Final Review

• What is the definition of marketing?

  Marketing is the process of promoting and selling products.
• How has marketing evolved over time?

  Marketing has evolved from transactional to relational views.
• What is customer value in marketing?

  Customer value is the perceived benefit from a product.
• What are the components of the marketing mix?

  • 4Ps: Product, Price, Place, Promotion
  • 7Ps: Product, Price, Place, Promotion, People, Process, Physical evidence
• What is the marketing environment?

  The marketing environment includes external and internal factors.
• What does PESTEL stand for in marketing analysis?

  PESTEL stands for Political, Economic, Social, Technological, Environmental, Legal.
• What is the purpose of environment scanning in marketing?

  To identify external factors affecting marketing strategies.
• What are Porter’s 5 forces in marketing analysis?

  They analyze rivalry among existing competitors, bargaining power of suppliers, threat of substitute products, bargaining power of buyers, threat of new entrants
• What does the BCG portfolio matrix assess?

  It assesses the internal environment of a company.
• What are the key components of a marketing strategy?

  Vision, mission, values, and goals.
• What does SWOT analysis stand for?

  Strengths, Weaknesses, Opportunities, Threats.
• What are consumer wants and needs?

  Wants are desires; needs are essentials for survival.
• What is the consumer decision-making process?

  It involves recognizing needs, searching for information, and evaluating options.
• What does the ABC model in consumer behavior represent?

  Affect, Behavior, Cognition.
• How do perceptions influence consumer behavior?

  Perceptions shape how consumers view products and brands.
• What role does learning play in consumer behavior?

  Learning affects how consumers acquire knowledge about products.
• What is the self-concept in consumer behavior?

  The self-concept is how individuals perceive themselves.
• How do possessions relate to self-concept?

  Possessions can reflect and enhance an individual's self-identity.
• What is symbolic consumption?

  Symbolic consumption refers to purchasing for social meaning.
• What is product congruence?

  Product congruence is the alignment between products and consumer self-image.
• What is neotribalism in marketing?

  Neotribalism refers to brand communities and consumer groups.
• What is the STP process in marketing?

  Segmentation, Targeting, Positioning.
• What is the definition of products and services?

  Products are tangible items; services are intangible offerings.
• What are the classifications of products?

  • Consumer products: Convenience, Shopping, Specialty, Unsought
  • Industrial products: Materials, Parts, Equipment, Supplies
• What are the levels of a product?

  Core benefit, actual product, augmented product.
• What are product decisions in marketing?

  Product decisions involve design, features, and branding.
• What is new product development?

  It is the process of bringing a new product to market.
• What is innovation in product development?

  Innovation involves creating new ideas or improving products.
• What is diffusion in marketing?

  Diffusion is the process by which new products spread in the market.
• What is service marketing?

  Service marketing focuses on promoting intangible services.
• What are the types of services in marketing?

  Services can be classified as personal, business, and public services.
• What are the special characteristics of services?

  Services are intangible, inseparable, variable, and perishable.
• What is Service Dominant Logic?

  It emphasizes service over goods in marketing.
• What is the extended service marketing mix?

  It includes 7Ps: Product, Price, Place, Promotion, People, Process, Physical evidence.
• What is the role of marketing communications?

  To inform, persuade, and remind consumers about products.
• What are the models of communication in marketing?

  Models include linear, interactive, and transactional models.
• What are the planning steps in marketing communications?

  Define objectives, identify target audience, and select channels.
• How does culture affect marketing communications?

  Culture influences consumer perceptions and responses to messages.
• What is the marketing communications mix?

  It includes advertising, sales promotion, public relations, and more.
• What is integrated marketing communication?

  It ensures consistency across all marketing channels.