BADM 3750 Exam 1 Questions with
Correct Answers
market - ANSWER-set of all actual and potential buyers of a product or service
marketing management - ANSWER-the art and science of choosing target markets
and building profitable relationships with them
customer relationship management - ANSWER-the overall process of building and
maintaining profitable customer relationships by delivering superior customer value
and satisfaction
customer satisfaction - ANSWER-the extent to which a products perceived
performance matches a buyers expectations
mission statement - ANSWER-statement of the organizations purpose- what it wants
to accomplish in the larger environment
business portfolio - ANSWER-collection of businesses and products that make up a
company
portfolio analysis - ANSWER-process by which management evaluates the products
and businesses that make up the company
growth share matrix - ANSWER-a portfolio planning method that evaluates a
company's SBUs in terms of market growth rate and relative market share
star - ANSWER-high growth, high share. need heavy investments. eventually growth
will slow down and will turn into cash cows
cash cow - ANSWER-low growth, high share. need less investment. produce a lot of
cash for the company
question mark - ANSWER-low share, high growth. require a lot of cash.
management has to decide whether to phase out or keep
dogs - ANSWER-low growth, low share. generate cash but do not promise to be
large sources of cash
market penetration - ANSWER-company growth by increasing sales of current
products to current market segments without changing the product
market development - ANSWER-company growth by identifying and developing new
market segments for current company products
, product development - ANSWER-company growth by offering modified or new
products to current market segments
diversification - ANSWER-company growth through starting up or acquiring
businesses outside the company;s currents products and markets
value chain - ANSWER-series of internal departments that carry out value creating
activities to design, produce, market, deliver, and support a firm's products
value delivery network - ANSWER-a network composed of the company, suppliers,
distributions, and ultimately, customers who partner with each other to improve the
performance of the entire system in delivering customer value
marketing strategy - ANSWER-the marketing logic by which the company hopes to
create customer value and achieve profitable customer relationships
market segmentation - ANSWER-dividing a market into distinct groups of buyers
who have different needs, characteristics, or behaviors and who might require
separate marketing strategies or mixes
market segment - ANSWER-a group of consumers who respond in a similar way to a
given set of marketing efforts
market targeting - ANSWER-the process for evaluating each market segments
attractiveness and selecting one or more segments to enter
positioning - ANSWER-arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
differentiation - ANSWER-actually differentiating the market offering to create
superior customer value
SWOT analysis - ANSWER-overall evaluation for the company's strengths,
weaknesses, opportunities and threats
marketing implementation - ANSWER-turning marketing strategies and plans into
marketing actions to accomplish strategic marketing activities
marketing control - ANSWER-measuring and evaluating the results of marketing
strategies and plans and taking corrective action to ensure that the objectives are
achieved
marketing ROI - ANSWER-net return from a marketing investment divided by the
cost of the marketing investments
marketing environment - ANSWER-outside forces that affect marketing
managements ability to build and maintain successful relationships with target
customers
Correct Answers
market - ANSWER-set of all actual and potential buyers of a product or service
marketing management - ANSWER-the art and science of choosing target markets
and building profitable relationships with them
customer relationship management - ANSWER-the overall process of building and
maintaining profitable customer relationships by delivering superior customer value
and satisfaction
customer satisfaction - ANSWER-the extent to which a products perceived
performance matches a buyers expectations
mission statement - ANSWER-statement of the organizations purpose- what it wants
to accomplish in the larger environment
business portfolio - ANSWER-collection of businesses and products that make up a
company
portfolio analysis - ANSWER-process by which management evaluates the products
and businesses that make up the company
growth share matrix - ANSWER-a portfolio planning method that evaluates a
company's SBUs in terms of market growth rate and relative market share
star - ANSWER-high growth, high share. need heavy investments. eventually growth
will slow down and will turn into cash cows
cash cow - ANSWER-low growth, high share. need less investment. produce a lot of
cash for the company
question mark - ANSWER-low share, high growth. require a lot of cash.
management has to decide whether to phase out or keep
dogs - ANSWER-low growth, low share. generate cash but do not promise to be
large sources of cash
market penetration - ANSWER-company growth by increasing sales of current
products to current market segments without changing the product
market development - ANSWER-company growth by identifying and developing new
market segments for current company products
, product development - ANSWER-company growth by offering modified or new
products to current market segments
diversification - ANSWER-company growth through starting up or acquiring
businesses outside the company;s currents products and markets
value chain - ANSWER-series of internal departments that carry out value creating
activities to design, produce, market, deliver, and support a firm's products
value delivery network - ANSWER-a network composed of the company, suppliers,
distributions, and ultimately, customers who partner with each other to improve the
performance of the entire system in delivering customer value
marketing strategy - ANSWER-the marketing logic by which the company hopes to
create customer value and achieve profitable customer relationships
market segmentation - ANSWER-dividing a market into distinct groups of buyers
who have different needs, characteristics, or behaviors and who might require
separate marketing strategies or mixes
market segment - ANSWER-a group of consumers who respond in a similar way to a
given set of marketing efforts
market targeting - ANSWER-the process for evaluating each market segments
attractiveness and selecting one or more segments to enter
positioning - ANSWER-arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
differentiation - ANSWER-actually differentiating the market offering to create
superior customer value
SWOT analysis - ANSWER-overall evaluation for the company's strengths,
weaknesses, opportunities and threats
marketing implementation - ANSWER-turning marketing strategies and plans into
marketing actions to accomplish strategic marketing activities
marketing control - ANSWER-measuring and evaluating the results of marketing
strategies and plans and taking corrective action to ensure that the objectives are
achieved
marketing ROI - ANSWER-net return from a marketing investment divided by the
cost of the marketing investments
marketing environment - ANSWER-outside forces that affect marketing
managements ability to build and maintain successful relationships with target
customers
