MKT 4385 TEST 1 REVIEW QUESTIONS
WITH VERIFIED ANSWERS
Distinctive Competencies - Answers - Things organizations do so well that they give it
an advantage over similar organizations.
Diversification - Answers - a strategy of increasing sales by introducing new products
into new markets where that product is not being served.
Market Development - Answers - trying to increase sales by selling present products in
new markets
market penetration - Answers - a marketing strategy that tries to increase market share
among existing customers
Marketing - Answers - 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
Marketing concept - Answers - the idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Marketing Information System (MIS) - Answers - an organized way of continually
gathering, accessing, and analyzing information that marketing managers need to make
ongoing effective marketing decisions
Marketing Management - Answers - The process of planning and executing the
conception, pricing, promotion, and distribution of goods, services, and ideas to create
exchanges with target groups that satisfy customer and organizational objectives
Marketing Mix - Answers - Set of controlling variables that must be managed to satisfy
the target market and achieve organizational objectives. Variables include: Product,
Price, Place, Promotion.
Marketing Planning - Answers - Produces three outputs:
-establishing marketing objectives
-selecting the target market
-developing the marketing mix
Organizational Mission - Answers - the core reason for the existence of the organization
and what makes it unique
Organizational Objectives - Answers - The end points of an organization's mission and
are what it seeks through the ongoing, long-run operation of the organization. The
, organizational mission is distilled into a finer set of specific, measurable, action
commitments by which the mission of the organization is to be achieved.
Organizational Portfolio Plan - Answers - This stage of the strategic plan involves the
allocation of resources across the organization's product lines, divisions, or businesses.
It involves deciding which ones to build, maintain, or eliminate, or which to add.
Organizational Strategies - Answers - The choice of the major directions the
organization will take in pursuing its objectives. There are three major approaches. 1)
Strategies based on products and markets. 2) Strategies based on competitive
advantage. 3) Strategies based on value
Organizational Strategies based on competitive advantage - Answers - This approach to
developing organizational strategy would develop either a cost leadership strategy
which focuses on being the lower cost company in the industry or a differentiation
strategy which focuses on being unique in the industry or market segment along
dimensions that customers value.
Organizational strategies based on products and markets - Answers - An approach to
developing organizational strategies that focuses on the four paths an organization can
grow: market penetration strategies, market development, product development,
diversification.
Organizational Strategies based on value - Answers - This approach to developing
organizational strategy seeks to succeed by choosing to deliver superior customer value
using one of three value strategies - best price, best product, or best service
Product Development - Answers - a marketing strategy that entails the creation of new
products for present markets
Situation Analysis - Answers - This stage of the marketing planning process involves the
analysis of the past, present, and likely future in six major areas of concern 1) the
cooperative environment 2) the competitive environment 3) economic growth 4) the
social environment 5) the political environment 6) the legal environment. Opportunities
for and constraints on marketing activities arise from these environments
Strategic Business Unit (SBU) - Answers - Product lines and divisions that can be
considered a "business" for the purpose of the organizational portfolio plan.
Strategic Planning - Answers - Provides a blueprint for management actions for the
entire organization. It includes all the activities that lead to the development of a clear
organizational mission, organizational objectives, and appropriate strategies to achieve
the objectives for the entire organization
WITH VERIFIED ANSWERS
Distinctive Competencies - Answers - Things organizations do so well that they give it
an advantage over similar organizations.
Diversification - Answers - a strategy of increasing sales by introducing new products
into new markets where that product is not being served.
Market Development - Answers - trying to increase sales by selling present products in
new markets
market penetration - Answers - a marketing strategy that tries to increase market share
among existing customers
Marketing - Answers - 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
Marketing concept - Answers - the idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Marketing Information System (MIS) - Answers - an organized way of continually
gathering, accessing, and analyzing information that marketing managers need to make
ongoing effective marketing decisions
Marketing Management - Answers - The process of planning and executing the
conception, pricing, promotion, and distribution of goods, services, and ideas to create
exchanges with target groups that satisfy customer and organizational objectives
Marketing Mix - Answers - Set of controlling variables that must be managed to satisfy
the target market and achieve organizational objectives. Variables include: Product,
Price, Place, Promotion.
Marketing Planning - Answers - Produces three outputs:
-establishing marketing objectives
-selecting the target market
-developing the marketing mix
Organizational Mission - Answers - the core reason for the existence of the organization
and what makes it unique
Organizational Objectives - Answers - The end points of an organization's mission and
are what it seeks through the ongoing, long-run operation of the organization. The
, organizational mission is distilled into a finer set of specific, measurable, action
commitments by which the mission of the organization is to be achieved.
Organizational Portfolio Plan - Answers - This stage of the strategic plan involves the
allocation of resources across the organization's product lines, divisions, or businesses.
It involves deciding which ones to build, maintain, or eliminate, or which to add.
Organizational Strategies - Answers - The choice of the major directions the
organization will take in pursuing its objectives. There are three major approaches. 1)
Strategies based on products and markets. 2) Strategies based on competitive
advantage. 3) Strategies based on value
Organizational Strategies based on competitive advantage - Answers - This approach to
developing organizational strategy would develop either a cost leadership strategy
which focuses on being the lower cost company in the industry or a differentiation
strategy which focuses on being unique in the industry or market segment along
dimensions that customers value.
Organizational strategies based on products and markets - Answers - An approach to
developing organizational strategies that focuses on the four paths an organization can
grow: market penetration strategies, market development, product development,
diversification.
Organizational Strategies based on value - Answers - This approach to developing
organizational strategy seeks to succeed by choosing to deliver superior customer value
using one of three value strategies - best price, best product, or best service
Product Development - Answers - a marketing strategy that entails the creation of new
products for present markets
Situation Analysis - Answers - This stage of the marketing planning process involves the
analysis of the past, present, and likely future in six major areas of concern 1) the
cooperative environment 2) the competitive environment 3) economic growth 4) the
social environment 5) the political environment 6) the legal environment. Opportunities
for and constraints on marketing activities arise from these environments
Strategic Business Unit (SBU) - Answers - Product lines and divisions that can be
considered a "business" for the purpose of the organizational portfolio plan.
Strategic Planning - Answers - Provides a blueprint for management actions for the
entire organization. It includes all the activities that lead to the development of a clear
organizational mission, organizational objectives, and appropriate strategies to achieve
the objectives for the entire organization
