MKTG 305 Exam questions with
answers well graded 100%
B2C (business-to-consumer) - ANS✅✅The process in which business sell to consumers.
B2B (business-to-business) - ANS✅✅The process of selling merchandise or services from one
business to another.
C2C (consumer-to-consumer) - ANS✅✅The process of which consumers sell to other consumers.
Customer Relationship Management (CRM) - ANS✅✅A business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm's valued
customers.
Employment Marketing - ANS✅✅Marketing programs to attract applicants to the hiring firm.
Entrepreneur - ANS✅✅A person who organizes, operates, and assumes the risk of a new business
venture.
Exchange - ANS✅✅The trade of things of value between the buyer and the seller so that each is
better off as a result.
Goods - ANS✅✅Items that can be physically touched.
Ideas - ANS✅✅Intellectual concepts- thoughts, opinions, and philosophies.
Marketing - ANS✅✅An organizational function and set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stakeholders.
Marketing Mix (four Ps) - ANS✅✅Product, price, place, and promotion-- the controllable set of
activities that a firm uses to respond to the wants of its target markets.
, Marketing Plan - ANS✅✅A written document composed of an analysis of the current market
situation, opportunities and threats for the firm, marketing objectives and strategies specified in
terms of the four Ps, action programs, and projected pro forma income (and other financial)
statements.
Relational Orientation - ANS✅✅A method of building a relationship with customers based on the
philosophy that buyers and sellers should develop a long-term relationship.
Services - ANS✅✅Any intangible offering that involves a deed, performance, or effort that cannot
be physically possessed; intangible customer benefits that are produced by people or machines and
cannot be separated from producer.
Supply Chain - ANS✅✅The group of firms that make deliver a given set of goods and services.
Transactional Orientation - ANS✅✅Regards the buyer-seller relationship as a series of individual
transactions, so anything that happened before or after the transaction is of little importance.
Value - ANS✅✅Reflects the relationship of benefits to costs, or what the consumer gets for what
he or she gives.
Value Cocreation - ANS✅✅Customer act as collaborators with a manufacturer or retailer to create
that product or service.
Control Phase - ANS✅✅The part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take necessary corrective actions.
Customer Excellence - ANS✅✅Involves a focus on retaining loyal customers and excellent
customer service.
Diversification Strategy - ANS✅✅A growth strategy where a firm introduces a new product or
service to a market segment that is does not currently serve.
Implementation Phase - ANS✅✅The part of the strategic marketing planning process when
marketing managers identify and evaluate different opportunities by engaging in segmentation,
targeting, and positioning; and implement the marketing mix using the four Ps.
answers well graded 100%
B2C (business-to-consumer) - ANS✅✅The process in which business sell to consumers.
B2B (business-to-business) - ANS✅✅The process of selling merchandise or services from one
business to another.
C2C (consumer-to-consumer) - ANS✅✅The process of which consumers sell to other consumers.
Customer Relationship Management (CRM) - ANS✅✅A business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm's valued
customers.
Employment Marketing - ANS✅✅Marketing programs to attract applicants to the hiring firm.
Entrepreneur - ANS✅✅A person who organizes, operates, and assumes the risk of a new business
venture.
Exchange - ANS✅✅The trade of things of value between the buyer and the seller so that each is
better off as a result.
Goods - ANS✅✅Items that can be physically touched.
Ideas - ANS✅✅Intellectual concepts- thoughts, opinions, and philosophies.
Marketing - ANS✅✅An organizational function and set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stakeholders.
Marketing Mix (four Ps) - ANS✅✅Product, price, place, and promotion-- the controllable set of
activities that a firm uses to respond to the wants of its target markets.
, Marketing Plan - ANS✅✅A written document composed of an analysis of the current market
situation, opportunities and threats for the firm, marketing objectives and strategies specified in
terms of the four Ps, action programs, and projected pro forma income (and other financial)
statements.
Relational Orientation - ANS✅✅A method of building a relationship with customers based on the
philosophy that buyers and sellers should develop a long-term relationship.
Services - ANS✅✅Any intangible offering that involves a deed, performance, or effort that cannot
be physically possessed; intangible customer benefits that are produced by people or machines and
cannot be separated from producer.
Supply Chain - ANS✅✅The group of firms that make deliver a given set of goods and services.
Transactional Orientation - ANS✅✅Regards the buyer-seller relationship as a series of individual
transactions, so anything that happened before or after the transaction is of little importance.
Value - ANS✅✅Reflects the relationship of benefits to costs, or what the consumer gets for what
he or she gives.
Value Cocreation - ANS✅✅Customer act as collaborators with a manufacturer or retailer to create
that product or service.
Control Phase - ANS✅✅The part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take necessary corrective actions.
Customer Excellence - ANS✅✅Involves a focus on retaining loyal customers and excellent
customer service.
Diversification Strategy - ANS✅✅A growth strategy where a firm introduces a new product or
service to a market segment that is does not currently serve.
Implementation Phase - ANS✅✅The part of the strategic marketing planning process when
marketing managers identify and evaluate different opportunities by engaging in segmentation,
targeting, and positioning; and implement the marketing mix using the four Ps.
