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business
foundations of marketing

Questions and Answers of Foundations Of Marketing

=+LO 1-2 Identify the main participants and activities of business.
=+Define basic concepts such as business, product, profit, and economics.
Explain the concept of product life cycles 165–168
Explain the diffusion process through which new products are adopted 163–165
Discuss global issues in new-product development 163
Explain the steps in the new-product development process 156–162
Explain the importance of developing new products and describe the six categories of new products 155–156
Describe how and why product warranties are important marketing tools 153
Discuss global issues in branding and packaging 152–153
Describe marketing uses of packaging and labelling 150–152
Describe marketing uses of branding 146–150
Define the terms product item, product line, and product mix 143–146
Classify consumer products 142–143
Define the term product 141
Explain the process of leveraging customer information throughout the organization 134–139
Describe how to identify the best customers 132–134
Describe the use of technology to store and integrate customer data 131–132
Outline the process of capturing customer data 130–131
Understand interactions with the current customer base 129–130
Explain how to identify customer relationships with the organization 127–128
Define customer relationship management 125–127
Explain how and why firms implement positioning strategies and how product differentiation plays a role 119–122
Explain one-to-one marketing 118–119
Discuss alternative strategies for selecting target markets 116–118
List the steps involved in segmenting markets 116
Describe the bases for segmenting business markets 114–116
Describe the bases commonly used to segment consumer markets 108–114
Discuss criteria for successful market segmentation 108
Explain the importance of market segmentation 108
Describe the characteristics of markets and market segments 107–108
Discuss the role of relationship marketing and strategic alliances in business marketing 103–104
Describe the role of the Internet in business marketing 101–103
Explain the North American Industry Classification System 101
Discuss the unique aspects of business buying behaviour 98–101
Describe the seven types of business goods and services 95–97
Identify the four major categories of business market customers 94–95
Explain the major differences between business and consumer markets 92–94
Describe business marketing 91
Identify and understand the psychological factors that affect consumer buying decisions 84–88
Identify and understand the individual factors that affect consumer buying decisions 81–83
Identify and understand the social factors that affect consumer buying decisions 78–81
Identify and understand the cultural factors that affect consumer buying decisions 74–78
Identify the types of consumer buying decisions and discuss the significance of consumer involvement 72–74
Analyze the components of the consumer decision-making process 68–72
Explain why marketing managers should understand consumer behaviour 67–68
Explain the concept of competitive intelligence 65
Explain when marketing research should be conducted 64–65
Discuss the growing importance of scanner-based research 63–64
Discuss the profound impact of the Internet on marketing research 59–63
Describe the steps involved in conducting a marketing research project 48–59
Define marketing research and explain its importance to marketing decision making 48
Explain the concept and purpose of a marketing decision support system 47–48
Identify several techniques that help make strategic planning effective 45
Explain why implementation, evaluation, and control of the marketing plan are necessary 44–45
Discuss target market strategies 42–43
Identify strategic alternatives 40–42
Identify sources of competitive advantage 37–39
Explain the components of a situation analysis 36–37
Describe the criteria for stating good marketing objectives 36
Develop an appropriate business mission statement 35–36
Understand the importance of strategic marketing and know a basic outline for a marketing plan 33–35
Describe the role of ethics and ethical decisions in business 28–31
Discuss corporate social responsibility 27–28
Explain the basics of foreign and domestic competition 26–27
Discuss the political and legal environment of marketing 24–26
Identify the impact of technology on a firm 23–24
Identify consumer and marketer reactions to the state of the economy 21–23
Explain the importance to marketing managers of multiculturalism and growing ethnic markets 20–21
Explain the importance to marketing managers of current demographic trends 17–20
Describe the social factors that affect marketing 16–17
Discuss the external environment of marketing, and explain how it affects a firm 15–16
Understand the differences between sales and market orientations 6–12
Define the term marketing 3–4
3. Describe how Nederlander's strong customer relationship management results in increased loyalty to the organization.
2. How does Nederlander's Audience Rewards program result in a competitive advantage?
I. Why do you think more targeted promotional efforts such as personal selling and sales promotion are necessary for Nederlander's specific target market?
15. What types of sales-promotion methods have you observed recently? Comment on their effectiveness.
14. For each of the following, identify and desciibe three techniques and give several examples: (a) consumer-salespromotion and (b) trade-sales-promotion methods.
13. What is sales promotion? Why is it used?
12. How does a sales manager, who cannot be with each salesperson in the field on a daily basis, control the performance of sales personnel?
11. What major factors should be taken into account when designing the size and shape of a sales territory?
10. Explain the major advantages and disadvantages of the three basic methods of compensating salespeople. In general, which method would you prefer? Why?
9. What major issues or questions should management consider when developing a training program for the sales force?
8. How should a sales manager establish criteria for selecting sales personnel? What do you think are the general characteristics of a good salesperson?
7. Identify several characteristics of effective sales objectives.
6. Why are team selling and relationship selling becoming more prevalent?
5. Describe the different types of support personnel.
4. How does a salesperson find and evaluate prospects?Do you consider any of these methods to be ethically questionable? Explain.
3. Identify the elements of the personal-selling process.Must a salesperson include all these elements when selling a product to a customer? Why or why not?
2. What are the primary purposes of personal selling?
I . What is personal selling? How does personal selling differ from other types of promotional activities?
17-8 Investigate trade-sales-promotion methods.
17-7 Review specific consumer-sales-promotion methods.
17-6 Describe s~les-promotion activities and their use.
17-5 Discuss eight major decisions in sales management.
17-4 Define team selling and relationship selling.
17-3 Identify the types of sales-force personnel.
17-2 Summarize the seven basic steps in the personal-selling process.
17-1 Describe the major purposes of personal selling.
3. Why do you think even non-food advertisers are attracted to the Food Network?

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