Name: ____________________________

Marketing Midterm Review

Chapter 1
Marketing is managing _____________ __________________ (pg. 3)
What is the twofold goal of marketing? (pg. 3)
1. ___________________________________________________________________________________________
2. ___________________________________________________________________________________________
What is the result when a marketing strategy attempts to serve all the customers in a market? (pg. 9)

The process of selecting attractive segments of a particular market is called ______________ _______________. (pg. 9)
_______________ __________________ is the set of benefits a company promises to deliver its consumers to satisfy
their needs. (pg. 8)
Why is marketing best described as gardening rather than hunting? (pg. 11)

Explain how the selling concept uses an inside-out approach? (pg. 11)

Completely explain the four concepts of the marketing mix. (pg. 13)
1. ___________________________- _______________________________________________________________
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2. ___________________________- _______________________________________________________________
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3. ___________________________- _______________________________________________________________
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4. ___________________________- _______________________________________________________________
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How do firms use these tools to implement their marketing strategy?

Why is customer relationship management one of the most important concepts of modern marketing? (pg. 13)

Completely explain customer satisfaction? How does customer perceived value affect customer satisfaction? (pg. 14)

How do marketers create customer delight?

What is a customer evangelist? (pg. 14)

Describe selective relationship management and how do marketers use the strategy? (pg. 16)

Why is customer lifetime value so important for marketers to understand? (pg. 22)

Describe how a firm can increase their share of customer? (pg. 22)

Currently, what is the fastest growing form of marketing? (pg. 27)

What is the difference between for-profit marketing and not-for profit marketing? Give an example of each (pg. 28)
For-profit marketing:
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Example: __________________________________________________________________________________________
Not-for-profit marketing:
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Example: __________________________________________________________________________________________

Customer Relationship Levels and Tools: (pg. 16)

Basic Relationship:
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Example: __________________________________________________________________________________________
Full Partnership:
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Example: __________________________________________________________________________________________
Customer Relationship Groups: (pg. 25)
Butterflies:
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True Friends:
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Strangers:
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Barnacles:
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Define the following terms:
Marketing:
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Needs:
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Wants:
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Demands:
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Market Offering:
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Marketing Myopia:
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Exchange:
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Market:
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Marketing Management:
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Production Concept:
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Product Concept:
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Selling Concept:
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Marketing Concept:
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Societal Marketing Concept:
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Customer Relationship Management:
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Customer-perceived value:
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Customer Satisfaction:
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Consumer Generated Marketing:
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Partner Relationship Management:
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Customer Lifetime Value:
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Share of Customer:
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Customer Equity:
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Internet:
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Club Marketing Program:
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Frequency Marketing Program:
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Demarketing:
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Chapter 2
Why do firms use strategic planning as a guide for the future? (pg. 37)

What are the steps of strategic planning? (pg. 37)

1. ___________________________________________________________________________________________
2. ___________________________________________________________________________________________
3. ___________________________________________________________________________________________
4. ___________________________________________________________________________________________
What questions should a mission statement answer for a company? (pg. 7)

How should a mission statement be crafted? Who and what should it focus on? (pg. 38)

What is an SBU (strategic business unit)? Give an example (pg. 40)

Growth Share Matrix: (pg. 40)

Star: ______________________________________________________________________________________________
Cash Cow: _________________________________________________________________________________________
Question Mark: _____________________________________________________________________________________
Dog:______________________________________________________________________________________________
Companies often use geographic and demographic development. Explain each. (pg. 44)
Geographic Development: ____________________________________________________________________________
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Demographic Development:___________________________________________________________________________
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How should companies enter into a new market? (pg. 49)

How do companies use market positioning to reach out to customers? (pg. 49)

SWOT Analysis: (pg. 53)

Strengths:

Weaknesses:

Opportunities:

Threats:

__________________

__________________

____________________

____________________

What is cause-related marketing?

Why do companies implement cause-related marketing?

Give two examples of cause-related marketing.

1. ___________________________________________________________________________________________
2. ___________________________________________________________________________________________
Define the following terms:
Strategic Planning:
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Mission Statement:
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Business Portfolio:
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Portfolio Analysis:
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Growth-share matrix:
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Product/Market Expansion Grid:

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Market Penetration:
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Market Development:
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Product Development:
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Diversification:
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Downsizing:
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Value Chain:
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Value Delivery Network:
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Marketing Strategy:
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Market Segmentation:
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Market Segment:
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Market Targeting:
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Positioning:
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Differentiation:
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Marketing Mix:
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SWOT Analysis:
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Marketing Implementation:
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Chapter 3
Marketing Intermediaries: (pg. 66)
Resellers:
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Physical Distribution Firms:
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Marketing Service Agencies:
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Financial Intermediaries:
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The companys marketing environment also includes various _____________: (pg. 67)
Financial:
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Media:
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Government:
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Citizen-action:
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Local:
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Completely identify all the facts and statistics for the following Generations:
Baby Boomers: (pg. 69)

Generation X: (pg. 70)

Millennials (Generation Y): (pg. 72)

Identify the common demographic trends taking place in America:

The Changing American Family: (pg. 74)

Geographic Shifts in Population: ((pg. 74)

A Better Educated, more White-Collar, More Professional Population: (pg. 75)

Increasing Diversity: (pg. 75)

Internal Environment: (pg. 65)

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External Environment: (pg. 65)
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What is the most dramatic force a modern marketers destiny? Why?(pg. 81)

What is the primary concern for marketers concerning e-commerce and the internet? (pg. 84)

Define the following terms:

Marketing environment:
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Microenvironment:
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Macroenvironment:
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Marketing Intermediaries:
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Public:
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Demography:
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Baby Boomers:
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Generation X:
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Millennials (Generation Y):
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Economic Environment:
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Engels Laws:
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Natural Environment:
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Technological Environment:
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Political Environment:
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Cultural Environment:
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