Reference no: EM131414476
Here's an example of how you might respond to some of the exam questions. The key thing is to be specific, thorough, to proof carefully, and to cite your work where appropriate. Assume the professor will ask "Who says?" when you state something specific, so be sure you cite your work accordingly.
1. Based on both your own experiences and what you’ve learned, what is YOUR definition of marketing? What distinctions, if any, would you make between marketing and marketing management?
My definition of marketing is anything that sells the product. The customer is the single most important influence on marketing. You must know your customer better than your competitor, as the customer drives how you market. Peter Drucker said “ Business exist to create and serve the needs of your customer.” (PowerPoint, Class Presentation)
?To be successful in marketing you must identify the specific needs and wants of your customer. You must clearly identify the target market that you wish to market. Once you have identified your market, you must create value for your product. Value is identified by Philip Kotler as “the ratio between what the customer gets (both functional and emotional benefits) and what he gives (monetary costs, time costs, energy costs, and psychic costs)” (Marketing Management, pg. 8).
?The distinction between marketing and marketing management is very clear. Marketing is the actual process of creating value for the customer in the exchange of goods. However, marketing management is the process of identifying your customer, target market, and building long lasting relationships with your customer. The successful implementation of both your marketing and marketing management programs is vital to the success of your business.?
3. Define “cause-related marketing” and give an example of its use. How could this tactic offer bottom-line benefits for the organization? Thinking back on your consumer decision-making assignment, had you been exposed to cause-related marketing, how might it have influenced your decision?
4. Kotler described three factors that have dramatically impacted the marketplace today. List these factors and, using the organization you work for now, give an example of each.
5. What is Lifetime Customer Value (also referred to as “Customer Lifetime Value”) and why is it such an important business concept?
Process controls for replacement of lost-stolen credit cards
: You are designing process controls for the replacement of lost or stolen credit cards. Customers are concerned about responsibility for charges and quick replacement of cards. Identify two potential control subjects that will help manage the process ..
|
What is the criterion for supplier selection
: Why do you think flow charts are more commonly used across all industries? What is the criterion for supplier selection? What is the current trend in terms of number of suppliers used? How might a project manager determine if an implementation plan h..
|
Choosing between valued promotion in the organization
: __________ is the tendency in negotiations to stake out your position based on the assumption that in order to gain your way, something must be subtracted from the other party's way. Choosing between a valued promotion in the organization or a desira..
|
Major hotel chain is the site for many business conferences
: A major hotel chain is the site for many business conferences. A key customer need is for comfortable meeting rooms that have adequate lighting, temperature control, and visual aid equipment. Identify two control subjects and a unit of measure and se..
|
Define cause-related marketing
: Here's an example of how you might respond to some of the exam questions. The key thing is to be specific, thorough, to proof carefully, and to cite your work where appropriate. Define “cause-related marketing” and give an example of its use. How cou..
|
Unilateral offer that could be accepted by performance
: Chambers worked for Travelers as a managing director. Questions arose regarding her management style and effectiveness, and she was fired. Among her claims against Travelers, she claimed that she was due a bonus earned. Was Travelers' bonus statement..
|
Develop the capability to diagnose the demands of situations
: Use of __________ theory requires the leader to develop the capability to diagnose the demands of situations in terms of follower readiness and then to choose and implement the appropriate leadership response. The __________ model views decision make..
|
Discuss the origin of ethics
: Describe three (3) key motivating factors that you think are pushing companies to adopt project management practices. In your own graphic sketch, illustrate the project life cycle, its stages, timeline and the intensity of resources and uncertainty o..
|
Define project success using the triple constraint model
: Define project "success," using the "triple constraint," model, then add the more modern "quadruple constraint" model In your own words or Illustrated with your own diagram.
|