MKT 350 Final Exam Review
Questions and Answers
Marketing - ANSWER-The process of creating, distributing, promoting, and pricing
goods, services, and ideas to facilitate satisfying exchange relationships with customers
and develop and maintain favorable relationships with stakeholders in a dynamic
environment.
Marketing Concept - ANSWER-A philosophy that an organization should try to provide
products that satisfy customers' needs through a coordinated set of activities that also
allows the organization to achieve its goals.
Production Orientation - ANSWER-A view where demand for manufactured goods was
strong.
Sales Orientation - ANSWER-A view that sales are the major means of increasing
products. Businesses focus on "selling" (advertising, etc.).
Market Orientation - ANSWER-An organization wide view / commitment to researching
and responding to customer needs.
Strategic Planning - ANSWER-The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, marketing strategy, and
a marketing plan.
SWOT Analysis - ANSWER-Assessment of an organization's strengths, weaknesses,
opportunities, and threats.
Strategic Business Unit (SBU) - ANSWER-A division, product line, or other profit center
within the parent company.
Growth-Share Matrix - ANSWER-A helpful business tool, based on the philosophy that
a product's market growth rate and its market share are important considerations in
determining its marketing strategy.
Marketing Implementation - ANSWER-The process of putting marketing strategies into
action.
Intended Strategy - ANSWER-The strategy the organization decides on during the
planning phase and wants to use.
, Realized Strategy - ANSWER-The strategy that actually takes place.
Benchmarking - ANSWER-Comparing the company's goods, services, or processes
with that of its best-performing competitors.
Empowerment - ANSWER-Giving customer-contact employees authority and
responsibility to make marketing decisions without seeking approval of their
supervisors.
Centralized Organization - ANSWER-A structure in which top-level managers delegate
little authority to lower levels.
Decentralized Organization - ANSWER-A structure in which decision-making authority
is delegated as far down the chain of command as possible.
Consumer Market - ANSWER-Purchasers and household members who intend to
consume or benefit from the purchased products and do not buy products to make
profits.
Business Market - ANSWER-Individuals or groups that purchase a specific kind of
product for resale, direct use in producing other products, or use in general daily
operations.
Undifferentiated Targeting Strategy - ANSWER-A strategy in which an organization
designs a single marketing mix and directs it at the entire market for a particular
product.
Homogenous Market - ANSWER-A market in which a large proportion of the customers
have similar needs for a product.
Heterogeneous Market - ANSWER-A market made up of individuals or organizations
with diverse needs for products in a specific product class.
Target Market Selection Step 1 - ANSWER-Identify the appropriate Targeting Strategy
[Target Market Selection]
Target Market Selection Step 2 - ANSWER-Determine which segmentation variables to
use [Target Market Selection]
Target Market Selection Step 3 - ANSWER-Develop Market Segment Profiles [Target
Market Selection]
Target Market Selection Step 4 - ANSWER-Evaluate Relevant Market Segments
[Target Market Selection]
Questions and Answers
Marketing - ANSWER-The process of creating, distributing, promoting, and pricing
goods, services, and ideas to facilitate satisfying exchange relationships with customers
and develop and maintain favorable relationships with stakeholders in a dynamic
environment.
Marketing Concept - ANSWER-A philosophy that an organization should try to provide
products that satisfy customers' needs through a coordinated set of activities that also
allows the organization to achieve its goals.
Production Orientation - ANSWER-A view where demand for manufactured goods was
strong.
Sales Orientation - ANSWER-A view that sales are the major means of increasing
products. Businesses focus on "selling" (advertising, etc.).
Market Orientation - ANSWER-An organization wide view / commitment to researching
and responding to customer needs.
Strategic Planning - ANSWER-The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, marketing strategy, and
a marketing plan.
SWOT Analysis - ANSWER-Assessment of an organization's strengths, weaknesses,
opportunities, and threats.
Strategic Business Unit (SBU) - ANSWER-A division, product line, or other profit center
within the parent company.
Growth-Share Matrix - ANSWER-A helpful business tool, based on the philosophy that
a product's market growth rate and its market share are important considerations in
determining its marketing strategy.
Marketing Implementation - ANSWER-The process of putting marketing strategies into
action.
Intended Strategy - ANSWER-The strategy the organization decides on during the
planning phase and wants to use.
, Realized Strategy - ANSWER-The strategy that actually takes place.
Benchmarking - ANSWER-Comparing the company's goods, services, or processes
with that of its best-performing competitors.
Empowerment - ANSWER-Giving customer-contact employees authority and
responsibility to make marketing decisions without seeking approval of their
supervisors.
Centralized Organization - ANSWER-A structure in which top-level managers delegate
little authority to lower levels.
Decentralized Organization - ANSWER-A structure in which decision-making authority
is delegated as far down the chain of command as possible.
Consumer Market - ANSWER-Purchasers and household members who intend to
consume or benefit from the purchased products and do not buy products to make
profits.
Business Market - ANSWER-Individuals or groups that purchase a specific kind of
product for resale, direct use in producing other products, or use in general daily
operations.
Undifferentiated Targeting Strategy - ANSWER-A strategy in which an organization
designs a single marketing mix and directs it at the entire market for a particular
product.
Homogenous Market - ANSWER-A market in which a large proportion of the customers
have similar needs for a product.
Heterogeneous Market - ANSWER-A market made up of individuals or organizations
with diverse needs for products in a specific product class.
Target Market Selection Step 1 - ANSWER-Identify the appropriate Targeting Strategy
[Target Market Selection]
Target Market Selection Step 2 - ANSWER-Determine which segmentation variables to
use [Target Market Selection]
Target Market Selection Step 3 - ANSWER-Develop Market Segment Profiles [Target
Market Selection]
Target Market Selection Step 4 - ANSWER-Evaluate Relevant Market Segments
[Target Market Selection]
