MKT 3401 MIDTERM LEDET STUDY GUIDE
4 different kinds of marketing management philosophies - Answer --production
orientation
-sales orientation
-market orientation
-societal orientation
production orientation - Answer -company looks inward on what it does best and
produces that product (ex: fast food restaurants churning out mass amounts of their
product, even though it's "just good" quality)
sales orientation - Answer -company not concerned with how product is created; rather,
rather, its focus lies in assembling a skilled and highly trained sales force whose job it is
to move these products (ex: financial/insurance/cosmetic/telecommunications
companies)
marketing orientation - Answer -when the company gives consumers what they want
and do it better than the competition (ex: coca-cola, amazon)
societal orientation - Answer -when a company adopts a marketing orientation and they
also want to be seen as genuinely good public citizens who protect the environment.
(ex: companies that previously used plastic bottles changing their bottles)
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
exchange - Answer -people giving up something in order to receive something else
they would rather have
customer value - Answer -the relationship between benefits and the sacrifice necessary
to obtain those benefits
how does one achieve a market orientation? - Answer --Obtaining information about
customers, competitors, and markets
-Examining the information from a total business perspective
-Determining how to deliver superior customer value
-Implementing actions to provide value to customers
the 4 Ps of marketing - Answer -product
place (distribution)
promotion
pricing
, product - Answer --The product is the starting point of the marketing mix. It is difficult to
decide on a promotion campaign, determine a price, or design a distribution strategy
until the product offering and product strategy are defined
-The product is not only the physical unit but also its package, warranty, after-sale
service, brand name, company image, value, and other factors
- Product involves tangible goods, ideas, or services
place (distribution) - Answer --Physical distribution that includes storage and
transportation
-Making product available where and when customers want them
-Ensuring that products arrive in usable condition at designated places when needed
promotion - Answer --Includes advertising, public relations, sales promotion, and
personal selling
-Brings about mutually satisfying exchanges by informing, educating, persuading, and
reminding buyers about the product
-Each element of the promotion mix is coordinated with the others to create a
promotional blend
-A good promotion strategy can increase sales
price - Answer --What a buyer must give up to obtain a product
-Most flexible of the "four Ps"
-Price is an important competitive weapon. Of the four Ps, it can be changed most
quickly
-Price multiplied by the number of units sold equals total revenue for the firm
marketing plan - Answer --business mission statement
-SWOT analysis
-objectives
-marketing strategy (target market strategy, 4 Ps)
-implementation/evaluation control
strategic planning - Answer -the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
strategic business unit - Answer -•a subgroup of a single business or collection of
related businesses within the larger organization
SWOT analysis - Answer -•identifying internal strengths (S) and weaknesses (W) and
also examining external opportunities (O) and threats (T)
environmental scanning - Answer -collection and interpretation of information about
forces, events, and relationships in the external environment that may affect the future
of the organization or the implementation of the marketing plan
4 different kinds of marketing management philosophies - Answer --production
orientation
-sales orientation
-market orientation
-societal orientation
production orientation - Answer -company looks inward on what it does best and
produces that product (ex: fast food restaurants churning out mass amounts of their
product, even though it's "just good" quality)
sales orientation - Answer -company not concerned with how product is created; rather,
rather, its focus lies in assembling a skilled and highly trained sales force whose job it is
to move these products (ex: financial/insurance/cosmetic/telecommunications
companies)
marketing orientation - Answer -when the company gives consumers what they want
and do it better than the competition (ex: coca-cola, amazon)
societal orientation - Answer -when a company adopts a marketing orientation and they
also want to be seen as genuinely good public citizens who protect the environment.
(ex: companies that previously used plastic bottles changing their bottles)
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
exchange - Answer -people giving up something in order to receive something else
they would rather have
customer value - Answer -the relationship between benefits and the sacrifice necessary
to obtain those benefits
how does one achieve a market orientation? - Answer --Obtaining information about
customers, competitors, and markets
-Examining the information from a total business perspective
-Determining how to deliver superior customer value
-Implementing actions to provide value to customers
the 4 Ps of marketing - Answer -product
place (distribution)
promotion
pricing
, product - Answer --The product is the starting point of the marketing mix. It is difficult to
decide on a promotion campaign, determine a price, or design a distribution strategy
until the product offering and product strategy are defined
-The product is not only the physical unit but also its package, warranty, after-sale
service, brand name, company image, value, and other factors
- Product involves tangible goods, ideas, or services
place (distribution) - Answer --Physical distribution that includes storage and
transportation
-Making product available where and when customers want them
-Ensuring that products arrive in usable condition at designated places when needed
promotion - Answer --Includes advertising, public relations, sales promotion, and
personal selling
-Brings about mutually satisfying exchanges by informing, educating, persuading, and
reminding buyers about the product
-Each element of the promotion mix is coordinated with the others to create a
promotional blend
-A good promotion strategy can increase sales
price - Answer --What a buyer must give up to obtain a product
-Most flexible of the "four Ps"
-Price is an important competitive weapon. Of the four Ps, it can be changed most
quickly
-Price multiplied by the number of units sold equals total revenue for the firm
marketing plan - Answer --business mission statement
-SWOT analysis
-objectives
-marketing strategy (target market strategy, 4 Ps)
-implementation/evaluation control
strategic planning - Answer -the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
strategic business unit - Answer -•a subgroup of a single business or collection of
related businesses within the larger organization
SWOT analysis - Answer -•identifying internal strengths (S) and weaknesses (W) and
also examining external opportunities (O) and threats (T)
environmental scanning - Answer -collection and interpretation of information about
forces, events, and relationships in the external environment that may affect the future
of the organization or the implementation of the marketing plan
