CSU MKT 300 Exam 1 Questions and Answers A+
Graded
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 imagination
Ex. 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
-creating the market mix - -Analyze customer needs, preferences, and behavior.
Have the skills and resources required for product design, pricing, distribution, and
promotion.
Maintain strategic consistency and flexibility in marketing mix decisions.
-Market planning - -The process of assessing opportunities and resources, determining
objectives, defining strategies, and establishing guidelines for implementation and control
of the marketing program
Graded
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 imagination
Ex. 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
-creating the market mix - -Analyze customer needs, preferences, and behavior.
Have the skills and resources required for product design, pricing, distribution, and
promotion.
Maintain strategic consistency and flexibility in marketing mix decisions.
-Market planning - -The process of assessing opportunities and resources, determining
objectives, defining strategies, and establishing guidelines for implementation and control
of the marketing program
