MKT 350 Test 1 Questions with
Verified Solutions
Amazon's pricing, service, and continuing investment in improving its website with
additional product offerings give it a(n) ____ over many other retailers. - ANS-
competitive advantage
The focal point of all marketing activities is - ANS-Customers
What type of competitive structure exists when a firm produces a product that has no
close substitutes? - ANS-Monopoly
The use of marketing research is - ANS-widespread throughout business and nonprofit
organizations.
The marketing environment is best described as being - ANS-Dynamic and changing
Product Variable - ANS-thing we have that we want to swap with you, the customer.
Price variable - ANS-Any cost people give up in an exchange.
Distribution/place variable - ANS-how can we get the product to the customer in the way
they want it? time and location
Promotion Variable - ANS-Relates to activities used to inform individuals or groups
about the organization and its products.
Value - ANS-is a customers subjective assessment of benefits relative to costs in
determining the worth of the product.
Exchanges - ANS-are the provision of transfer of goods, services, or ideas in return for
something of value.
Stakeholders - ANS-Anyone who effects or is effected, or has interest/ say in the
decisions made.
Marketing Environment force - ANS-Competitive, Economic, political, legal and
regulatory, technological, and sociocultural.
, Marketing Environment - ANS-effects of forces can be dramatic and difficult to predict,
little control.
Product orientation - ANS-improve speed and efficiency, intense competition, new
technology.
Sales Orientation - ANS-focus on selling products to buyers. (pushy sales person)
Marketing orientation - ANS-make stuff - sell stuff- create stuff people actually want to
keep buying.
Customer relationship management - ANS-using info about customers to create
marketing strategies that develop and sustain desirable customer relationships.
Relationship marketing - ANS--long term benefits of buyer seller relationship.
-Focuses on value enhancement through more satisfying exchanges
-deepens buyers trust
-increases understanding of customers needs
-through e-marketing we can go one on one
Customer lifetime value - ANS-Predicts the net value (profit or loss) for the future
relationship with a customer.
Strategic planning process - ANS--Mission Statement
-Corporate strategy
-Business unit strategy
-Marketing strategy
-Marketing mix elements
Mission Statement - ANS-long term view or vision of what the organization wants to
become.
Growth star matrix contains - ANS-Stars, cash cows, dogs, question marks.
Stars - ANS-products with a dominant share of the market and good prospect for
growth. (good now and only getting better)
Cash cows - ANS-have a dominant share of the market but low prospects for growth.
(good for now)
Dogs - ANS-Have a subordinate share of the market and low prospects for growth.
Question Mark - ANS-have a small share of a growing market and generally require a
large amount of cash to build market share. (potential but needs the funds)
Verified Solutions
Amazon's pricing, service, and continuing investment in improving its website with
additional product offerings give it a(n) ____ over many other retailers. - ANS-
competitive advantage
The focal point of all marketing activities is - ANS-Customers
What type of competitive structure exists when a firm produces a product that has no
close substitutes? - ANS-Monopoly
The use of marketing research is - ANS-widespread throughout business and nonprofit
organizations.
The marketing environment is best described as being - ANS-Dynamic and changing
Product Variable - ANS-thing we have that we want to swap with you, the customer.
Price variable - ANS-Any cost people give up in an exchange.
Distribution/place variable - ANS-how can we get the product to the customer in the way
they want it? time and location
Promotion Variable - ANS-Relates to activities used to inform individuals or groups
about the organization and its products.
Value - ANS-is a customers subjective assessment of benefits relative to costs in
determining the worth of the product.
Exchanges - ANS-are the provision of transfer of goods, services, or ideas in return for
something of value.
Stakeholders - ANS-Anyone who effects or is effected, or has interest/ say in the
decisions made.
Marketing Environment force - ANS-Competitive, Economic, political, legal and
regulatory, technological, and sociocultural.
, Marketing Environment - ANS-effects of forces can be dramatic and difficult to predict,
little control.
Product orientation - ANS-improve speed and efficiency, intense competition, new
technology.
Sales Orientation - ANS-focus on selling products to buyers. (pushy sales person)
Marketing orientation - ANS-make stuff - sell stuff- create stuff people actually want to
keep buying.
Customer relationship management - ANS-using info about customers to create
marketing strategies that develop and sustain desirable customer relationships.
Relationship marketing - ANS--long term benefits of buyer seller relationship.
-Focuses on value enhancement through more satisfying exchanges
-deepens buyers trust
-increases understanding of customers needs
-through e-marketing we can go one on one
Customer lifetime value - ANS-Predicts the net value (profit or loss) for the future
relationship with a customer.
Strategic planning process - ANS--Mission Statement
-Corporate strategy
-Business unit strategy
-Marketing strategy
-Marketing mix elements
Mission Statement - ANS-long term view or vision of what the organization wants to
become.
Growth star matrix contains - ANS-Stars, cash cows, dogs, question marks.
Stars - ANS-products with a dominant share of the market and good prospect for
growth. (good now and only getting better)
Cash cows - ANS-have a dominant share of the market but low prospects for growth.
(good for now)
Dogs - ANS-Have a subordinate share of the market and low prospects for growth.
Question Mark - ANS-have a small share of a growing market and generally require a
large amount of cash to build market share. (potential but needs the funds)
