MKT 340 UNCW Midterm – Study Guide, Practice Questions & Exam Review
Marketing Myopia - ANS ✔✔1) the mistake of paying More attention to the specific products a
company offers than to the benefits and experiences produced by those products.
Marketing - ANS ✔✔the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
5 step marketing process - ANS ✔✔1. Understand the marketplace and customer needs and
wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Market Offering - ANS ✔✔some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
artificial intelligence - ANS ✔✔A scientific field that focuses on creating machines capable of
performing activities that require intelligence when they are done by people.
4 P's of Marketing - ANS ✔✔Product, Price, Place, Promotion
mobile marketing - ANS ✔✔marketing messages, promotions, and other content delivered to
on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices
Stars - ANS ✔✔SBUs with products that have a dominant market share in high-growth markets
, Cash Cows (Growth Share Matrix) - ANS ✔✔low-growth, high-share businesses or products.
These established and successful SBUs need less investment to hold their market share.
Question Marks (BCG Matrix) - ANS ✔✔- (upper right quadrant) appear in high-growth markets
but have relatively low market shares
-they are often the most managerially intensive products in that they require significant
resources to maintain and potentially increase their market share.
-Managers must decide whether to infuse question marks with resources generated by the cash
cows, so that they can become stars, or withdraw resources and eventually phase out the
products.
Dogs - ANS ✔✔low growth, low market share
Diversification - ANS ✔✔involves starting up or buying businesses beyond its current products
and markets
Value Proposition - ANS ✔✔the set of benefits or values it promises to deliver to consumers to
satisfy their needs
Product Concept - ANS ✔✔the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy to
making continuous product improvements
customer satisfaction - ANS ✔✔the extent to which a product's perceived performance matches
a buyer's expectations
Customer Evangelist - ANS ✔✔customer who spreads the word about their outstanding
experiences to others
Customer equity - ANS ✔✔measure of the future value of the company's customer base
Marketing Myopia - ANS ✔✔1) the mistake of paying More attention to the specific products a
company offers than to the benefits and experiences produced by those products.
Marketing - ANS ✔✔the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
5 step marketing process - ANS ✔✔1. Understand the marketplace and customer needs and
wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Market Offering - ANS ✔✔some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
artificial intelligence - ANS ✔✔A scientific field that focuses on creating machines capable of
performing activities that require intelligence when they are done by people.
4 P's of Marketing - ANS ✔✔Product, Price, Place, Promotion
mobile marketing - ANS ✔✔marketing messages, promotions, and other content delivered to
on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices
Stars - ANS ✔✔SBUs with products that have a dominant market share in high-growth markets
, Cash Cows (Growth Share Matrix) - ANS ✔✔low-growth, high-share businesses or products.
These established and successful SBUs need less investment to hold their market share.
Question Marks (BCG Matrix) - ANS ✔✔- (upper right quadrant) appear in high-growth markets
but have relatively low market shares
-they are often the most managerially intensive products in that they require significant
resources to maintain and potentially increase their market share.
-Managers must decide whether to infuse question marks with resources generated by the cash
cows, so that they can become stars, or withdraw resources and eventually phase out the
products.
Dogs - ANS ✔✔low growth, low market share
Diversification - ANS ✔✔involves starting up or buying businesses beyond its current products
and markets
Value Proposition - ANS ✔✔the set of benefits or values it promises to deliver to consumers to
satisfy their needs
Product Concept - ANS ✔✔the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy to
making continuous product improvements
customer satisfaction - ANS ✔✔the extent to which a product's perceived performance matches
a buyer's expectations
Customer Evangelist - ANS ✔✔customer who spreads the word about their outstanding
experiences to others
Customer equity - ANS ✔✔measure of the future value of the company's customer base
