MARK 3336 EXAM 1 (CHAPTERS 1 - 8) VERIFIED
STUDY GUIDE
Marketing Management - Answers - The art and science of choosing target markets and
building profitable relationships with them.
Customer-perceived value - Answers - The customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers.
Customer relationship management - Answers - The overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Satisfaction - Answers - The extent to which a product's perceived
performance matches a buyers expectations.
Customer- Engagement Marketing - Answers - -Online
-New Marketing
-Making the brand a meaningful part of consumer's conversations and lives by fostering
direct and continuous customer involvement in shaping brand conversations,
experiences, and community.
Consumer-generated marketing - Answers - Brand created by consumers themselves-
both invited and uninvited by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers.
Partner Relationship Management - Answers - Working closely with partners in other
company departments and outside company to jointly bring greater value to customers.
Share of customer - Answers - The portion of the customer's purchasing, that a
company gets in its product categories.
Customer Equity - Answers - The total combined customer lifetime values of all the
company's customers.
Customer lifetime value - Answers - The value of the entire stream of purchases a
customer makes over a lifetime of patronage.
Butterflies - Answers - Profitability: High
Loyalty: Short
True Friends - Answers - Profitability: High
,Loyalty: Long
Strangers - Answers - Profitability: Low
Loyalty: Short
Barnacles - Answers - Profitability: Low
Loyalty: Long
Marketing - Answers - Process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return.
Strategic Planning - Answers - The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
Corporate level:
1. Defining the company mission
2. Setting company objectives/goals
3. designing the business portfolio
Business unit, product, and market level:
1. Planning marketing and other functional strategies
Mission Statement - Answers - Statement of organization's purpose
the organization's purpose, what it wants to accomplish in the larger environment
Business Portfolio - Answers - The collection of businesses and products that make up
the company
Portfolio Analysis - Answers - is a major activity in strategic planning whereby
management evaluates the products and businesses that make up the company.
Growth-share matrix - Answers - A portfolio-planning method that evaluates a
company's SBUs in terms of market growth rate and relative market share.
Market Penetration - Answers - company growth by increasing sales of current products
to current market segments without changing the product
Market development - Answers - company growth by identifying and developing new
market segments for current company products
Product development - Answers - a marketing strategy that entails the creation of new
products for present markets
Diversification - Answers - company growth through starting up or acquiring businesses
outside the company's current products and markets
, Value Chain - Answers - The series of internal departments that carry out value-creating
activities to design, produce, market, deliver, and support a firm's products.
Marketing Strategy - Answers - The marketing logic by which the company hopes to
create customer value and achieve profitable customer relationships.
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
products or marketing programs.
Market Segment - Answers - A group of consumers who respond in a similar way to a
given set of marketing efforts.
Market Targeting - Answers - the process of evaluating each market segment's
attractiveness and selecting one or more segments to enter
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Differentiation - Answers - Actually differentiating the market offering to create superior
customer value.
Marketing Mix - Answers - The set of tactical marketing tools...
1. Product
2. Price
3. Place
4. Promotion
...that the firms blends to produce the response it wants in the target market.
SWOT Analysis - Answers - An overall evaluation of the company's
Strengths (S)
Weaknesses (W)
Opportunities (O)
Threats (T)
Marketing Implementation - Answers - Turning marketing strategies and plans into
marketing actions to accomplish strategic marketing objectives
Marketing Control - Answers - Measuring and evaluating the results of marketing
strategies and plans and taking corrective action to ensure that the objectives are
achieved
Marketing Return on Investment - Answers - The net return from a marketing
investment divided by the costs of the marketing investment.
STUDY GUIDE
Marketing Management - Answers - The art and science of choosing target markets and
building profitable relationships with them.
Customer-perceived value - Answers - The customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers.
Customer relationship management - Answers - The overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Satisfaction - Answers - The extent to which a product's perceived
performance matches a buyers expectations.
Customer- Engagement Marketing - Answers - -Online
-New Marketing
-Making the brand a meaningful part of consumer's conversations and lives by fostering
direct and continuous customer involvement in shaping brand conversations,
experiences, and community.
Consumer-generated marketing - Answers - Brand created by consumers themselves-
both invited and uninvited by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers.
Partner Relationship Management - Answers - Working closely with partners in other
company departments and outside company to jointly bring greater value to customers.
Share of customer - Answers - The portion of the customer's purchasing, that a
company gets in its product categories.
Customer Equity - Answers - The total combined customer lifetime values of all the
company's customers.
Customer lifetime value - Answers - The value of the entire stream of purchases a
customer makes over a lifetime of patronage.
Butterflies - Answers - Profitability: High
Loyalty: Short
True Friends - Answers - Profitability: High
,Loyalty: Long
Strangers - Answers - Profitability: Low
Loyalty: Short
Barnacles - Answers - Profitability: Low
Loyalty: Long
Marketing - Answers - Process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return.
Strategic Planning - Answers - The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
Corporate level:
1. Defining the company mission
2. Setting company objectives/goals
3. designing the business portfolio
Business unit, product, and market level:
1. Planning marketing and other functional strategies
Mission Statement - Answers - Statement of organization's purpose
the organization's purpose, what it wants to accomplish in the larger environment
Business Portfolio - Answers - The collection of businesses and products that make up
the company
Portfolio Analysis - Answers - is a major activity in strategic planning whereby
management evaluates the products and businesses that make up the company.
Growth-share matrix - Answers - A portfolio-planning method that evaluates a
company's SBUs in terms of market growth rate and relative market share.
Market Penetration - Answers - company growth by increasing sales of current products
to current market segments without changing the product
Market development - Answers - company growth by identifying and developing new
market segments for current company products
Product development - Answers - a marketing strategy that entails the creation of new
products for present markets
Diversification - Answers - company growth through starting up or acquiring businesses
outside the company's current products and markets
, Value Chain - Answers - The series of internal departments that carry out value-creating
activities to design, produce, market, deliver, and support a firm's products.
Marketing Strategy - Answers - The marketing logic by which the company hopes to
create customer value and achieve profitable customer relationships.
Market Segmentation - Answers - Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate
products or marketing programs.
Market Segment - Answers - A group of consumers who respond in a similar way to a
given set of marketing efforts.
Market Targeting - Answers - the process of evaluating each market segment's
attractiveness and selecting one or more segments to enter
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Differentiation - Answers - Actually differentiating the market offering to create superior
customer value.
Marketing Mix - Answers - The set of tactical marketing tools...
1. Product
2. Price
3. Place
4. Promotion
...that the firms blends to produce the response it wants in the target market.
SWOT Analysis - Answers - An overall evaluation of the company's
Strengths (S)
Weaknesses (W)
Opportunities (O)
Threats (T)
Marketing Implementation - Answers - Turning marketing strategies and plans into
marketing actions to accomplish strategic marketing objectives
Marketing Control - Answers - Measuring and evaluating the results of marketing
strategies and plans and taking corrective action to ensure that the objectives are
achieved
Marketing Return on Investment - Answers - The net return from a marketing
investment divided by the costs of the marketing investment.
