CSU MKT 300 Exam 1 Questions and Answers 2024

Marketing Defined - the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment AMA 2004 definition - Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders 4 P's - Product - Goods, services, or ideas that satisfy customer needs Pricing - Decisions and actions that establish pricing objectives and policies and set product prices Distribution - The ready, convenient, and timely availability of products Promotion - Activities that inform customers about the organization and its products Exchange - The provision or transfer of goods, services, or ideas in return for something of value Exchange Conditions - Two or more participants have something of value that the other party desires. Exchange provides mutual benefit/satisfaction. Each party has confidence in the exchange value of the other party's offering. Each party must meet the expectations of the exchange to become trusted by the other parties. Stakeholder - Someone who has influence on company or the company on them Myopia - nearsightedness, not seeing full picture of possible imaginationEx. A railroad company only transferring goods instead of people too. Contact Points - Successful marketing requires managing and coordinating marketing messages at every contact point (i.e. Market to the right demographic for your product) Unplanned messages - Ex. Dirty parking lot looks bad on company as a whole. Both planned and unplanned messages are critical and influence customers Core Competencies - Things a firm does extremely well, which sometimes give it an advantage over its competition Market opportunity - A combination of circumstances and timing that permits an organization to reach a target market Competitive advantage - The result of a company's matching a core competency to opportunities in the market place SWOT analysis - S.trengths W.eaknesses O.pportunities T.hreats Mission Statement - A long-term view, or vision, of what the organization wants to become Answers: Who are our customers? What is our core competency?Marketing Objective - A statement of what is to be accomplished through marketing activities to match strengths to opportunities, or to provide for the conversation of weaknesses to strengths Market-growth/market-share matrix - A strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining market strategy High Could Grow Cash Cow Dog Target Market Selection - defining/understanding the target market by focusing on specific profitable customer groups and recognizing changes occurring in the market