MKT 350 Final Exam with Accurate
Solutions
Marketing - ANS-the activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Marketing Plan - ANS-A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and
strategy specified in terms of the four Ps, action programs, and projected or pro forma
income (and other financial) statements.
Exchange - ANS-the trade of things of value between the buyer and the seller so that
each is better off as a result
Marketing Mix (4 P's) - ANS-Product, Price, Place, Promotion - the controllable set of
activities that a firm uses to respond to the wants of its target market
Goods - ANS-Items you can physically touch
Services - ANS-intangible customer benefits produced by people or machines and
cannot be separated from the physical producer
Ideas - ANS-Intellectual concepts—thoughts, opinions, and philosophies
Supply Chain Management - ANS-Set of approaches and techniques firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores,
and transportation intermediaries
Implementation Phase - ANS-Part of the strategic marketing process when marketing
managers 1- identify and evaluate diff. opportunities by engaging in segmentation,
targeting, and positioning and 2- implement the marketing mix using the four Ps
Control Phase - ANS-Part of the strategic marketing process when managers evaluate
the performance of the marketing strategy and take any necessary corrective actions
Mission statement - ANS-A broad description of a firm's objectives and the scope of
activities it plans to undertake; attempts to answer two main questions: What type of
business is it? What does it need to do to accomplish its goals and objectives?
, Situation Analysis - ANS-Second step in a marketing plan; uses SWOT analysis that
assesses both the internal environment with regard to its Strengths and Weaknesses
and the external environment in terms of its Opportunities and Threats
SWOT Analysis - ANS-A method of conducting a situation analysis within a marketing
plan in which both the internal environment with regard to its Strengths Weaknesses
and the external environment in terms of its Opportunities and Threats are examined
Segmentation, Marketing, Positioning (STP) - ANS-Firms use these processes to
identify and evaluate opportunities for increasing sales and profits
Market Segment - ANS-A group of consumers who respond similarly to a firm's
marketing efforts
Market Segmentation - ANS-The process of dividing the market into groups of
customers with different needs, wants, or characteristics- who therefore might
appreciate products or services geared especially for them
Target Marketing (Targeting) - ANS-The process of evaluating the attractiveness of
various segments and then deciding which to pursue as a market
Market Positioning - ANS-The process of defining the marketing mix variables so that
target customers have clear, distinctive, desirable understanding of what the product
does or represents in comparison with competing products
Integrated Marketing Communications (IMC) - ANS-represents the promotion dimension
of the 4 Ps; encompasses a variety of communication disciplines- general advertising,
personal selling, sales promotion, public relations, direct marketing, and electronic
media- in combination to provide clarity, consistency, and maximum communicative
impact
Metric - ANS-A measuring system that quantifies a trend, dynamic, or characteristic
Strategic Business Unit (SBU) - ANS-A division of the firm itself that can be managed
and operated somewhat independently from other divisions and may have a different
mission or objectives
Market Share - ANS-Percentage of the market accounted for by a specific entity
Relative Market Share - ANS-A measure of the product's strength in a particular market,
defined as the sales of the focal product divided by the sales achieved by the largest
firm in the industry
Market Growth Rate - ANS-The annual growth rate of the specific market in which the
product competes
Solutions
Marketing - ANS-the activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Marketing Plan - ANS-A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and
strategy specified in terms of the four Ps, action programs, and projected or pro forma
income (and other financial) statements.
Exchange - ANS-the trade of things of value between the buyer and the seller so that
each is better off as a result
Marketing Mix (4 P's) - ANS-Product, Price, Place, Promotion - the controllable set of
activities that a firm uses to respond to the wants of its target market
Goods - ANS-Items you can physically touch
Services - ANS-intangible customer benefits produced by people or machines and
cannot be separated from the physical producer
Ideas - ANS-Intellectual concepts—thoughts, opinions, and philosophies
Supply Chain Management - ANS-Set of approaches and techniques firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores,
and transportation intermediaries
Implementation Phase - ANS-Part of the strategic marketing process when marketing
managers 1- identify and evaluate diff. opportunities by engaging in segmentation,
targeting, and positioning and 2- implement the marketing mix using the four Ps
Control Phase - ANS-Part of the strategic marketing process when managers evaluate
the performance of the marketing strategy and take any necessary corrective actions
Mission statement - ANS-A broad description of a firm's objectives and the scope of
activities it plans to undertake; attempts to answer two main questions: What type of
business is it? What does it need to do to accomplish its goals and objectives?
, Situation Analysis - ANS-Second step in a marketing plan; uses SWOT analysis that
assesses both the internal environment with regard to its Strengths and Weaknesses
and the external environment in terms of its Opportunities and Threats
SWOT Analysis - ANS-A method of conducting a situation analysis within a marketing
plan in which both the internal environment with regard to its Strengths Weaknesses
and the external environment in terms of its Opportunities and Threats are examined
Segmentation, Marketing, Positioning (STP) - ANS-Firms use these processes to
identify and evaluate opportunities for increasing sales and profits
Market Segment - ANS-A group of consumers who respond similarly to a firm's
marketing efforts
Market Segmentation - ANS-The process of dividing the market into groups of
customers with different needs, wants, or characteristics- who therefore might
appreciate products or services geared especially for them
Target Marketing (Targeting) - ANS-The process of evaluating the attractiveness of
various segments and then deciding which to pursue as a market
Market Positioning - ANS-The process of defining the marketing mix variables so that
target customers have clear, distinctive, desirable understanding of what the product
does or represents in comparison with competing products
Integrated Marketing Communications (IMC) - ANS-represents the promotion dimension
of the 4 Ps; encompasses a variety of communication disciplines- general advertising,
personal selling, sales promotion, public relations, direct marketing, and electronic
media- in combination to provide clarity, consistency, and maximum communicative
impact
Metric - ANS-A measuring system that quantifies a trend, dynamic, or characteristic
Strategic Business Unit (SBU) - ANS-A division of the firm itself that can be managed
and operated somewhat independently from other divisions and may have a different
mission or objectives
Market Share - ANS-Percentage of the market accounted for by a specific entity
Relative Market Share - ANS-A measure of the product's strength in a particular market,
defined as the sales of the focal product divided by the sales achieved by the largest
firm in the industry
Market Growth Rate - ANS-The annual growth rate of the specific market in which the
product competes
