MKTG 350 Final Exam Study Guide || Already Passed.
Marketing Mix correct answers four marketing activities- product, distribution, promotion, and
pricing- that a firm can control to meet the needs of customers within its target market
Target Market correct answers a specific group of customers on whom an organization focuses it
marketing efforts
Marketing Concept correct answers a managerial philosophy that an organization should try to
satisfy customers' needs through a coordinated set of activities that also allows the organization
to achieve its goals
customer relationship management correct answers using information about customers to create
marketing strategies that develop and sustain desirable customer relationships
Market Share correct answers the percentage of a market that actually buys a specific product
from a particular company
Mission Statement correct answers A long-term view, or vision, of what the organization wants
to become
Marketing Strategy correct answers a plan of action for identifying and analyzing a target market
and developing a marketing mix to meet the needs of that market
Green Marketing correct answers A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Market Penetration correct answers a strategy of increasing sales in current markets with current
products. Coca-Cola boosted sales due to a promotion that offered soft-bottles and cans labeled
with hundreds of different personal names, song lyrics, and phases such as "Friends",
Family" and "BFF"
Market development correct answers a strategy of increasing sales of current products in new
markets. Arm & Hammer successfully introduced its baking soda, the firm's basic product into
new markets for use as a carpet deodorizer, as a freshener for litter boxes, as a laundry detergent,
as a deodorant, and as a toothpaste
Product Development correct answers a strategy of increasing sales by improving present
products or developing new products for current markets. Electric guitar marker Fender
introduced a online guitar lesson service to help ensure that new buyers of Fender guitars learn to
play well enough to want to buy more Fender guitars
Diversification correct answers a strategy of developing new products to be sold in new markets.
________ allows firms to make better and wider use of their managerial, technological, and
, financial resources. Consider Nokiam best known as a cell phone maker until it sold that
business to Microsoft which has introduced a number of internet connected health devices.
first-mover advantage correct answers the ability of an innovative company to achieve long-term
competitive advantages by being the first to offer a certain product in the marketplace
late-mover advantage correct answers the ability of later market entrants to achieve long-term
competitive advantages y not being the first to offer a certain product in a marketplace
brand competitors correct answers firms that market products with similar features and benefits
to the same customers at similar prices
product competitors correct answers firms that compete in the same product class but market
products with different features, benefits, and prices
FTC correct answers an agency that regulates a variety of business practices and curbs false
advertising, misleading pricing, and deceptive packaging and labeling.
FCC correct answers
FDA correct answers
sociocultural forces correct answers the influences in a society and its culture that change
people's attitudes, beliefs, norms, customs, and lifestyles
Consumerism correct answers Organized efforts by individuals, groups, and organizations to
protect consumers' rights
sustainability correct answers the potential for the long-term well-being of the natural
environment, including all biological entities, as well as the interaction among nature and
individuals, organizations and business strategies
Marketing Ethics correct answers Principles and standards that define acceptable marketing
conduct as determined by various stakeholders
Social Responsibility correct answers An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Exploratory Research correct answers Research conducted to gather more information about a
problem or make a tentative hypothesis more specific
Conclusive Research correct answers research designed to verify insights through objective
procedures and to help marketers in making decisions
Validity correct answers a condition that exists when a research method measures what it is
supposed to measure
Marketing Mix correct answers four marketing activities- product, distribution, promotion, and
pricing- that a firm can control to meet the needs of customers within its target market
Target Market correct answers a specific group of customers on whom an organization focuses it
marketing efforts
Marketing Concept correct answers a managerial philosophy that an organization should try to
satisfy customers' needs through a coordinated set of activities that also allows the organization
to achieve its goals
customer relationship management correct answers using information about customers to create
marketing strategies that develop and sustain desirable customer relationships
Market Share correct answers the percentage of a market that actually buys a specific product
from a particular company
Mission Statement correct answers A long-term view, or vision, of what the organization wants
to become
Marketing Strategy correct answers a plan of action for identifying and analyzing a target market
and developing a marketing mix to meet the needs of that market
Green Marketing correct answers A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Market Penetration correct answers a strategy of increasing sales in current markets with current
products. Coca-Cola boosted sales due to a promotion that offered soft-bottles and cans labeled
with hundreds of different personal names, song lyrics, and phases such as "Friends",
Family" and "BFF"
Market development correct answers a strategy of increasing sales of current products in new
markets. Arm & Hammer successfully introduced its baking soda, the firm's basic product into
new markets for use as a carpet deodorizer, as a freshener for litter boxes, as a laundry detergent,
as a deodorant, and as a toothpaste
Product Development correct answers a strategy of increasing sales by improving present
products or developing new products for current markets. Electric guitar marker Fender
introduced a online guitar lesson service to help ensure that new buyers of Fender guitars learn to
play well enough to want to buy more Fender guitars
Diversification correct answers a strategy of developing new products to be sold in new markets.
________ allows firms to make better and wider use of their managerial, technological, and
, financial resources. Consider Nokiam best known as a cell phone maker until it sold that
business to Microsoft which has introduced a number of internet connected health devices.
first-mover advantage correct answers the ability of an innovative company to achieve long-term
competitive advantages by being the first to offer a certain product in the marketplace
late-mover advantage correct answers the ability of later market entrants to achieve long-term
competitive advantages y not being the first to offer a certain product in a marketplace
brand competitors correct answers firms that market products with similar features and benefits
to the same customers at similar prices
product competitors correct answers firms that compete in the same product class but market
products with different features, benefits, and prices
FTC correct answers an agency that regulates a variety of business practices and curbs false
advertising, misleading pricing, and deceptive packaging and labeling.
FCC correct answers
FDA correct answers
sociocultural forces correct answers the influences in a society and its culture that change
people's attitudes, beliefs, norms, customs, and lifestyles
Consumerism correct answers Organized efforts by individuals, groups, and organizations to
protect consumers' rights
sustainability correct answers the potential for the long-term well-being of the natural
environment, including all biological entities, as well as the interaction among nature and
individuals, organizations and business strategies
Marketing Ethics correct answers Principles and standards that define acceptable marketing
conduct as determined by various stakeholders
Social Responsibility correct answers An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Exploratory Research correct answers Research conducted to gather more information about a
problem or make a tentative hypothesis more specific
Conclusive Research correct answers research designed to verify insights through objective
procedures and to help marketers in making decisions
Validity correct answers a condition that exists when a research method measures what it is
supposed to measure
