1. Define the term supply chain.
The supply chain is a longer channel stretching from raw materials to components to final
products that are carried to final buyers. A supply chain consists of all parties involved, directly
or indirectly, in fu
2. Identify and explain the six levels of the product hierarchy.
The product hierarchy stretches from basic needs to particular items that satisfy those needs. We
can identify six levels of the product hierarchy, using life insurance as an example:
1. Name and describe the three groups products can be classified into according to durability and
Products can be classified into three groups according to their durability or tangibility:
1. Nondurable goods are tangible goods that are norma
1. James Dyson's innovative ideas come from two sources. What are those sources?
2. James Dyson has begun experimenting with robotics and microchips to accomplish what
British industrial designer, Sir James Dyson is best known as the inventor o
4. What are the four stages in the Product Life Cycle? Describe what happens at each stage.
A new product progresses through a sequence of stages from introduction to growth, maturity, and
decline. This sequence is known as the product life cycle and is a
3. What are the three key consumer desirability criteria for POD's (points-of-difference)?
Points-of-difference (PODs) are attributes or benefits consumers strongly associate with a
brand, positively evaluate, and believe they could not find to the same e
2. What are the two basic approaches to measuring brand equity?
Brand equity is the added value endowed on products and services. It may be reflected in the
way consumers think, feel, and act with respect to the brand, as well as in the prices, market sha
1. Describe the functions a brand provides for the firm.
A brand is a name, term, sign, symbol or a combination of them intended to identify the goods
and services of one seller or group of sellers and to differentiate them from those of competitors. A
5. What are the seven design elements that effective Web sites feature? Define each of these.
Companies must design Web sites that embody or express their purpose, history, products, and
vision. A key challenge is designing a site thats attractive on firs
3. What are the five categories of offerings in the product-service mix?
A service is any act or performance one party can offer to another that is essentially intangible
and does result in the ownership of anything. Its production may or may not be tied
4. What are the five determinants of service quality in order of importance?
The service quality of a firm is tested at each service encounter. If service personnel are bored,
cannot answer simple questions, or are visiting with each other while customers
3. List and discuss three elements that explain how many exposures, E, will produce a level of
audience awareness, A.
Media selection is finding the most cost-effective media to deliver the desired number and type
of exposures to the target audience. What
2. Name four common criticisms of direct marketing.
Direct marketing is the use of consumer-direct channels to reach and deliver goods and services
to customers without using marketing middlemen. Direct marketers can use a number of channels to
1. Describe the eight major modes of communication in the communications mix.
The marketing communication mix consists of eight major modes of communication.
1. Advertising Any paid form of nonpersonal presentation and promotion of ideas, goods, or
1. What is one of the hottest marketing strategies for ensuring success in the highly competitive
2. What does San Antonio-based H.E.B. call its approach to lifestyle marketing in the grocery
One of the hottest marketing strate
2. After a retailer has defined the store's product assortment how might he develop a productdifferentiation strategy?
The product differentiation definition states that it is the process by which a product is
distinguished from others, so that it appeals
1. Explain the difference between a push and a pull strategy in marketing. Under which conditions
would each be appropriate?
Most producers do not sell their goods directly to the final users; between them stands a set of
intermediaries performing a varie
1. What percentage of U.S. toys is produced by foreign manufacturers? Why might this be a
2. What two consumer concerns drove several massive toy recalls?
Over 80 percent of all toys sold in the United States come from foreign manufacturers and f
5. What is the six-step procedure most firms use to set their pricing policy?
As an entrepreneur, setting a pricing strategy and policy for your products/services for the first
time when you develop it or when you introduce your product / service into a n
1. Why is the senior market becoming more attractive?
2. What generational group is powering the growth of seniors?
Although older Americans are often overlooked in the rush to target hipper, younger groups as
customers, in reality, seniors are a huge mar
5. The buying center consists of all members of the organization who play any of seven roles in the
purchase decision process. Name and define each of these roles.
Webster and Wind call the decision-making unit of a buying organization the buying center.
3. An SBU has 3 characteristics. Describe each of these.
A strategic business unit is a significant organization segment that is analyzed to develop
organizational strategy aimed at generating future business or revenue. Strategic Business Unit
2. Distinguish between the five types of needs humans require.
Needsdescribe basic human requirements such as food, air, water, clothing, and shelter.
People also have strong needs for recreation, education, and entertainment. These needs become
1. Good mission statements have five major characteristics. List and discuss each of these.
A mission statement is a declaration of what a business aspires to be. The statement is the
business' reason for being, a proclamation of why it exists, a clarific
6. Define Market Opportunity Analysis (MOA).
To evaluate opportunities, companies can use market opportunity analysis (MOA) to
determine their attractiveness and probability of success by asking questions like:
- Can we articulate the benefits convincingl
5. Explain the differences between a strategic marketing plan and a tactical marketing plan.
The marketing plan is the central instrument for directing and coordinating the marketing
effort. The marketing plan operates at two levels: strategic and tactica
4. What is the Product Market Expansion Grid?
Corporate managements first course of action should be a review of opportunities for
improving existing businesses. One useful framework for detecting new intensive growth
opportunities is called a product-mar
3. What is meant by holistic marketing?
The holistic marketing concept is based on the development, design, and implementation of
marketing programs, processes, and activities that recognizes breadth and interdependencies.
Holistic marketing recognizes th
2. What is the task environment?
The marketing environment consists of the task environment and the broad environment. The
task environment includes the actors engaged in producing, distributing, and promoting the offering.
The task environment is that se
1. Why should Wal-Mart be worried about a mid-life crisis?
The economic and competitive environment Wal-Mart faces has become increasingly difficult.
Also, mismanagement, increasing inventories, loss of market share, and distribution difficulties have