CSUF MARKETING 351 EXAM 1 STUDY GUIDE |36 QUESTIONS AND ANSWERS

Marketing A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. An organizational activity, set of institutions, and processes. Marketing Mix product, price, place (distribution), promotion Marketing concept 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 Corporate social responsibility a business's concern for society's welfare Ethics The moral principles or values that generally govern the conduct of an individual. Morals the rules people develop as a result of cultural values and norms External environmental factors not within the control of marketing managers Cultural elements/artifacts Sub cultures A homogeneous group of people who share elements of the overall culture as well as cultural elements unique to their own group. Modes of entry into foreign markets Social reference groups Decision-making process Consideration set Why businesses exist Understand the elements and purpose of a marketing plan Tariffs Conditions for Exchange -at least two parties -something of value -communication and delivery -freedom to accept or reject -desire to deal with other party production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace Sales Orientation the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits Market Orientation satisfying customer needs and wants while meeting objectives Societal Orientation satisfying customer needs and wants while enhancing individual and societal well-being Differences between Marketing and Sales Sales: Inward Focus, Goal is Max Sales done thru Promotion Marketing: Outward, Goal is Satisfying needs and wants thru coordination of marketing activities Strategic Business Units -A distinct mission and specific target market -Control over its resources -Its own competitors -A single business or a collection of related businesses -Plans independent of other SBUs Situational Analysis SWOT, Environmental Analysis (Social, Demographic, Economic, Technological, Political/Legal, Competitive) Ansoff's Opportunity Matrix market penetration, market development, product development, diversification market penetration a marketing strategy that tries to increase market share among existing customers market development company growth by identifying and developing new market segments for current company products product development company growth by offering modified or new products to current market segments Diversification Introduce new products into new markets Types of Competitive Advantage cost, product/service differentiation, niche cost competitive advantage being the low-cost competitor in an industry while maintaining satisfactory profit margins product/service differentiation competitive advantage When a firm provides something that is unique and valuable to buyers beyond simply offering a lower price niche competitive advantage the advantage achieved when a firm seeks to target and effectively serve a small segment of the market