BMGT350 Quiz Questions Essay example

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Chapter 1
❖ Ultimate Goal of marketing process ­
Receive value from customers
❖ When a company chooses a group of customers to serve ­
Target marketing
❖ Ultimate aim of customer relationship mgmt ­ produce high customer equity
❖ why is good marketing mgmt critical ­ ensure the company serves as many customers as it can as well as it can
❖ Customer Equity ­ structure where a company encourages its most profitable older customers to remain loyal while also targeting new generation of customers.
❖ How does market demands relate to needs and wants?
➢ Needs are satisfied by wants, buying power converts wants into demand
❖ What is importance of selling and advertising in marketing?
➢ They work in tandem w/developing good customer relations.
❖ Loyalty rewards program that rewards customers with seat upgrades and free miles for continued customers.
➢ Frequency Marketing Program
❖ How has Great Recession affected consumer attitudes?
➢ showing an enthusiasm for frugality ❖ Marketing Mix
­ selling and advertising are part of a larger set of marketing tools
❖ Ultimate Goal of marketing process
➢ Receive Value from customers
❖ When a company chooses a group of customers to serve.
➢ Target marketing
❖ Ultimate aim of customer relationship mgmt
➢ produce high customer equity
❖ Why is Good marketing mgmt critical
➢ Serve as many customers as it can and as well as it can
❖ Change Product, but NOT worry about how it will benefit customer
➢ Marketing Myopia

Chapter 2 & 3 1. You developed a mission statement, what is the next step?
a. Determine company goals and objectives
2. Company loses market share with cash cows, become Question Marks or Dogs, what will happen if nothing is done?
a. company will lose money.

CASH COWS ­ most profit


DOGS/QUESTION MARKS ­ large investment for little profit

3. Company Value Chain
consists of internal departments of a company, cooperation between departments is crucial.
4. Market Targeting: limited set of products to a wide variety of customers.
5. Trying to break into international markets, which organization is best?
a. Geographic organizations
6. BEST way to target GenXers?
a. explain value and worth of its products
7. Which DOES NOT illustrate primary purpose of business legislation?
a. control number of employees a company can employee
8. Current emission law prohibits company A from making new engine. So they hire lobbyist and advertise for change in law. This is example of which stance?
a. Proactive
9. Annual Vs. Strategic
a. annual: maintaining current business
b. Strategic: Adapting to environment
10. Question Marks & Dogs
a. high investment, little gain
11. Cash Cows
a. Large Gains/MKT share, little investment
12. Diversification
a. Sell product outside its current product/market
baby clothes to furniture
13. Stars
a. Large Gains, Large investment
14. Partner Relationship MGMT
a. make sure all dept get along
15. problems within Value Chain

a. CANNOT sell existing products
16. problems WITH value network
a. Cannot market product
17. Subsistence Economy
: harvest own food and doesn’t engage in trade.
18. baby boomers: wealth and financial mgmt
19. industrial: produces a lot of stuff, exports
20. Environmental Sustainability: cares about pollution and recycling.
21. Changes from gas to electric to be more eco friendly:
Natural Environment
22. Company producing Cell phones:
Technological environment
23. Core Beliefs: IF people should get married, (generally passed down from society and family members)
24. Secondary Beliefs: WHEN people should get married
25. Donating a Dollar for every dollar spent:
Cause Related Marketing
26. First Step in Portfolio Analysis?
a. SBU Units
27. marketing intermediaries
a. help promote and sell product

Chapter 4
1. company is trying to gain mkt share from other companies in the area. In order to gain