MARK 460 EXAM 1 VERIFIED STUDY GUIDE
customer value proposition - Answers - -a cluster of benefits that an organization
promises to customers to satisfy their needs
-firm's communication of the unique value of its products to its customers
marketing planning - Answers - the ongoing process of developing and implementing
market-driven strategies for an organization
strategy - Answers - a comprehensive plan stating how the organization will achieve its
mission and objectives
generic strategy - Answers - -a firm's overall directional strategy at the business level
-cost leadership, differentiation, focus (niche)
core competency - Answers - what a company is best at
distinctive competency - Answers - what distinguishes a company from another
company
product-market strategy - Answers - penetration, market development, product
development, diversification
mission statement - Answers - -scope of an organization's operations
-management's vision of the organization
-organization's purpose
-organization's long-term direction and character
production objectives - Answers - -manufacturing and service capacity
-product and service quality
financial objectives - Answers - -return on investment
-return on sales
-shareholder wealth
-profit
-cash flow
marketing objectives - Answers - -market share
-sales volume
-profit
-marketing productivity
-customer satisfaction
-customer value
-customer lifetime value
, internal capabilities - Answers - -strengths
-weaknesses
external environment - Answers - -opportunities
-threats
market penetration - Answers - -existing offering, existing market
-occurs when a company penetrates a market in which current or similar products
already exist
new offering development - Answers - new offering, existing market
market development - Answers - existing offering, new market
diversification - Answers - -new offering, new market
-enter into a new market or industry which the business is not currently in, while also
creating a new product for that new market
-high risk strategy
product innovation - Answers - developing totally new offerings
product augmentation - Answers - enhancing the value to customers of existing
offerings through bundling or improving functional performance
product line extension - Answers - adding different features, sizes, etc. to broaden the
existing line
strategic marketing audit - Answers - asks the question: are we doing the right things?
operational marketing audit - Answers - asks the question: are we doing things right?
marketing mix - Answers - price, product, place, promotion
General Agreement on Tariffs and Trade (GATT) - Answers - -World Bank and IMF
-rules for nondiscrimination, transparent procedures, and dispute settlement
-tariff reduction
-reduced trade barriers
-subsidies
-rules for import controls
World Trade Organization (WTO) - Answers - Responsible for:
-General Agreement on Trade in Services (GAT)
-Agreements on Trade Related Aspects of Intellectual Property Rights (TRIPS)
-Trade Related Investment Measures (TRIMS)
-Improvement in international trade and investment flows
-Make decisions based on consensus, majority vote if no consensus
customer value proposition - Answers - -a cluster of benefits that an organization
promises to customers to satisfy their needs
-firm's communication of the unique value of its products to its customers
marketing planning - Answers - the ongoing process of developing and implementing
market-driven strategies for an organization
strategy - Answers - a comprehensive plan stating how the organization will achieve its
mission and objectives
generic strategy - Answers - -a firm's overall directional strategy at the business level
-cost leadership, differentiation, focus (niche)
core competency - Answers - what a company is best at
distinctive competency - Answers - what distinguishes a company from another
company
product-market strategy - Answers - penetration, market development, product
development, diversification
mission statement - Answers - -scope of an organization's operations
-management's vision of the organization
-organization's purpose
-organization's long-term direction and character
production objectives - Answers - -manufacturing and service capacity
-product and service quality
financial objectives - Answers - -return on investment
-return on sales
-shareholder wealth
-profit
-cash flow
marketing objectives - Answers - -market share
-sales volume
-profit
-marketing productivity
-customer satisfaction
-customer value
-customer lifetime value
, internal capabilities - Answers - -strengths
-weaknesses
external environment - Answers - -opportunities
-threats
market penetration - Answers - -existing offering, existing market
-occurs when a company penetrates a market in which current or similar products
already exist
new offering development - Answers - new offering, existing market
market development - Answers - existing offering, new market
diversification - Answers - -new offering, new market
-enter into a new market or industry which the business is not currently in, while also
creating a new product for that new market
-high risk strategy
product innovation - Answers - developing totally new offerings
product augmentation - Answers - enhancing the value to customers of existing
offerings through bundling or improving functional performance
product line extension - Answers - adding different features, sizes, etc. to broaden the
existing line
strategic marketing audit - Answers - asks the question: are we doing the right things?
operational marketing audit - Answers - asks the question: are we doing things right?
marketing mix - Answers - price, product, place, promotion
General Agreement on Tariffs and Trade (GATT) - Answers - -World Bank and IMF
-rules for nondiscrimination, transparent procedures, and dispute settlement
-tariff reduction
-reduced trade barriers
-subsidies
-rules for import controls
World Trade Organization (WTO) - Answers - Responsible for:
-General Agreement on Trade in Services (GAT)
-Agreements on Trade Related Aspects of Intellectual Property Rights (TRIPS)
-Trade Related Investment Measures (TRIMS)
-Improvement in international trade and investment flows
-Make decisions based on consensus, majority vote if no consensus
