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Elements necessary in order for marketing to occur -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) 
-DESIRE & ABILITY to satisfy those needs ("whats your budget?" 
- A way for the parties to COMMUNICATE 
- Something to exchange (that both parties agree is valuable) 
 
societal marketing concept calls upon marketers to balance 3 considerations in setting their marketing policies: 
- consumer wants & satisfaction 
-company profits 
-public interest 
 
(ex. toms, so...
Marketing correct answer: Delivery of customer satisfaction at a profit 
 
Goals of marketing correct answer: Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing correct answer: Two or more parties with unsatisfied needs 
Desire and ability to satisfy needs 
A way to communicate 
Something to exchange 
 
Target market correct answer: One or more specific groups of potential customers towards which an organization directs its marketing p...
how does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products 
 
STEPS: 
1. idea generation 
2. idea screening 
3. concept development and testing 
4. marketing strategy development 
5. business analysis 
6. product development 
7. test marketing 
8. commercialization 
 
idea generation: starts new product development, the systematic se...
Role of Marketing correct answer: Generate profitable revenue 
 
When a marketer can describe something it is called a correct answer: product concept 
 
After buying an item we experience what? correct answer: cognitive dissonance 
 
Ways to engage consumers, directly or indirectly correct answer: -Directly: physically, email newsletters, one to one basis, calling, sending direct ads/texting, create relationship, personalizing advertising toward you 
-Indirectly: social media, PR, content m...
The marketing Mix correct answer: 4 controllable factors 
Price 
Product 
Promotion 
Place 
 
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program 
 
Market Segments correct answer: Homogenous group of buyers that: 
1) have common needs 
2) respond similarly to marketing action 
 
Customer Value correct answer: the unique combination of benefits received by target buyers 
Quality, Convenience, On time deli...
How does idea generation play a role in the new product development process? correct answer: Crowd Sourcing, think of ideas, find a good idea, bring it to life 
 
Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content correct answer: Meet needs of airline passengers by creating an experience. 
AA: Understand the culture and religion 
 
SNAP: performance-based marketing: PI-personal identification. 1st person- email and phone #, 2nd person device ID and advertis...
STP correct answer: segment market 
target market 
positioning 
 
1 product multiple segments correct answer: tums: 
you like spicy food 
you had too much fun last night 
 
multiple products and multiple segments correct answer: cars: 
minivan for family 
sports car for the CEO 
 
mass customization correct answer: dell: 
gamers 
students 
workers 
 
STP - M&Ms correct answer: children - sweets/halloween candy 
adults - richer/creamier chocolate consumption 
CANDYMAN COMMERCIAL - hits all t...
What are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transform the set of symbols into the correct abstract idea 
 
feedback may be so delayed or distorted that it is of no use it the sender 
 
Encoding correct answer: process of having the sender transform...
Alternative Growth Strategies: 
• Marketing Penetration 
• Market Development 
• Product Development 
• Diversification 
Alternative Consolidation Strategies: 
• Harvesting 
• Pruning 
• Retrenchment 
• Divestment 
Final Exam Review 
Product Life Cycle: 
• Introduction 
• Growth 
• Maturity 
• Decline 
Branding: 
• Multiproduct vs. Multibranding 
• Private, Mixed, Sub-branding, Co-Branding 
• Line vs. Brand Extensions 
Final Exam Review 
Variables for Market Segment...
what is marketing? correct answer: the management process involved in identifying, anticipating, and satisfying customer wants profitably 
 
what are the 2 goals of marketing? correct answer: 1. discover (assess) the needs and wants of prospective customers 
2. satisfy these needs & wants through EXCHANGE (each are better off after exchange) 
 
what are the 4 requirements for marketing to occur? correct answer: 1. two or more parties with unsatisfied needs 
2. desire and ability to satisfy th...