UT Dallas MKT 6301 Exam 1 questions
with verified answers passed
Marketing - correct answer ✔✔The set of activities designed to influence choice whenever an
individual or organization has a choice to make
Marketing Concept - correct answer ✔✔The importance of having a customer focus (i.e.,
organizing the resources of the firm toward understanding customers' needs and wants and
then offering products and services to meet those needs)
Strategic Approaches to the Marketplace (Organizational Philosophies) - correct answer
✔✔Sales Driven, Technology Driven, Marketing Driven, and Customer Driven
Sales Driven - correct answer ✔✔Philosophy is "what we make, we sell"
Aggressive approach
Sales function is the leader and marketing acts in a supporting role through the production or
collateral material and coordination of promotional events
Little effort usually is expended in listening to what the customer is saying or even attempting to
understand what the customer wants
Main focus: selling and meeting sales targets, not marketing
Technology Driven (Product Driven) - correct answer ✔✔Focus is on the R&D group as well as
sales
R&D develops products and pitches them for marketing and sales to sell
Problem: The technology may not solve anyone's problem
Marketing Driven - correct answer ✔✔Embraces marketing, but to excess
,Much money is spent on marketing research and test marketing until the product is finely
honed
Have large budgets
Rely on customers to tell them what they want rather than take risks and anticipate customer
needs
Typically have brand managers, associate brand managers, assistant brand managers and
multiple layers of decision making
Problem: Its speed of response to changes in the marketplace is slow
Customer Driven - correct answer ✔✔Understand that there are differences between the
physical products that engineers often describe and the products consumer buy
The job of marketing is to understand what benefits customers are seeking, translate them into
products, and then retranslate the physical products or services back to benefit terms the
customer can understand
Make their key investments in their customers and their customers' long-term satisfaction
Marketing Plan - correct answer ✔✔A written document containing the guidelines for a
product's marketing programs and allocations over the planning period
Solutions - correct answer ✔✔Products or services that solve a particular customers problem at
a given point in time
Experiences - correct answer ✔✔The interactions that a customer has with a company
Relationships - correct answer ✔✔Meaningful relationships between an individual and his or
her brand
Lifetime Customer Value - correct answer ✔✔The present value of a stream of revenue that can
be produced by a customer
,Mass customization - correct answer ✔✔Also called one-to-one marketing, a new marketing
process whereby a company takes a product or service that is widely marketing and develops a
system for customizing it to each customer's specifications
Objective - correct answer ✔✔The criterion by which the success or failure of the strategy is to
be measured
Customer targets - correct answer ✔✔A more specific statement by customers which the
marketing manager wants to entice to buy the product or service
Ex: Income over $40,000, small businesses with revenues over $1 million
Competitor targets - correct answer ✔✔The brands or companies that offer the most likely
competition for that customer
Core strategy - correct answer ✔✔Designed by the marketing manager, a statement that
communicates the reason to buy to a specific customer group
Value proposition - correct answer ✔✔A one-paragraph summary of a product or service's
differentiation strategy and positioning to each target customer group; in short, a statement of
why the customer should buy that produce or service rather than the competitor's
Product positioning - correct answer ✔✔Considering the alternative differentiation possibilities
and determining what differential advantages are to be emphasized and communicated to the
target
Marketing mix - correct answer ✔✔The set of decisions about price, channels of distribution,
product, communications, and customer relationship management that implements the
marketing strategy
, Mission statement - correct answer ✔✔A general statement describing a company's major
business thrusts, customer orientation, or business philosophy
Target market - correct answer ✔✔Group of customers or segment on which the marketing
manager has decided to focus a marketing strategy
Market penetration strategy - correct answer ✔✔One possible strategy in segmenting the
market; the decision to target current customers of a product or service
Market Development Strategy - correct answer ✔✔One possible strategy in segmenting the
market; the decision to target customers who have not yet purchased the product or service
Competitive Advantage - correct answer ✔✔The strategic development of some basis on which
customers will choose a firm's products or services over its competitors
Differential Advantage - correct answer ✔✔one of the three components of a core strategy, a
statement of how a particular product or service is better than the competition
Economies of scale - correct answer ✔✔Also called economies of size, the rationale that larger
sales mean that fixed costs of operations can be spread over more units, which lowers average
unit costs
Experience Curve - correct answer ✔✔the notion that costs fall with cumulative production or
delivery of a service and that using the first few years of a products life as a yardstick the
continued decline in costs is predictable
Differentiation - correct answer ✔✔an approach to creating a competitive advantage based on
obtaining an observable point of difference that customers will value and for which they will be
willing to pay
with verified answers passed
Marketing - correct answer ✔✔The set of activities designed to influence choice whenever an
individual or organization has a choice to make
Marketing Concept - correct answer ✔✔The importance of having a customer focus (i.e.,
organizing the resources of the firm toward understanding customers' needs and wants and
then offering products and services to meet those needs)
Strategic Approaches to the Marketplace (Organizational Philosophies) - correct answer
✔✔Sales Driven, Technology Driven, Marketing Driven, and Customer Driven
Sales Driven - correct answer ✔✔Philosophy is "what we make, we sell"
Aggressive approach
Sales function is the leader and marketing acts in a supporting role through the production or
collateral material and coordination of promotional events
Little effort usually is expended in listening to what the customer is saying or even attempting to
understand what the customer wants
Main focus: selling and meeting sales targets, not marketing
Technology Driven (Product Driven) - correct answer ✔✔Focus is on the R&D group as well as
sales
R&D develops products and pitches them for marketing and sales to sell
Problem: The technology may not solve anyone's problem
Marketing Driven - correct answer ✔✔Embraces marketing, but to excess
,Much money is spent on marketing research and test marketing until the product is finely
honed
Have large budgets
Rely on customers to tell them what they want rather than take risks and anticipate customer
needs
Typically have brand managers, associate brand managers, assistant brand managers and
multiple layers of decision making
Problem: Its speed of response to changes in the marketplace is slow
Customer Driven - correct answer ✔✔Understand that there are differences between the
physical products that engineers often describe and the products consumer buy
The job of marketing is to understand what benefits customers are seeking, translate them into
products, and then retranslate the physical products or services back to benefit terms the
customer can understand
Make their key investments in their customers and their customers' long-term satisfaction
Marketing Plan - correct answer ✔✔A written document containing the guidelines for a
product's marketing programs and allocations over the planning period
Solutions - correct answer ✔✔Products or services that solve a particular customers problem at
a given point in time
Experiences - correct answer ✔✔The interactions that a customer has with a company
Relationships - correct answer ✔✔Meaningful relationships between an individual and his or
her brand
Lifetime Customer Value - correct answer ✔✔The present value of a stream of revenue that can
be produced by a customer
,Mass customization - correct answer ✔✔Also called one-to-one marketing, a new marketing
process whereby a company takes a product or service that is widely marketing and develops a
system for customizing it to each customer's specifications
Objective - correct answer ✔✔The criterion by which the success or failure of the strategy is to
be measured
Customer targets - correct answer ✔✔A more specific statement by customers which the
marketing manager wants to entice to buy the product or service
Ex: Income over $40,000, small businesses with revenues over $1 million
Competitor targets - correct answer ✔✔The brands or companies that offer the most likely
competition for that customer
Core strategy - correct answer ✔✔Designed by the marketing manager, a statement that
communicates the reason to buy to a specific customer group
Value proposition - correct answer ✔✔A one-paragraph summary of a product or service's
differentiation strategy and positioning to each target customer group; in short, a statement of
why the customer should buy that produce or service rather than the competitor's
Product positioning - correct answer ✔✔Considering the alternative differentiation possibilities
and determining what differential advantages are to be emphasized and communicated to the
target
Marketing mix - correct answer ✔✔The set of decisions about price, channels of distribution,
product, communications, and customer relationship management that implements the
marketing strategy
, Mission statement - correct answer ✔✔A general statement describing a company's major
business thrusts, customer orientation, or business philosophy
Target market - correct answer ✔✔Group of customers or segment on which the marketing
manager has decided to focus a marketing strategy
Market penetration strategy - correct answer ✔✔One possible strategy in segmenting the
market; the decision to target current customers of a product or service
Market Development Strategy - correct answer ✔✔One possible strategy in segmenting the
market; the decision to target customers who have not yet purchased the product or service
Competitive Advantage - correct answer ✔✔The strategic development of some basis on which
customers will choose a firm's products or services over its competitors
Differential Advantage - correct answer ✔✔one of the three components of a core strategy, a
statement of how a particular product or service is better than the competition
Economies of scale - correct answer ✔✔Also called economies of size, the rationale that larger
sales mean that fixed costs of operations can be spread over more units, which lowers average
unit costs
Experience Curve - correct answer ✔✔the notion that costs fall with cumulative production or
delivery of a service and that using the first few years of a products life as a yardstick the
continued decline in costs is predictable
Differentiation - correct answer ✔✔an approach to creating a competitive advantage based on
obtaining an observable point of difference that customers will value and for which they will be
willing to pay
