MAR 301 EXAM 1 questions with correct
answers to pass
customer satisfaction - correct answer ✔✔customers' evaluation of a good or service in terms of
whether it has met their needs and expectation
customer value - correct answer ✔✔the relationship between benefits and the sacrifice necessary to
obtain those benefits
exchange - correct answer ✔✔people giving up something to receive something they would rather have
market orientation - correct answer ✔✔a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product. it is synonymous with
the marketing concept
marketing - correct answer ✔✔an organized function and a 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
production orientation - correct answer ✔✔a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace
relationship marketing - correct answer ✔✔a strategy that focuses on keeping and improving
relationships with current customers.
sales orientation - correct answer ✔✔the idea that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
societal marketing orientation - correct answer ✔✔the idea that an organization exists not only to satisfy
customer wants and needs and to meet organizational objectives but also to preserve or enhance
individuals' and society's long-term best interests
, cash cow - correct answer ✔✔in the portfolio matrix, a product or brand that is in a strong competitive
position, but is in a low-growth market. such products usually general more cash than is needed to
maintain its market share
competitive advantage - correct answer ✔✔the set of unique features of a company and its products
that are perceived by the target market as significant and superior to the competition
cost competitve advantage - correct answer ✔✔being the low cost competitor in an industry while
maintaining satisfactory profit margins
diversification - correct answer ✔✔a strategy of increasing sales by introducing new products into new
markets
dog - correct answer ✔✔in the portfolio matrix, a product that is in a low-growth market and a poor
competitive position
four P's - correct answer ✔✔product, place, promotion, and price, which together make up the
marketing mix
market development - correct answer ✔✔a marketing strategy that entails attracting new types of
customers to existing products
market penetration - correct answer ✔✔a marketing strategy that tries to increase market share among
the same segment of customers that it currently targets
marketing mix - correct answer ✔✔a unique blend of product, place, promotion, and pricing strategies
designed to produce mutually satisfying exchanges with a target market
marketing myopia - correct answer ✔✔defining a business in terms of goods and services rather than in
terms of the benefits that customers seek
answers to pass
customer satisfaction - correct answer ✔✔customers' evaluation of a good or service in terms of
whether it has met their needs and expectation
customer value - correct answer ✔✔the relationship between benefits and the sacrifice necessary to
obtain those benefits
exchange - correct answer ✔✔people giving up something to receive something they would rather have
market orientation - correct answer ✔✔a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product. it is synonymous with
the marketing concept
marketing - correct answer ✔✔an organized function and a 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
production orientation - correct answer ✔✔a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace
relationship marketing - correct answer ✔✔a strategy that focuses on keeping and improving
relationships with current customers.
sales orientation - correct answer ✔✔the idea that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
societal marketing orientation - correct answer ✔✔the idea that an organization exists not only to satisfy
customer wants and needs and to meet organizational objectives but also to preserve or enhance
individuals' and society's long-term best interests
, cash cow - correct answer ✔✔in the portfolio matrix, a product or brand that is in a strong competitive
position, but is in a low-growth market. such products usually general more cash than is needed to
maintain its market share
competitive advantage - correct answer ✔✔the set of unique features of a company and its products
that are perceived by the target market as significant and superior to the competition
cost competitve advantage - correct answer ✔✔being the low cost competitor in an industry while
maintaining satisfactory profit margins
diversification - correct answer ✔✔a strategy of increasing sales by introducing new products into new
markets
dog - correct answer ✔✔in the portfolio matrix, a product that is in a low-growth market and a poor
competitive position
four P's - correct answer ✔✔product, place, promotion, and price, which together make up the
marketing mix
market development - correct answer ✔✔a marketing strategy that entails attracting new types of
customers to existing products
market penetration - correct answer ✔✔a marketing strategy that tries to increase market share among
the same segment of customers that it currently targets
marketing mix - correct answer ✔✔a unique blend of product, place, promotion, and pricing strategies
designed to produce mutually satisfying exchanges with a target market
marketing myopia - correct answer ✔✔defining a business in terms of goods and services rather than in
terms of the benefits that customers seek
