MARK 3321 Exam 1 Study Guide Jeffrey
Wallman UTA UPDATED ACTUAL Exam
Questions and CORRECT Answers
First principles of marketing - CORRECT ANSWER - listen to the customer, change the
rules, win or position with strength and do your duty
Fundamental values of tomorrow's markets - CORRECT ANSWER - Customer:
customization
Capital: simultaneous capital availability and scarcity.
Labor: knowledge of workers
Government: paying for stuff. E.g. healthcare
Marketing definition - CORRECT ANSWER - Marketing is 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
Conditions for exchange - CORRECT ANSWER - - At least two parties must be
involved.- Something of value must be present.
- Parties are capable of communication and delivery.
- Desire to deal with the other party exists.
- Each party is free to accept or reject the offer.
Marketing concept - CORRECT ANSWER - Satisfying customer wants and needs while
meeting
organizational objectives
,Organization's focus under a sales orientation - CORRECT ANSWER - Sales-oriented
firms believe marketing is selling
things and collecting money.
• Problem—These firms lack understanding of the
needs and wants of the marketplace.
- Firms often cannot convince people to buy what is
neither wanted nor needed despite the quality of sales
force.
Organization's focus under a marketing orientation - CORRECT ANSWER - - Focusing on
customer wants and needs to
distinguish products from competitors' offerings
• Integrating all the organization's activities to satisfy
customer wants
• Achieving the organization's long-term goals by
satisfying customer wants and needs legally and
responsibly
Customer satisfaction - CORRECT ANSWER - Customers' evaluation of a good or service
in terms
of whether that good or service has met their needs
and expectations
• Building Relationships
- Strategy that focuses on keeping and improving
relationships with customers
, Customer Relationship Management
(CRM) - CORRECT ANSWER - Company-wide business strategy designed to
optimize profitability, revenue, and customer
satisfaction
- By focusing on highly defined and precise customer
groups
• On-demand marketing
- Delivering relevant experiences, integrated across both
physical and virtual environments, throughout the
consumer's decision and buying process
Strategic planning - CORRECT ANSWER - Creating and maintaining a fit between the
organization's objectives and resources and the
evolving market opportunities
• Addresses two questions:
- What is the organization's main activity at a particular
time?
- How will it reach its goals?
Anshoff's growth matrix - CORRECT ANSWER - A method for developing alternatives is
Ansoff's
strategic opportunity matrix, which matches products
with markets
- Market penetration: Increase market share among
existing customers ((selling more stuff to the same people))
Wallman UTA UPDATED ACTUAL Exam
Questions and CORRECT Answers
First principles of marketing - CORRECT ANSWER - listen to the customer, change the
rules, win or position with strength and do your duty
Fundamental values of tomorrow's markets - CORRECT ANSWER - Customer:
customization
Capital: simultaneous capital availability and scarcity.
Labor: knowledge of workers
Government: paying for stuff. E.g. healthcare
Marketing definition - CORRECT ANSWER - Marketing is 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
Conditions for exchange - CORRECT ANSWER - - At least two parties must be
involved.- Something of value must be present.
- Parties are capable of communication and delivery.
- Desire to deal with the other party exists.
- Each party is free to accept or reject the offer.
Marketing concept - CORRECT ANSWER - Satisfying customer wants and needs while
meeting
organizational objectives
,Organization's focus under a sales orientation - CORRECT ANSWER - Sales-oriented
firms believe marketing is selling
things and collecting money.
• Problem—These firms lack understanding of the
needs and wants of the marketplace.
- Firms often cannot convince people to buy what is
neither wanted nor needed despite the quality of sales
force.
Organization's focus under a marketing orientation - CORRECT ANSWER - - Focusing on
customer wants and needs to
distinguish products from competitors' offerings
• Integrating all the organization's activities to satisfy
customer wants
• Achieving the organization's long-term goals by
satisfying customer wants and needs legally and
responsibly
Customer satisfaction - CORRECT ANSWER - Customers' evaluation of a good or service
in terms
of whether that good or service has met their needs
and expectations
• Building Relationships
- Strategy that focuses on keeping and improving
relationships with customers
, Customer Relationship Management
(CRM) - CORRECT ANSWER - Company-wide business strategy designed to
optimize profitability, revenue, and customer
satisfaction
- By focusing on highly defined and precise customer
groups
• On-demand marketing
- Delivering relevant experiences, integrated across both
physical and virtual environments, throughout the
consumer's decision and buying process
Strategic planning - CORRECT ANSWER - Creating and maintaining a fit between the
organization's objectives and resources and the
evolving market opportunities
• Addresses two questions:
- What is the organization's main activity at a particular
time?
- How will it reach its goals?
Anshoff's growth matrix - CORRECT ANSWER - A method for developing alternatives is
Ansoff's
strategic opportunity matrix, which matches products
with markets
- Market penetration: Increase market share among
existing customers ((selling more stuff to the same people))
