MKTG 351 Test 1 Babin Questions With
Accurate Answers
customer value - ANSWER the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - ANSWER customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
relationship marketing - ANSWER a strategy that focuses on keeping and
improving relationships with current customers
Empowerment - ANSWER delegation of authority to solve customers' problems
quickly—usually by the first person the customer notifies regarding a problem
teamwork - ANSWER collaborative efforts of people to accomplish common
objectives
Customer Relationship 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
on demand marketing - ANSWER delivering relevant experiences, integrated
across both physical and virtual environments, throughout the consumer's
decision and buying process
Marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
exchange - ANSWER people giving up something in order to receive something
else they would rather have
production orientation - ANSWER a philosophy that focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace
Sales Orientation - ANSWER the belief that people will buy more goods and
services if aggressive sales techniques are used and that high sales result in
high profits
, Marketing Concept - ANSWER the idea that the social and economic justification
for an organization's existence is the satisfaction of customer wants and needs
while meeting organizational objectives
Market Orientation - 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
societal marketing concept - ANSWER the idea that a company's marketing
decisions should consider consumers' wants, the company's requirements,
consumers' long-run interests, and society's long-run interests
Strategic Planning - ANSWER the managerial process of creating and
maintaining a fit between the organization's objectives and resources and the
evolving market opportunities
Strategic Business Unit (SBU) - ANSWER a subgroup of a single business or
collection of related businesses within the larger organization
market penetration - ANSWER a marketing strategy that tries to increase market
share among existing customers
market development - ANSWER a marketing strategy that entails attracting new
customers to existing products
product development - ANSWER a marketing strategy that entails the creation of
new products for present markets
Diversification - ANSWER a strategy of increasing sales by introducing new
products into new markets
portfolio matrix - ANSWER a tool for allocating resources among products or
strategic business units on the basis of relative market share and market growth
rate
star - ANSWER in the portfolio matrix, a business unit that is a fast-growing
market leader
Cash Cow - ANSWER in the portfolio matrix, a business unit that generates more
cash than it needs to maintain its market share
problem child (question mark) - ANSWER in the portfolio matrix, a business unit
that shows rapid growth but poor profit margins
dog - ANSWER in the portfolio matrix, a business unit that has low growth
potential and a small market share
Accurate Answers
customer value - ANSWER the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - ANSWER customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
relationship marketing - ANSWER a strategy that focuses on keeping and
improving relationships with current customers
Empowerment - ANSWER delegation of authority to solve customers' problems
quickly—usually by the first person the customer notifies regarding a problem
teamwork - ANSWER collaborative efforts of people to accomplish common
objectives
Customer Relationship 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
on demand marketing - ANSWER delivering relevant experiences, integrated
across both physical and virtual environments, throughout the consumer's
decision and buying process
Marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
exchange - ANSWER people giving up something in order to receive something
else they would rather have
production orientation - ANSWER a philosophy that focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace
Sales Orientation - ANSWER the belief that people will buy more goods and
services if aggressive sales techniques are used and that high sales result in
high profits
, Marketing Concept - ANSWER the idea that the social and economic justification
for an organization's existence is the satisfaction of customer wants and needs
while meeting organizational objectives
Market Orientation - 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
societal marketing concept - ANSWER the idea that a company's marketing
decisions should consider consumers' wants, the company's requirements,
consumers' long-run interests, and society's long-run interests
Strategic Planning - ANSWER the managerial process of creating and
maintaining a fit between the organization's objectives and resources and the
evolving market opportunities
Strategic Business Unit (SBU) - ANSWER a subgroup of a single business or
collection of related businesses within the larger organization
market penetration - ANSWER a marketing strategy that tries to increase market
share among existing customers
market development - ANSWER a marketing strategy that entails attracting new
customers to existing products
product development - ANSWER a marketing strategy that entails the creation of
new products for present markets
Diversification - ANSWER a strategy of increasing sales by introducing new
products into new markets
portfolio matrix - ANSWER a tool for allocating resources among products or
strategic business units on the basis of relative market share and market growth
rate
star - ANSWER in the portfolio matrix, a business unit that is a fast-growing
market leader
Cash Cow - ANSWER in the portfolio matrix, a business unit that generates more
cash than it needs to maintain its market share
problem child (question mark) - ANSWER in the portfolio matrix, a business unit
that shows rapid growth but poor profit margins
dog - ANSWER in the portfolio matrix, a business unit that has low growth
potential and a small market share
