MKTG 351 Ole Miss Test 1 Dr Babin With
Complete Solutions
Marketing - ANSWER the 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 - ANSWER People giving up something in order to receive something
else they would rather have
Four Marketing Management Philosophies - ANSWER Production Orientation: A
Philosophy that focuses on the internal capabilities of the firm rather than on the
desires and needs of the marketplace
Sales Orientation: The belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits
Market Orientation: A Philosophy that assumes that a sale does not depend on
an aggressive sales force but rather on a customer's decision to purchase a
product; it is synonymous with the marketing concept
Societal Marketing Orientation: The Idea that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives but also
to preserve or enhance individuals' and society's long-term best interests
Customer Satisfaction - ANSWER Customers' evaluation of a good or service in
terms of where it has met their needs and expectations
Relationship Marketing - ANSWER A strategy that focuses on keeping and
improving relationships with current customers
Empowerment - ANSWER Delegation of authority to solve customers problems
quickly usually by the first person the customer notifies regarding a problem
Teamwork - ANSWER Collaborative efforts of people to accomplish common
objectives
Customer Relationship Management (CRM) - ANSWER A company-wide
business strategy designed to optimize profitability, revenue, and customer
satisfaction by focusing on highly defined and precise customer groups
, On Demand Marketing - ANSWER Delivering relevant experiences integrated
across both physical and virtual environments, throughout the consumer's
decision and buying process
5 Conditions of exchange - ANSWER 1.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
Why Study Marketing? - ANSWER 1.Affects the allocation of goods and services
that influence a nation's economy and standard of living
2.An understanding of marking is crucial to understanding most businesses
3.Career opportunities are diverse, profitable, and expected to increase
significantly
4.Understanding marking makes consumers more informed
Strategic Planning - ANSWER The managerial process of creating and
maintaining a fir between the organization's objectives and resources and the
evolving market opportunities
Strategic Business Unit (SBU) - ANSWER A subgroup of a single business or
collection within the larger organization
Characteristics of SBU:
Distinct mission and a specific target market, control over its resources, its own
competitors, a single business, and plans independent from other SBUs in the
organization
Market Penetration - ANSWER a marketing strategy that tries to increase market
share among existing customers
market development - ANSWER a marketing strategy that entails attracting new
customers to existing products
Product Development - ANSWER a marketing strategy that entails the creation
of new products for present markets
Diversification - ANSWER a strategy of increasing sales by introducing new
products into new markets
Portfolio Matrix - ANSWER a tool for allocating resources among products or
strategic business units on the basis of relative market share and market growth
rate
star - ANSWER in the portfolio matrix, a business unit that is a fast-growing
market leader
Complete Solutions
Marketing - ANSWER the 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 - ANSWER People giving up something in order to receive something
else they would rather have
Four Marketing Management Philosophies - ANSWER Production Orientation: A
Philosophy that focuses on the internal capabilities of the firm rather than on the
desires and needs of the marketplace
Sales Orientation: The belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits
Market Orientation: A Philosophy that assumes that a sale does not depend on
an aggressive sales force but rather on a customer's decision to purchase a
product; it is synonymous with the marketing concept
Societal Marketing Orientation: The Idea that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives but also
to preserve or enhance individuals' and society's long-term best interests
Customer Satisfaction - ANSWER Customers' evaluation of a good or service in
terms of where it has met their needs and expectations
Relationship Marketing - ANSWER A strategy that focuses on keeping and
improving relationships with current customers
Empowerment - ANSWER Delegation of authority to solve customers problems
quickly usually by the first person the customer notifies regarding a problem
Teamwork - ANSWER Collaborative efforts of people to accomplish common
objectives
Customer Relationship Management (CRM) - ANSWER A company-wide
business strategy designed to optimize profitability, revenue, and customer
satisfaction by focusing on highly defined and precise customer groups
, On Demand Marketing - ANSWER Delivering relevant experiences integrated
across both physical and virtual environments, throughout the consumer's
decision and buying process
5 Conditions of exchange - ANSWER 1.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
Why Study Marketing? - ANSWER 1.Affects the allocation of goods and services
that influence a nation's economy and standard of living
2.An understanding of marking is crucial to understanding most businesses
3.Career opportunities are diverse, profitable, and expected to increase
significantly
4.Understanding marking makes consumers more informed
Strategic Planning - ANSWER The managerial process of creating and
maintaining a fir between the organization's objectives and resources and the
evolving market opportunities
Strategic Business Unit (SBU) - ANSWER A subgroup of a single business or
collection within the larger organization
Characteristics of SBU:
Distinct mission and a specific target market, control over its resources, its own
competitors, a single business, and plans independent from other SBUs in the
organization
Market Penetration - ANSWER a marketing strategy that tries to increase market
share among existing customers
market development - ANSWER a marketing strategy that entails attracting new
customers to existing products
Product Development - ANSWER a marketing strategy that entails the creation
of new products for present markets
Diversification - ANSWER a strategy of increasing sales by introducing new
products into new markets
Portfolio Matrix - ANSWER a tool for allocating resources among products or
strategic business units on the basis of relative market share and market growth
rate
star - ANSWER in the portfolio matrix, a business unit that is a fast-growing
market leader
