UTA MARK-3321 Exam 1 Questions &
Answers9
Social Marketing Orientation (Philosophy) - ANSWERSthe idea that an organization exists not
only to satisfy customer wants and needs and to meet an organizations objectives but to also
preserve or enhance individuals and society's long-term best interests
Customer Value - ANSWERSthe relationship between benefits and the sacrifice necessary to
obtain those benefits
Relationship Marketing - ANSWERSa strategy that focuses on keeping and improving
relationships with current customers
Customer Relationship Management (CRM) - ANSWERSa company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups
Understanding the importance of strategic planning - ANSWERSis the basis for all marketing
strategies and decisions. These decisions affect the allocation of resources and ultimately the
financial success of the company
Strategic Planning - ANSWERSthe managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
Strategic Business Unit (SBU) - ANSWERSa subgroup of a single business or collection of related
businesses within the larger organization
, Identifying strategic alternatives and knowing the basic outline for a marketing plan -
ANSWERSAnsoff's opportunity matrix presents 4 options to help management develop
strategies and alternatives
Ansoff's Opportunity Matrix - ANSWERS
Market Penetration - ANSWERSAn existing product that sells in an existing market.
Ex. Starbucks sells more coffee to customers who register their reloadable Starbucks card.
Product Development - ANSWERSA new product that will see in an existing market.
Ex. Starbucks develops powdered instant coffee called 'Via'.
Market Development - ANSWERSAn existing product that sells in a new market.
Ex. Starbucks opens a store in Brazil or Chile.
Marketing - ANSWERSthe 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 - ANSWERSpeople giving up something in order to receive something else they would
rather have
Exchange Conditions - ANSWERS1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Answers9
Social Marketing Orientation (Philosophy) - ANSWERSthe idea that an organization exists not
only to satisfy customer wants and needs and to meet an organizations objectives but to also
preserve or enhance individuals and society's long-term best interests
Customer Value - ANSWERSthe relationship between benefits and the sacrifice necessary to
obtain those benefits
Relationship Marketing - ANSWERSa strategy that focuses on keeping and improving
relationships with current customers
Customer Relationship Management (CRM) - ANSWERSa company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups
Understanding the importance of strategic planning - ANSWERSis the basis for all marketing
strategies and decisions. These decisions affect the allocation of resources and ultimately the
financial success of the company
Strategic Planning - ANSWERSthe managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
Strategic Business Unit (SBU) - ANSWERSa subgroup of a single business or collection of related
businesses within the larger organization
, Identifying strategic alternatives and knowing the basic outline for a marketing plan -
ANSWERSAnsoff's opportunity matrix presents 4 options to help management develop
strategies and alternatives
Ansoff's Opportunity Matrix - ANSWERS
Market Penetration - ANSWERSAn existing product that sells in an existing market.
Ex. Starbucks sells more coffee to customers who register their reloadable Starbucks card.
Product Development - ANSWERSA new product that will see in an existing market.
Ex. Starbucks develops powdered instant coffee called 'Via'.
Market Development - ANSWERSAn existing product that sells in a new market.
Ex. Starbucks opens a store in Brazil or Chile.
Marketing - ANSWERSthe 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 - ANSWERSpeople giving up something in order to receive something else they would
rather have
Exchange Conditions - ANSWERS1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
