MKT 3401 LEDET EXAM 1 STUDY GUIDE
Marketing - Answer -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.
true or false
Marketing does not just focus on selling goods - Answer -true
Exchange - Answer -people giving up something in order to receive something else
they would rather have
Production Orientation - Answer -a philosophy that focuses on the internal capabilities
of the firm rather than on the desires and needs of the marketplace. This does not help
a firm in a competitive market.
Sales Orientation - Answer -the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - Answer -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 - Answer -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 synonyms with the marketing concept.
societal marketing orientation - Answer -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 interest.
Who has the power? - Answer -the customers
customer value - Answer -the relationship between benefits and the sacrifice necessary
to obtain those benefits
customer satisfaction - Answer -customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
Empowerment - Answer -delegation of authority to solve customers' problems quickly—
usually by the first person the customer notifies regarding a problem
teamwork - Answer -collaborative efforts of people to accomplish common objectives
, Customer Relationship Management (CRM) - Answer -a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
on-demand marketing - Answer -delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and buying
process
Strategic Planning - Answer -the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
characteristics of an SBU - Answer --a distinct mission and a specific target market
-control over its resources
-its own competitors
-a single business
-plans independent from other SBU's
SBU - Answer -Each ______ has its own rate of return on investment, growth potential,
and associated risks, and requires its own strategies and funding.
Strategic Business Unit (SBU) - Answer -a subgroup of a single business or collection
of related businesses within the larger organization
A marketing plan should _____ - Answer --define the business mission
-perform a situation analysis, define objectives
-delineate a target market
-establish components of the marketing mix
Ansoff's opportunity matrix presents four options to help management develop strategic
alternatives: - Answer -market penetration, market development, product development,
and diversification
market penetration - Answer -a marketing strategy that tries to increase market share
among existing customers
market development - Answer -a marketing strategy that entails attracting new
customers to existing products
product development - Answer -a marketing strategy that entails the creation of new
products for present markets
diversification - Answer -a strategy of increasing sales by introducing new products into
new markets
Marketing - Answer -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.
true or false
Marketing does not just focus on selling goods - Answer -true
Exchange - Answer -people giving up something in order to receive something else
they would rather have
Production Orientation - Answer -a philosophy that focuses on the internal capabilities
of the firm rather than on the desires and needs of the marketplace. This does not help
a firm in a competitive market.
Sales Orientation - Answer -the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - Answer -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 - Answer -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 synonyms with the marketing concept.
societal marketing orientation - Answer -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 interest.
Who has the power? - Answer -the customers
customer value - Answer -the relationship between benefits and the sacrifice necessary
to obtain those benefits
customer satisfaction - Answer -customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
Empowerment - Answer -delegation of authority to solve customers' problems quickly—
usually by the first person the customer notifies regarding a problem
teamwork - Answer -collaborative efforts of people to accomplish common objectives
, Customer Relationship Management (CRM) - Answer -a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
on-demand marketing - Answer -delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and buying
process
Strategic Planning - Answer -the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
characteristics of an SBU - Answer --a distinct mission and a specific target market
-control over its resources
-its own competitors
-a single business
-plans independent from other SBU's
SBU - Answer -Each ______ has its own rate of return on investment, growth potential,
and associated risks, and requires its own strategies and funding.
Strategic Business Unit (SBU) - Answer -a subgroup of a single business or collection
of related businesses within the larger organization
A marketing plan should _____ - Answer --define the business mission
-perform a situation analysis, define objectives
-delineate a target market
-establish components of the marketing mix
Ansoff's opportunity matrix presents four options to help management develop strategic
alternatives: - Answer -market penetration, market development, product development,
and diversification
market penetration - Answer -a marketing strategy that tries to increase market share
among existing customers
market development - Answer -a marketing strategy that entails attracting new
customers to existing products
product development - Answer -a marketing strategy that entails the creation of new
products for present markets
diversification - Answer -a strategy of increasing sales by introducing new products into
new markets
