Basic Marketing exam 1 (USF-Biswas)
Updated Questions And Answers With
100% Correct Answers Graded A+
QUESTIONS AND ANSWERS
Marketing. ANSWER - A set of activities, involving organizations / processes for
creating, communicating, & delivering something of value for exchanges between
shareholders.
Value. ANSWER - a function of benefit and cost
rule for exchanges. ANSWER - must have at least two parties with each having something
of value
Production orientation. ANSWER - - (most prevalent after industrial revolution)
- management philosophy
- inward focus ie what you're good at
Sales Orientation. ANSWER - - (more prevalent after WW2)
- aggressive selling techniques
Market orientation. ANSWER - - (early 90's)
-customer orientated (focus on customers)
Societal Orientation. ANSWER - Concerned about the environment and society as a whole
etc
controllable factors. ANSWER - product, price, promotion (type of advertisement), place
(distribution)
uncontrollable factors. ANSWER - - customer preferences / trends
, - economy / technology / competition
- regulations / laws
Strategy. ANSWER - managerial process for creating a fit between:
- objectives
- resources
- evolving market opportunities
Market penetration. ANSWER - increase market shares among existing customers
Market development. ANSWER - appeal new customers to existing products
product development. ANSWER - create new products for existing customers
product-market development. ANSWER - new products for new markets
market. ANSWER - - potential customers
- people or organizations with (needs, ability to buys and willingness to spend/buy)
SWOT analysis. ANSWER - strengths, weaknesses, opportunities, threats
competitive advantage. ANSWER - - significantly superior in terms of benefits offered by
competitions
- better than competition and meaningful to customers (unique)
SCA. ANSWER - sustainable competitive advantage
- patents
- copyrights
- Research & development (R&D)
Elements of the marketing mix. ANSWER - product, price, promotion, place
portfolio matrix. ANSWER - how to allocate resources based on market shares and
growths
Updated Questions And Answers With
100% Correct Answers Graded A+
QUESTIONS AND ANSWERS
Marketing. ANSWER - A set of activities, involving organizations / processes for
creating, communicating, & delivering something of value for exchanges between
shareholders.
Value. ANSWER - a function of benefit and cost
rule for exchanges. ANSWER - must have at least two parties with each having something
of value
Production orientation. ANSWER - - (most prevalent after industrial revolution)
- management philosophy
- inward focus ie what you're good at
Sales Orientation. ANSWER - - (more prevalent after WW2)
- aggressive selling techniques
Market orientation. ANSWER - - (early 90's)
-customer orientated (focus on customers)
Societal Orientation. ANSWER - Concerned about the environment and society as a whole
etc
controllable factors. ANSWER - product, price, promotion (type of advertisement), place
(distribution)
uncontrollable factors. ANSWER - - customer preferences / trends
, - economy / technology / competition
- regulations / laws
Strategy. ANSWER - managerial process for creating a fit between:
- objectives
- resources
- evolving market opportunities
Market penetration. ANSWER - increase market shares among existing customers
Market development. ANSWER - appeal new customers to existing products
product development. ANSWER - create new products for existing customers
product-market development. ANSWER - new products for new markets
market. ANSWER - - potential customers
- people or organizations with (needs, ability to buys and willingness to spend/buy)
SWOT analysis. ANSWER - strengths, weaknesses, opportunities, threats
competitive advantage. ANSWER - - significantly superior in terms of benefits offered by
competitions
- better than competition and meaningful to customers (unique)
SCA. ANSWER - sustainable competitive advantage
- patents
- copyrights
- Research & development (R&D)
Elements of the marketing mix. ANSWER - product, price, promotion, place
portfolio matrix. ANSWER - how to allocate resources based on market shares and
growths
