CSU MKT 300 EXAM 1 STUDY GUIDE
Marketing Defined - Answers -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 - Answers -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 - Answers -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 - Answers -The provision or transfer of goods, services, or ideas in return for
something of value
Exchange Conditions - Answers -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 - Answers -Someone who has influence on company or the company on
them
Myopia - Answers -nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
Contact Points - Answers -Successful marketing requires managing and coordinating
marketing messages at every contact point
(i.e. Market to the right demographic for your product)
, Unplanned messages - Answers -Ex. Dirty parking lot looks bad on company as a
whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies - Answers -Things a firm does extremely well, which sometimes
give it an advantage over its competition
Market opportunity - Answers -A combination of circumstances and timing that permits
an organization to reach a target market
Competitive advantage - Answers -The result of a company's matching a core
competency to opportunities in the market place
SWOT analysis - Answers -S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement - Answers -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 - Answers -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 - Answers -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 - Answers -defining/understanding the target market by
focusing on specific profitable customer groups and recognizing changes occurring in
the market
creating the market mix - Answers -Analyze customer needs, preferences, and
behavior.
Have the skills and resources required for product design, pricing, distribution, and
promotion.
Marketing Defined - Answers -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 - Answers -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 - Answers -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 - Answers -The provision or transfer of goods, services, or ideas in return for
something of value
Exchange Conditions - Answers -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 - Answers -Someone who has influence on company or the company on
them
Myopia - Answers -nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
Contact Points - Answers -Successful marketing requires managing and coordinating
marketing messages at every contact point
(i.e. Market to the right demographic for your product)
, Unplanned messages - Answers -Ex. Dirty parking lot looks bad on company as a
whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies - Answers -Things a firm does extremely well, which sometimes
give it an advantage over its competition
Market opportunity - Answers -A combination of circumstances and timing that permits
an organization to reach a target market
Competitive advantage - Answers -The result of a company's matching a core
competency to opportunities in the market place
SWOT analysis - Answers -S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement - Answers -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 - Answers -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 - Answers -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 - Answers -defining/understanding the target market by
focusing on specific profitable customer groups and recognizing changes occurring in
the market
creating the market mix - Answers -Analyze customer needs, preferences, and
behavior.
Have the skills and resources required for product design, pricing, distribution, and
promotion.
