GB 350 Essentials of Marketing
Cascio FINAL Exam Questions and
Answers
Market Orientation - ANSWER-LONG TERM Satisfying customer wants and needs
while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix
decisions that must be made
Societal Orientation - ANSWER-LONG TERM satisfying customer needs and wants
while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
customer satisfaction - ANSWER-customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Customer realtionship management (CRM) - ANSWER-a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
Sales oriented organization vs. market oriented - ANSWER-Sales-Targets
everybody
Market- marketing strategy aimed at specific groups of customers
Strategic Business Unit (SBU) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - ANSWER-1. A distinct mission and specific target market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - ANSWER-market penetration, market development,
product development, diversification
, product development - ANSWER-develop new offerings to create value for existing
customers
Star (BCG Matrix) - ANSWER-in the portfolio matrix, a business unit that is a fast-
growing market leader
-high market share
-high growth
-reinvest earnings into product improvement
Cash Cows (BCG Matrix) - ANSWER-generates more cash than it needs to maintain
its market share
-high market share
-low growth
-allocate excess cash to high growth products/price leader
-hold and leave alone
Problem Child/Question Mark(BCG Matrix) - ANSWER-a business unit that shows
rapid growth but poor profit margins
-Low market share
-High growth
-Invest heavily to gain market share
-Acquire competitors
-Or drop SBU
Dog (BCG Matrix) - ANSWER-a company with a small share of a slow-growing
market
-Low market share
-Low growth
-Usually divest or harvest
Mission Statement - ANSWER-The declaration of an organization's overall purpose.
It forms the foundation for setting the objectives of a business.
SWOT analysis - ANSWER-identifying internal strengths (S) and weaknesses (W)
and also examining external opportunities (O) and threats (T)
competitive advantage - ANSWER-a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those
of the competition
Marketing Plan - ANSWER-to achieve SUSTAINABLE competitive advantage which
cannot be copied by competition
niche advantage - ANSWER-organization effectively serves a small, specialized,
customer segment and competition either can't or doesn't see the value in entering
Marketing Objective - ANSWER-a statement of what is to be accomplished through
marketing activities
-realistic
-measurable
Cascio FINAL Exam Questions and
Answers
Market Orientation - ANSWER-LONG TERM Satisfying customer wants and needs
while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix
decisions that must be made
Societal Orientation - ANSWER-LONG TERM satisfying customer needs and wants
while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
customer satisfaction - ANSWER-customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Customer realtionship management (CRM) - ANSWER-a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
Sales oriented organization vs. market oriented - ANSWER-Sales-Targets
everybody
Market- marketing strategy aimed at specific groups of customers
Strategic Business Unit (SBU) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - ANSWER-1. A distinct mission and specific target market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - ANSWER-market penetration, market development,
product development, diversification
, product development - ANSWER-develop new offerings to create value for existing
customers
Star (BCG Matrix) - ANSWER-in the portfolio matrix, a business unit that is a fast-
growing market leader
-high market share
-high growth
-reinvest earnings into product improvement
Cash Cows (BCG Matrix) - ANSWER-generates more cash than it needs to maintain
its market share
-high market share
-low growth
-allocate excess cash to high growth products/price leader
-hold and leave alone
Problem Child/Question Mark(BCG Matrix) - ANSWER-a business unit that shows
rapid growth but poor profit margins
-Low market share
-High growth
-Invest heavily to gain market share
-Acquire competitors
-Or drop SBU
Dog (BCG Matrix) - ANSWER-a company with a small share of a slow-growing
market
-Low market share
-Low growth
-Usually divest or harvest
Mission Statement - ANSWER-The declaration of an organization's overall purpose.
It forms the foundation for setting the objectives of a business.
SWOT analysis - ANSWER-identifying internal strengths (S) and weaknesses (W)
and also examining external opportunities (O) and threats (T)
competitive advantage - ANSWER-a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those
of the competition
Marketing Plan - ANSWER-to achieve SUSTAINABLE competitive advantage which
cannot be copied by competition
niche advantage - ANSWER-organization effectively serves a small, specialized,
customer segment and competition either can't or doesn't see the value in entering
Marketing Objective - ANSWER-a statement of what is to be accomplished through
marketing activities
-realistic
-measurable
