing strategies to international markets, considering cultural differences, legal frameworks, and economic conditions (Czinkota & Ronkainen, 2013). Approaches such as licensing, franchising, joint ventures, and exporting are common methods to expand globally. The Human Development Index (HDI) and gross domestic product (GDP) are critical metrics for assessing market potential.

Market Segmentation and Consumer Behavior

Segmenting markets allows firms to tailor marketing efforts to specific groups based on demographic, psychographic, geographic, and behavioral factors (Kotler & Keller, 2016). Understanding consumer behavior, including shopping patterns like habitual or limited problem solving, is essential for designing effective marketing campaigns.

Conclusion

Mastering the principles of marketing requires an understanding of strategic planning, ethical considerations, environmental influences, and consumer behavior. Organizations that align their strategies with these principles are better positioned to create value, build customer loyalty, and achieve sustainable success in competitive landscapes. Continued research and adaptation are necessary to navigate changing market dynamics and global opportunities.

References

  • Armstrong, G., & Kotler, P. (2017). Principles of Marketing. Pearson Education.
  • Carroll, A. B. (2015). Corporate Social Responsibility: Evolution of a Defining Concept. Business & Society, 38(3), 268-295.
  • Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson.
  • Coughlan, A., Anderson, E., & Stern, L. (2018). Marketing Channels. Pearson Education.
  • Czinkota, M., & Ronkainen, I. (2013). International Marketing. Cengage Learning.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson Education.
  • Lamb, C., Hair, J., & McDaniel, C. (2018). MKTG. Cengage Learning.
  • Lusch, R. F., & Vargo, S. L. (2014). Service-Dominant Logic. Cambridge University Press.
  • Schlegelmilch, B. (2016). Ethical Marketing and Social Responsibility. Springer.

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