CSUF MKTG 351 EXAM 1 KIM |140 QUESTIONS AND ANSWERS 2023|GUARANTEED SUCCESS

marketing 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 people giving up something in order to receive something they would rather have production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace sales orientation the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits marketing concept 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 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 orientation 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 customer satisfaction customers' evaluation of a good or service in terms of whether it has met their needs and expectations customer value the relationship between benefits and the sacrifice necessary to obtain those benefits relationship marketing a strategy that focuses on keeping and improving relationships with current customers empowerment delegation of authority to solve customers' problems quickly?usually by the first person the customer notifies regarding a problem sales orientation the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits customer relationship management (CRM) a companywide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups on-demand marketing on-demand marketing delivers relevant experiences throughout the consumer's decision and buying process that integrated across both physical and virtual enviornemtns strategic planning 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) a subgroup of a single business or collection of related businesses within the larger organization Ansoff's Opportunity matrix matches products and markets market penetration (Ansoff's Opportunity matrix) a marketing strategy that tries to increase market share among existing customers market development (Ansoff's Opportunity matrix) a marketing strategy that entails attracting new customers to existing products product development (Ansoff's Opportunity matrix) a marketing strategy that entails the creation of new products for present markets diversification (Ansoff's Opportunity matrix) a strategy of increasing sales by introducing new products into new markets portfolio matrix a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate star (portfolio matrix) in the portfolio matrix, a business unit that is a fast-growing market leader cash cow (portfolio matrix) in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share problem child (question mark) (portfolio matrix) in the portfolio matrix, a business unit that shows rapid growth but poor profit margins dog (portfolio matrix) in the portfolio matrix, a business unit that has low growth potential and a small market share Build (portfolio matrix) If firm has item that has to potential a star then firm will decide to give up short term profits and use it financial resources to achieve this goal ( Ex. Apple postponed iPad for work on iPhone) Hold (portfolio matrix) if SBU is very successful cash cow, a key goal would surely be to hold or preserve market share so that the org can take advantage of the very positive cash cow Harvest (portfolio matrix) to increase the short term cash return without too much concern for the long run impact Divest (portfolio matrix) getting rid of SBUs with low shares of low growth markets is often appropriate marketing plan a written document that acts as a guidebook of marketing activities for the marketing manager mission statement a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions marketing myopia defining a business in terms of goods and services rather than in terms of the benefits customers seek SWOT analysis identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) environmental scanning collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan competitive advantage 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 cost (competitive advantage) being the low-cost competitor in an industry while maintaining satisfactory profit margins product/service differentiation (competitive advantage) the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition niche (competitive advantage) the advantage achieved when a firm seeks to target and effectively serve a small segment of the market sustainable (competitive advantage) an advantage that cannot be copied by the competition experience curves curves that show costs declining at a predictable rate as experience with a product increases marketing objective a statement of what is to be accomplished through marketing activities marketing strategy the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets marketing mix a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market implementation the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives evaluation gauging the extent to which the marketing objectives have been achieved during the specified time period control provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines marketing audit a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization component lifestyles the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle Millennials (Generation Y) people born between 1979 and 1994 Generation X people born between 1965 and 1978 baby boomers people born between 1946 and 1964 purchasing power a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas inflation a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year recession a period of economic activity characterized by negative growth, which reduces demand for goods and services Consumer Product Safety Commission (CPSC) a federal agency established to protect the health and safety of consumers in and around their homes Food and Drug Administration (FDA) a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products Federal Trade Commission (FTC) a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce Consumer privacy (WIKI) laws and regulations seek to protect any individual from loss of privacy due to failures or limitations of corporate customer privacy measures. consumer decision-making process a five-step process used by consumers when buying goods or services need recognition result of an imbalance between actual and desired states want recognition of an unfulfilled need and a product that will satisfy it stimulus any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing internal information search the process of recalling past information stored in the memory external information search the process of seeking information in the outside environment nonmarketing-controlled information source a product information source that is not associated with advertising or promotion marketing-controlled information source a product information source that originates with marketers promoting the product evoked set (consideration set) a group of brands, resulting from an information search, from which a buyer can choose cognitive dissonance inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions involvement the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer routine response behavior the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time