CSUF - MKTG 351| 75 QUESTIONS AND ANSWERS|GUARANTEED SUCCESS

Production Orientation A philosphy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace Sales Orientation People will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits Market Orientation Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives Societal Marketing Orientation This philosophy states that an organization exists not only to satisfy customer wants and needs but also to preserve or enhance individuals' and societ's long-term best interest. Marketing an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders A Market A point, place, or sphere in which the ownership of goods is affected A Market: Point Locality, geographic market area A Market: Place Physical institution, body of buyers and sellers A Market: Sphere Economic Market- combination of forced which determine prices and exchange. Economic Utilities time, place, possession and form Time Utilitiy A product is available when the costumer wants it Place Utilitiy A product is conveniently purshasable Possession Utilitiy A product can be used as intended or other purposes as customer intends Form Utilitiy A products finished value Product/Market Expansion Grid Company growth based markets/products (offers) Market penetration existing market, existing product (offer) Market development new market, existing product (offer) Product development existing market, new product (offer) Diversification new market, new product (offer) Tariff Tax levied on goods Quota Limit on the amount of a specific product that can enter a country Embargo (boycott) ban of all products from a country or a company Exchange Control Restriction on foreign currency Discrimination Bids and standards Ethnocentric Home country employees Polycentric Host country employees Geocentric Best employee regardless of country Theory of Comparative Advantage a nation should export those items which it produces most efficiently (lowest relative cost) and import those items it produces less efficiently (highest relative cost) Strategic Business Units (SBU) A part of an organization that can be managed separately for marketing purposes (a subgroup of a single business or collection of related businesses within the larger organization) Demand Human wants that are backed by buying power (simultaneous desire and ability required) BCG Matrix: Stars High Growth & High Market Share BCG Matrix: Cash Cows Low Growth & High Market Share BCG Matrix: Dogs Low Growth & Low Market Share BCG Matrix: Question Mark High Growth & Low Market Share Segmentation Analysis dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might merit separate products or marketing mixes (the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups)