D174 STUDY GUIDE QUESTIONS &
ANSWERS(GRADED A+)
Marketing Management - ANSWERThe leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
Marketing's stakeholders - ANSWERAny person or entity inside or outside a firm with
whom marketing interacts, impacts, and is impacted by.
Societal marketing - ANSWERThe concept that, at the broadest level, members of
society at large can be viewed as a stakeholder for marketing.
Sustainability - ANSWERThe practicing of business that meets humanity's needs
without harming future generations.
Value - ANSWERA ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle of
benefits.
Exchange - ANSWERThe giving up of something of value for something desired.
Production orientation - ANSWERThe maximization of production capacity through
improvements in products and production activities without much regard for what is
going on in the marketplace.
Sales Orientation - ANSWERThe increase of sales and consequently production
capacity utilization by having salespeople "push" product into the hands of
customers.
Marketing concept - ANSWERBusiness philosophy that emphasizes an organization-
wide customer orientation with the objective of achieving long-run profits.
Marketing mix (4P's of marketing) - ANSWERProduct, price, place, and promotion—
the fundamental elements that comprise the marketer's tool kit that can be
developed in unique combinations to set the product or brand apart from the
competition.
Customer-centric - ANSWERPlacing the customer at the core of the enterprise and
focusing on investments in customers over the long term.
Differentiation - ANSWERCommunicating and delivering value in different ways to
different customer groups.
Market orientation - ANSWERThe implementation of the marketing concept, based
on an understanding of customers and competitors.
,Customer orientation - ANSWERPlacing the customer at the core of all aspects of
the enterprise.
Relationship orientation - ANSWERInvesting in keeping and cultivating profitable
current customers instead of constantly having to invest in gaining new ones.
one-to-one marketing - ANSWERDirecting energy and resources into establishing a
learning relationship with each customer and connecting that knowledge with the
firm's production and service capabilities to fulfill that customer's needs in as
customary a manner as possible.
mass customization - ANSWERCombining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
Marketing - ANSWERThe activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
Strategic marketing - ANSWERThe long-term, firm-level commitment to investing in
marketing—supported at the highest organization level—for the purpose of
enhancing organizational performance.
Marketing (Big M) - ANSWERThe dimension of marketing that focuses on external
forces that affect the organization and serves as the driver of business strategy.
marketing (little m) - ANSWERThe dimension of marketing that focuses on the
functional or operational level of the organization.
tactical marketing - ANSWERMarketing activities that take place at the functional or
operational level of a firm.
marketing metrics - ANSWERTools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
Benefit - ANSWERtype of utility that a company and its products (and services)
provide its customers.
Utility - ANSWERwant-satisfying power of a good or service.
Major kinds of utility - ANSWERForm, time, Place, Ownership
How is Form utility created? - ANSWERfirm converts raw materials into finished
products that are desired by the market.
Which Utility is created by Marketing? - ANSWERTime, Place, Ownership
Form Utility - ANSWERcreated when the firm converts raw materials into finished
products that are desired by the market.
,Value Proposition - ANSWERThe whole bundle of benefits a company promises to
deliver to the customer, not just the benefits of the product itself.
Customer Satisfaction - ANSWERThe level of liking an individual harbors for an
offering
Customer Loyalty - ANSWERA customer's commitment to a company and its
products and brands for the long run.
Customer Retention - ANSWERLow propensity among a firm's customer base to
consider switching to other providers.
Value Chain - ANSWERThe synthesis of activities within a firm involved in designing,
producing, marketing, delivering, and supporting its products or services.
Value-Creating Activities - ANSWERActivities within a firm's value chain that act to
increase the value of its products and services for its customers. These can take the
form of either primary activities or support activities.
Marketing Planning - ANSWERThe ongoing process of developing and implementing
market-driven strategies for an organization.
Marketing Plan - ANSWERThe resulting document that records the marketing
planning process in a useful framework.
Market-Driven strategic planning - ANSWERThe process at the corporate or
strategic business unit (SBU) level of a firm that acts to marshal the various resource
and functional areas toward a central purpose around the customer.
Strategic Business Units - ANSWERA business within a larger company with its own
set of competitors and plan
Corporate-Level Planning - ANSWERAn umbrella plan for the overall direction of the
corporation developed above the strategic business unit (SBU) level.
SBU-Level Strategic plan - ANSWERPlanning that occurs within each of the firm's
strategic business units (SBUs) designed to meet individual performance
requirements and contribute satisfactorily to the overall corporate plan
Portfolio analysis - ANSWERA tool used in strategic planning for multibusiness
corporations that views SBUs, and sometimes even product lines, as a series of
investments from which it expects maximization of returns.
Boston Consulting Group BCG or Growth Share Matrix - ANSWERA popular
approach for in-firm portfolio analysis that categorizes business units' level of
contribution to the overall firm based on two factors: market growth rate and
competitive position.
Functional level plans - ANSWERPlans for each business function that makes up
one of the firm's strategic business units (SBUs). These include core business
, functions within each SBU such as operations, marketing, and finance, as well as
other pertinent operational areas.
Mission Statement - ANSWERThe verbal articulation of an organization's purpose, or
reason for existence.
Strategic Vision - ANSWEROften included within a firm's mission statement, it is a
discussion of what the company would like to become in the future.
Goals - ANSWERGeneral statements of what the firm wishes to accomplish in
support of the mission and vision.
Objectives - ANSWERspecific, measurable, and potentially attainable milestones
necessary for a firm to achieve its goals.
Strategy - ANSWERA comprehensive plan stating how the organization will achieve
its mission and objectives.
Generic Strategy - ANSWERAn overall directional strategy at the business level.
Competitive Strategy - ANSWERAn organization-wide strategy designed to increase
a firm's performance within the marketplace in terms of its competitors.
Core Competencies - ANSWERThe activities a firm can do exceedingly well.
Distinctive competencies - ANSWERA firm's core competencies that are superior to
those of their competitors.
Sustainable Competitive advantage - ANSWERThe resulting advantage a firm has
when it invests in distinctive competencies.
strategic type - ANSWERstrategic type have a common strategic orientation and a
similar combination of structure, culture, and processes consistent with that strategy.
first-mover advantage - ANSWERWhen a firm introduces a new market offering, thus
defining the scope of the competitive marketplace.
Situation analysis - ANSWERAn analysis of the macro- and micro-level environment
within which a firm's marketing plan is being developed.
SWOT analysis - ANSWERA convenient framework used to summarize key findings
from a firm's situational analysis into a matrix of strengths, weaknesses,
opportunities, and threats.
Market Penetration strategies - ANSWERStrategies designed to involve investing
against existing customers to gain additional usage of existing products.
Product development strategies - ANSWERStrategies designed to recognize the
opportunity to invest in new products that will increase usage from the current
customer base.
ANSWERS(GRADED A+)
Marketing Management - ANSWERThe leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
Marketing's stakeholders - ANSWERAny person or entity inside or outside a firm with
whom marketing interacts, impacts, and is impacted by.
Societal marketing - ANSWERThe concept that, at the broadest level, members of
society at large can be viewed as a stakeholder for marketing.
Sustainability - ANSWERThe practicing of business that meets humanity's needs
without harming future generations.
Value - ANSWERA ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle of
benefits.
Exchange - ANSWERThe giving up of something of value for something desired.
Production orientation - ANSWERThe maximization of production capacity through
improvements in products and production activities without much regard for what is
going on in the marketplace.
Sales Orientation - ANSWERThe increase of sales and consequently production
capacity utilization by having salespeople "push" product into the hands of
customers.
Marketing concept - ANSWERBusiness philosophy that emphasizes an organization-
wide customer orientation with the objective of achieving long-run profits.
Marketing mix (4P's of marketing) - ANSWERProduct, price, place, and promotion—
the fundamental elements that comprise the marketer's tool kit that can be
developed in unique combinations to set the product or brand apart from the
competition.
Customer-centric - ANSWERPlacing the customer at the core of the enterprise and
focusing on investments in customers over the long term.
Differentiation - ANSWERCommunicating and delivering value in different ways to
different customer groups.
Market orientation - ANSWERThe implementation of the marketing concept, based
on an understanding of customers and competitors.
,Customer orientation - ANSWERPlacing the customer at the core of all aspects of
the enterprise.
Relationship orientation - ANSWERInvesting in keeping and cultivating profitable
current customers instead of constantly having to invest in gaining new ones.
one-to-one marketing - ANSWERDirecting energy and resources into establishing a
learning relationship with each customer and connecting that knowledge with the
firm's production and service capabilities to fulfill that customer's needs in as
customary a manner as possible.
mass customization - ANSWERCombining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
Marketing - ANSWERThe activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
Strategic marketing - ANSWERThe long-term, firm-level commitment to investing in
marketing—supported at the highest organization level—for the purpose of
enhancing organizational performance.
Marketing (Big M) - ANSWERThe dimension of marketing that focuses on external
forces that affect the organization and serves as the driver of business strategy.
marketing (little m) - ANSWERThe dimension of marketing that focuses on the
functional or operational level of the organization.
tactical marketing - ANSWERMarketing activities that take place at the functional or
operational level of a firm.
marketing metrics - ANSWERTools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
Benefit - ANSWERtype of utility that a company and its products (and services)
provide its customers.
Utility - ANSWERwant-satisfying power of a good or service.
Major kinds of utility - ANSWERForm, time, Place, Ownership
How is Form utility created? - ANSWERfirm converts raw materials into finished
products that are desired by the market.
Which Utility is created by Marketing? - ANSWERTime, Place, Ownership
Form Utility - ANSWERcreated when the firm converts raw materials into finished
products that are desired by the market.
,Value Proposition - ANSWERThe whole bundle of benefits a company promises to
deliver to the customer, not just the benefits of the product itself.
Customer Satisfaction - ANSWERThe level of liking an individual harbors for an
offering
Customer Loyalty - ANSWERA customer's commitment to a company and its
products and brands for the long run.
Customer Retention - ANSWERLow propensity among a firm's customer base to
consider switching to other providers.
Value Chain - ANSWERThe synthesis of activities within a firm involved in designing,
producing, marketing, delivering, and supporting its products or services.
Value-Creating Activities - ANSWERActivities within a firm's value chain that act to
increase the value of its products and services for its customers. These can take the
form of either primary activities or support activities.
Marketing Planning - ANSWERThe ongoing process of developing and implementing
market-driven strategies for an organization.
Marketing Plan - ANSWERThe resulting document that records the marketing
planning process in a useful framework.
Market-Driven strategic planning - ANSWERThe process at the corporate or
strategic business unit (SBU) level of a firm that acts to marshal the various resource
and functional areas toward a central purpose around the customer.
Strategic Business Units - ANSWERA business within a larger company with its own
set of competitors and plan
Corporate-Level Planning - ANSWERAn umbrella plan for the overall direction of the
corporation developed above the strategic business unit (SBU) level.
SBU-Level Strategic plan - ANSWERPlanning that occurs within each of the firm's
strategic business units (SBUs) designed to meet individual performance
requirements and contribute satisfactorily to the overall corporate plan
Portfolio analysis - ANSWERA tool used in strategic planning for multibusiness
corporations that views SBUs, and sometimes even product lines, as a series of
investments from which it expects maximization of returns.
Boston Consulting Group BCG or Growth Share Matrix - ANSWERA popular
approach for in-firm portfolio analysis that categorizes business units' level of
contribution to the overall firm based on two factors: market growth rate and
competitive position.
Functional level plans - ANSWERPlans for each business function that makes up
one of the firm's strategic business units (SBUs). These include core business
, functions within each SBU such as operations, marketing, and finance, as well as
other pertinent operational areas.
Mission Statement - ANSWERThe verbal articulation of an organization's purpose, or
reason for existence.
Strategic Vision - ANSWEROften included within a firm's mission statement, it is a
discussion of what the company would like to become in the future.
Goals - ANSWERGeneral statements of what the firm wishes to accomplish in
support of the mission and vision.
Objectives - ANSWERspecific, measurable, and potentially attainable milestones
necessary for a firm to achieve its goals.
Strategy - ANSWERA comprehensive plan stating how the organization will achieve
its mission and objectives.
Generic Strategy - ANSWERAn overall directional strategy at the business level.
Competitive Strategy - ANSWERAn organization-wide strategy designed to increase
a firm's performance within the marketplace in terms of its competitors.
Core Competencies - ANSWERThe activities a firm can do exceedingly well.
Distinctive competencies - ANSWERA firm's core competencies that are superior to
those of their competitors.
Sustainable Competitive advantage - ANSWERThe resulting advantage a firm has
when it invests in distinctive competencies.
strategic type - ANSWERstrategic type have a common strategic orientation and a
similar combination of structure, culture, and processes consistent with that strategy.
first-mover advantage - ANSWERWhen a firm introduces a new market offering, thus
defining the scope of the competitive marketplace.
Situation analysis - ANSWERAn analysis of the macro- and micro-level environment
within which a firm's marketing plan is being developed.
SWOT analysis - ANSWERA convenient framework used to summarize key findings
from a firm's situational analysis into a matrix of strengths, weaknesses,
opportunities, and threats.
Market Penetration strategies - ANSWERStrategies designed to involve investing
against existing customers to gain additional usage of existing products.
Product development strategies - ANSWERStrategies designed to recognize the
opportunity to invest in new products that will increase usage from the current
customer base.
