Marketing Management 1. Marketing people are involved in marketing 10 types of entities. List and briefly characterize those entities.

The types of entities that marketing people are involved in marketing are (1) goodsphysical goods, (2) serviceshotels and car rental, (3) eventstime-based events such as trade shows, (4) experiencesWalt Disneys Magic Kingdom, (5) personscelebrity marketing, (6) places cities, states, regions, and even whole nations, (7) propertiesintangible rights of ownership of either real property or financial property, (8) organizationscorporate identity, (9) information information produced and marketed as a product, and (10) ideasmarketing the basic idea of a market offering. 2. We can distinguish among five types of customer needs. List and provide an example of each of those customer needs. The five types of customer needs are (note the example from the text): (1) stated needsthe customer wants an inexpensive car, (2) real needsthe customer wants a car whose operating cost, not its initial price, is low, (3) unstated needsthe customer expects good service from the dealer, (4) delight needsthe customer would like the dealer to include an onboard navigation system, and (5) secret needsthe customer wants to be seen by friends as a savvy consumer. 3. As the marketing manager for a small regional toy manufacturer, what three strategic marketing processes would you use to choose the value of your offer? The three processes would be (1) customer segmentation, (2) market selection/focus, and (3) value positioning. 4. Over the past 10 years, Cisco Systems has drastically reduced its number of suppliers and aligned itself more closely with its remaining suppliers for each of its product-based teams. How might this have helped Cisco improve its new-offering realization process? By reducing the number of suppliers it uses, Cisco is able to work more closely with its few remaining suppliers, involving them in new-product development and tapping their expertise in improving time to volume, cutting costs, and improving supplier quality. 5. Describe a marketing information system (MIS). From what sources is the MIS developed? A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. A marketing information system is developed from internal company records, marketing intelligence activities, and marketing research. 6. What are the various steps a company can take to improve the quality of its marketing intelligence function? The steps are: (1) A company can train and motivate the sales force to spot and report new developments; (2) a company can motivate distributors, retailers, and other intermediaries to pass along important intelligence; (3) a company can network externally; (4) a company can set up a customer advisory panel; (5) a company can take advantage of government data resources; (6) a company can purchase information from outside suppliers; and (7) a company can use online customer feedback systems to collect competitive intelligence. 7. What is the main demographic force monitored by marketers? Why?

The main demographic force monitored by marketers is population. The reason for its importance is because people make up markets. Marketers are keenly interested in the size and growth rate of population in cities, regions, and nations; age distribution and ethnic mix; educational levels; household patterns; and regional characteristics and movements. 8. What four trends in technology should marketers monitor? The four trends are: (1) the pace of change, (2) the opportunities for innovation, (3) varying R&D budgets, and (4) increased regulation. 9. Explain the differences between culture, subculture, and social class. Culture is the fundamental determinant of a persons wants and behavior. Subcultures provide more specific identification and socialization of their members. Subcultures include nationalities, religions, racial groups, and geographic regions. Social class is a relatively homogeneous and enduring division in a society, that are hierarchically ordered and whose members share similar values, interests, and behaviors. 10. What is a reference group? Describe three different types of reference groups that can have an impact on a consumers purchasing behavior. Reference groups consist of all the groups that have a direct (face-to-face) or indirect influence on attitudes or behavior. Types of reference groups that can impact a consumers purchasing behavior include membership groups, primary groups, secondary groups, aspirational groups, and disassociative groups. 11. People can emerge with different perceptions of the same object because of three perceptual processes. List and briefly characterize those processes. The three processes are selective attention, selective distortion, and selective retention. Selective attention occurs because a person cannot possibly attend to all the stimuli that he or she is exposed to during an average day. Some will be screened out. Selective distortion is the tendency to interpret information in a way that will fit our perceptions. Selective retention occurs because people will fail to register much information to which they are exposed in memory, but will tend to retain information that supports their attitudes and beliefs. 12. What are the five stages of the consumer buying process? The five stages are problem recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior. 13. Business markets have several characteristics that contrast sharply with those of consumer markets. Name and briefly characterize five of those characteristics. The characteristics are: (1) fewer, larger buyers, (2) close suppliercustomer relationship, (3) professional purchasing, (4) multiple buying influences, (5) multiple sales calls, (6) derived demand, (7) inelastic demand, (8) fluctuating demand, (9) geographically concentrated buyers, and (10) direct purchasing. See chapter section for brief characterizations. 14. Illustrate the differences between a straight rebuy, modified rebuy, and a new-task purchase. In a straight rebuy, the purchasing department reorders on a routine basis and choose from suppliers on an approved list. In a modified rebuy, the buyer wants to modify product specifications, prices, delivery requirements, or other terms. Lastly, in the new-task purchase, a purchaser buys a product or service for the first time.

15. List and briefly describe the seven roles played by members of a buying center. The roles are: (1) initiators, (2) users, (3) influencers, (4) deciders, (5) approvers, (6) buyers, and (7) gatekeepers. 16. Explain how fluctuating demand impacts business markets differently than consumer markets. The demand for business goods and services tends to be more volatile than the demand for consumer goods and services. A given percentage increase in consumer demand can lead to a much larger percentage increase in the demand for plant and equipment necessary to produce additional output. Economists refer to this as the acceleration effect. 17. A new trend in marketing is toward customerization. Describe what customerization is and how marketers are using it. Customerization combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product or service offering of their choice. A company is customerized when it is able to respond to individual customers by customizing its products, services, and messages on a one-to-one basis. 18. Characterize psychographic segmentation. In psychographic segmentation, buyers are divided into different groups on the basis of psychological/personality traits, lifestyle, or values.

19. List out the steps of Marketing Research? Define the problem and objectives, Develop Research Plan, Collect Information , Analyze Information and Present Findings 20. Differentiate briefly between probability and non-probability sampling with its types? Probability Samples Nonprobability Samples Simple random Convenience Stratified random Judgment Cluster Quota

21. What do you mean by customer perceived value? Customer perceived value is the difference between the prospective customers evaluation of all the benefits and all the costs of an offering and the perceived alternatives. 22. Explain Michael Portal Value Chain?

23. Explain Customer Development Process?

24. Write down stages of NPD? Ideas Generation, Screening of Ideas, Concept Development and Testing, Marketing Strategy Development, Business Analysis, Product Development, Test marketing, Product Launching or Commercialization 25. What do you Mean by PLC and its stages ? Product Life Cycle shows the stages that products go through from development to withdrawal from the market. The stages of PLC are Introduction Growth Maturity Saturation Decline Withdrawal