TEST BANK For Marshall and Johnston, Marketing
Management 4th Edition
Marketing Management - ANSWER:The leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
marketing's stakeholders - ANSWER:Any person or entity inside or outside a firm
with whom marketing interacts, impacts, and is impacted by.
societal marketing - ANSWER:The concept that, at the broadest level, members of
society at large can be viewed as a stakeholder for marketing.
sustainability - ANSWER:The practicing of business that meets humanity's needs
without harming future generations.
value - ANSWER:A ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle of
benefits.
exchange - ANSWER:The giving up of something of value for something desired.
production orientation - ANSWER:The maximization of production capacity through
improvements in products and production activities without much regard for what is
going on in the marketplace.
sales orientation - ANSWER:The increase of sales and consequently production
capacity utilization by having salespeople "push" product into the hands of
customers.
marketing concept - ANSWER:Business philosophy that emphasizes an organization-
wide customer orientation with the objective of achieving long-run profits.
marketing mix (4Ps of marketing) - ANSWER:Product, price, place, and promotion—
the fundamental elements that comprise the marketer's tool kit that can be
developed in unique combinations to set the product or brand apart from the
competition.
offering - ANSWER:A product or service that delivers value to satisfy a need or want.
differentiation - ANSWER:Communicating and delivering value in different ways to
different customer groups.
customer orientation - ANSWER:Placing the customer at the core of all aspects of the
enterprise.
, market orientation - ANSWER:The implementation of the marketing concept, based
on an understanding of customers and competitors.
relationship orientation - ANSWER:Investing in keeping and cultivating profitable
current customers instead of constantly having to invest in gaining new ones.
one-to-one marketing - ANSWER:Directing energy and resources into establishing a
learning relationship with each customer and connecting that knowledge with the
firm's production and service capabilities to fulfill that customer's needs in as
customary a manner as possible.
mass customization - ANSWER:Combining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
Marketing (big M) - ANSWER:The dimension of marketing that focuses on external
forces that affect the organization and serves as the driver of business strategy.
strategic marketing - ANSWER:The long-term, firm-level commitment to investing in
marketing—supported at the highest organization level—for the purpose of
enhancing organizational performance.
market creation - ANSWER:Approaches that drive the market toward fulfilling a
whole new set of needs that customers did not realize was possible or feasible
before.
marketing (little m) - ANSWER:The dimension of marketing that focuses on the
functional or operational level of the organization.
tactical marketing - ANSWER:Marketing activities that take place at the functional or
operational level of a firm.
marketing metrics - ANSWER:Tools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
marketing analytics - ANSWER:The practice of measuring, managing, and analyzing
marketing performance to maximize marketing effectiveness and optimize return on
marketing investment (ROMI).
return on marketing investment (ROMI) - ANSWER:What impact an investment in
marketing has on a firm's success, especially financially.
corporate social responsibility (CSR) - ANSWER:A firm's behaviors and strategies that
are undertaken in order to have a positive impact on the world.
global experience learning curve - ANSWER:The process by which an understanding
of marketing beyond home markets develops over time as a company gains more
international business.
Management 4th Edition
Marketing Management - ANSWER:The leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
marketing's stakeholders - ANSWER:Any person or entity inside or outside a firm
with whom marketing interacts, impacts, and is impacted by.
societal marketing - ANSWER:The concept that, at the broadest level, members of
society at large can be viewed as a stakeholder for marketing.
sustainability - ANSWER:The practicing of business that meets humanity's needs
without harming future generations.
value - ANSWER:A ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle of
benefits.
exchange - ANSWER:The giving up of something of value for something desired.
production orientation - ANSWER:The maximization of production capacity through
improvements in products and production activities without much regard for what is
going on in the marketplace.
sales orientation - ANSWER:The increase of sales and consequently production
capacity utilization by having salespeople "push" product into the hands of
customers.
marketing concept - ANSWER:Business philosophy that emphasizes an organization-
wide customer orientation with the objective of achieving long-run profits.
marketing mix (4Ps of marketing) - ANSWER:Product, price, place, and promotion—
the fundamental elements that comprise the marketer's tool kit that can be
developed in unique combinations to set the product or brand apart from the
competition.
offering - ANSWER:A product or service that delivers value to satisfy a need or want.
differentiation - ANSWER:Communicating and delivering value in different ways to
different customer groups.
customer orientation - ANSWER:Placing the customer at the core of all aspects of the
enterprise.
, market orientation - ANSWER:The implementation of the marketing concept, based
on an understanding of customers and competitors.
relationship orientation - ANSWER:Investing in keeping and cultivating profitable
current customers instead of constantly having to invest in gaining new ones.
one-to-one marketing - ANSWER:Directing energy and resources into establishing a
learning relationship with each customer and connecting that knowledge with the
firm's production and service capabilities to fulfill that customer's needs in as
customary a manner as possible.
mass customization - ANSWER:Combining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
Marketing (big M) - ANSWER:The dimension of marketing that focuses on external
forces that affect the organization and serves as the driver of business strategy.
strategic marketing - ANSWER:The long-term, firm-level commitment to investing in
marketing—supported at the highest organization level—for the purpose of
enhancing organizational performance.
market creation - ANSWER:Approaches that drive the market toward fulfilling a
whole new set of needs that customers did not realize was possible or feasible
before.
marketing (little m) - ANSWER:The dimension of marketing that focuses on the
functional or operational level of the organization.
tactical marketing - ANSWER:Marketing activities that take place at the functional or
operational level of a firm.
marketing metrics - ANSWER:Tools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
marketing analytics - ANSWER:The practice of measuring, managing, and analyzing
marketing performance to maximize marketing effectiveness and optimize return on
marketing investment (ROMI).
return on marketing investment (ROMI) - ANSWER:What impact an investment in
marketing has on a firm's success, especially financially.
corporate social responsibility (CSR) - ANSWER:A firm's behaviors and strategies that
are undertaken in order to have a positive impact on the world.
global experience learning curve - ANSWER:The process by which an understanding
of marketing beyond home markets develops over time as a company gains more
international business.
