MKT 100 Final Exam questions well
answered
B2B - ANS ✔✔process of selling merchandise or services from one business to another
B2C - ANS ✔✔process in which businesses sell to consumers
C2C - ANS ✔✔process in which consumers sell to other consumers
CRM - ANS ✔✔customer relationship management
business philosophy and set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
goods - ANS ✔✔items that are tangible
ideas - ANS ✔✔thoughts, opinions, philosophies, and intellectual concepts
market - ANS ✔✔the group of people who need or want a company's products/services and
have the ability and willingness to buy them
marketing - ANS ✔✔set of businesses practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
marketing mix (4 P's) - ANS ✔✔product
place
promotion
,price
marketing plan - ANS ✔✔a written document composed of an analysis of the current marketing
situation, SWOT for the firm, marketing objectives and strategy specified in terms of the four
P's, action programs, and projected or pro forma income (and other financial statements)
need - ANS ✔✔feeling physiologically drived of basic necessities, such as food, clothing, shelter
and safety
price - ANS ✔✔the overall sacrifice a consumer is willing to make-money, time, energy-to
acquire a specific product or service
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 ✔✔intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
social media - ANS ✔✔the use of the internet tools to easily and quickly create and share
content to foster dialogue, social relationships, and personal identities
supply chain - ANS ✔✔group of firms and set of techniques and approaches firms use to make
and deliver a given set of goods and services
target market - ANS ✔✔the customer segment or group to whom the firm is interested in
selling its products 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 based marketing - ANS ✔✔focuses on providing customers with benefits that far exceed
the cost (money, time, effort) of acquiring and using a product or service while providing a
reasonable return to the firm
want - ANS ✔✔particular way in which a person chooses to satisfy a need, which is shaped by a
person's knowledge, culture, and personality
control phase - ANS ✔✔part of the strategic marketing planning process when mangers
evaluate the performance of the marketing strategy and take any necessary corrective actions
customer excellence - ANS ✔✔involves a focus on retaining loyal customers and excellent
customer service
diversification strategy - ANS ✔✔a growth strategy whereby a firm introduces a new product or
service to a market segment that it does not currently serve
downsizing - ANS ✔✔existing markets, reducing product portfolios, or closing certain
businesses or store or plant locations
implementation phase - ANS ✔✔where marketing managers identify and evaluate different
opportunities by engaging in a process known as segmentation, targeting, and positioning. They
then develop and implement the marketing mix by using the 4 Ps
locational excellence - ANS ✔✔involves a focus on a good physical location and internet
presence
answered
B2B - ANS ✔✔process of selling merchandise or services from one business to another
B2C - ANS ✔✔process in which businesses sell to consumers
C2C - ANS ✔✔process in which consumers sell to other consumers
CRM - ANS ✔✔customer relationship management
business philosophy and set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
goods - ANS ✔✔items that are tangible
ideas - ANS ✔✔thoughts, opinions, philosophies, and intellectual concepts
market - ANS ✔✔the group of people who need or want a company's products/services and
have the ability and willingness to buy them
marketing - ANS ✔✔set of businesses practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
marketing mix (4 P's) - ANS ✔✔product
place
promotion
,price
marketing plan - ANS ✔✔a written document composed of an analysis of the current marketing
situation, SWOT for the firm, marketing objectives and strategy specified in terms of the four
P's, action programs, and projected or pro forma income (and other financial statements)
need - ANS ✔✔feeling physiologically drived of basic necessities, such as food, clothing, shelter
and safety
price - ANS ✔✔the overall sacrifice a consumer is willing to make-money, time, energy-to
acquire a specific product or service
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 ✔✔intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
social media - ANS ✔✔the use of the internet tools to easily and quickly create and share
content to foster dialogue, social relationships, and personal identities
supply chain - ANS ✔✔group of firms and set of techniques and approaches firms use to make
and deliver a given set of goods and services
target market - ANS ✔✔the customer segment or group to whom the firm is interested in
selling its products 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 based marketing - ANS ✔✔focuses on providing customers with benefits that far exceed
the cost (money, time, effort) of acquiring and using a product or service while providing a
reasonable return to the firm
want - ANS ✔✔particular way in which a person chooses to satisfy a need, which is shaped by a
person's knowledge, culture, and personality
control phase - ANS ✔✔part of the strategic marketing planning process when mangers
evaluate the performance of the marketing strategy and take any necessary corrective actions
customer excellence - ANS ✔✔involves a focus on retaining loyal customers and excellent
customer service
diversification strategy - ANS ✔✔a growth strategy whereby a firm introduces a new product or
service to a market segment that it does not currently serve
downsizing - ANS ✔✔existing markets, reducing product portfolios, or closing certain
businesses or store or plant locations
implementation phase - ANS ✔✔where marketing managers identify and evaluate different
opportunities by engaging in a process known as segmentation, targeting, and positioning. They
then develop and implement the marketing mix by using the 4 Ps
locational excellence - ANS ✔✔involves a focus on a good physical location and internet
presence
