MKTG 351 CSUF Spring Test
Questions and Complete
Solutions Graded A+
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
Primary Focus of Marketing - Answer: satisfying customers' needs and wants. Customer wants, backed
by buying power, creates demand.
Two Facets of Marketing - Answer: (1). It is a philosophy, an attitude, a perspective, or a management
orientation that stresses customer satisfaction. (2). It is an organization function and a set of processes
used to implement this philosophy
Exchange - Answer: people giving up something in order to receive something else they would rather
have
5 Conditions for an Exchange - Answer: 1. At least two parties must be involved 2. Something of value
must be present 3. Parties are capable of communication and delivery 4. Each party is free to accept or
reject the offer 5.Desire to deal with the other party exists
Marketing Management Philosophies - Answer: Five competing philosophies strongly influence an
organization's marketing processes
What are the 5 Marketing Management Philosophies? - Answer: -Production orientation -Product
orientation -Sales orientation -Market orientation -Societal marketing orientation
Production orientation - Answer: a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace. Focuses on the highest quality goods, but that may
not be what the customer may want
,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
Market Orientation - 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.
Assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to
purchase a product
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 of enhance individuals'
long-term best interests
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 that
good or service has met their needs and expectations
Relationship marketing - Answer: a strategy that focuses on keeping and improving relationships with
current customers
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
, Why study marketing? - Answer: Marketing affects you every day. How? Marketing plays an important
role in society. Marketing is important to businesses. Marketing offers outstanding career opportunities.
Marketing plays a major role in everyday life.
Strategic planning - Answer: is the managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evolving market opportunities
Strategic Business Units (SBUs) - Answer: a subgroup of a single business or collection of related
businesses within the larger organization
A company, or an SBU, can use several tools to manage the strategic direction of its portfolio of
businesses What are they? - Answer: -Ansoff's strategic opportunity matrix -Boston Consulting Group
model -General Electric model
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
Portfolio matrix - Answer: a tool for allocating resources among products or strategic business units on
the basis of relative market share and market growth rate
relative market share - Answer: the ratio between the company's share and the share of the largest
competitor
Stars - Answer: a business unit that is a fast-growing market leader
Questions and Complete
Solutions Graded A+
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
Primary Focus of Marketing - Answer: satisfying customers' needs and wants. Customer wants, backed
by buying power, creates demand.
Two Facets of Marketing - Answer: (1). It is a philosophy, an attitude, a perspective, or a management
orientation that stresses customer satisfaction. (2). It is an organization function and a set of processes
used to implement this philosophy
Exchange - Answer: people giving up something in order to receive something else they would rather
have
5 Conditions for an Exchange - Answer: 1. At least two parties must be involved 2. Something of value
must be present 3. Parties are capable of communication and delivery 4. Each party is free to accept or
reject the offer 5.Desire to deal with the other party exists
Marketing Management Philosophies - Answer: Five competing philosophies strongly influence an
organization's marketing processes
What are the 5 Marketing Management Philosophies? - Answer: -Production orientation -Product
orientation -Sales orientation -Market orientation -Societal marketing orientation
Production orientation - Answer: a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace. Focuses on the highest quality goods, but that may
not be what the customer may want
,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
Market Orientation - 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.
Assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to
purchase a product
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 of enhance individuals'
long-term best interests
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 that
good or service has met their needs and expectations
Relationship marketing - Answer: a strategy that focuses on keeping and improving relationships with
current customers
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
, Why study marketing? - Answer: Marketing affects you every day. How? Marketing plays an important
role in society. Marketing is important to businesses. Marketing offers outstanding career opportunities.
Marketing plays a major role in everyday life.
Strategic planning - Answer: is the managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evolving market opportunities
Strategic Business Units (SBUs) - Answer: a subgroup of a single business or collection of related
businesses within the larger organization
A company, or an SBU, can use several tools to manage the strategic direction of its portfolio of
businesses What are they? - Answer: -Ansoff's strategic opportunity matrix -Boston Consulting Group
model -General Electric model
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
Portfolio matrix - Answer: a tool for allocating resources among products or strategic business units on
the basis of relative market share and market growth rate
relative market share - Answer: the ratio between the company's share and the share of the largest
competitor
Stars - Answer: a business unit that is a fast-growing market leader
