MKTG 2500 - EXAM 1 REVIEW – WMU
QUESTIONS COMPLETE WITH 100%
CORRECT ANSWERS
\.Describe the four marketing management philosophies - ANSWERS✔-
Production-oriented: focused on internal capabilities of the firm rather than on
the desires and needs of the marketplace
Sales orientation: based on the beliefs that people will buy more products and
services if aggressive sales techniques are used and that high sales volumes
produce high profits
Market-oriented organization: focused on satisfying customer wants and needs
while meeting organizational objectives
Societal marketing: goes beyond a market orientation to include the preservation
or enhancement of individuals' and society's long-term best interests
\.Marketing concept - ANSWERS✔-The idea that the social and economic
justification for an organization's existence is the satisfaction of customer wants
and needs while meeting organizational objectives
\.Relationship marketing - ANSWERS✔-Part of CRM, focus on maintaining
relationships.
\.CRM - ANSWERS✔-company wide strategy designed to optimize profitability,
revenue, and customer satisfaction by focusing on defined and precise customer
groups
, \.Strategic planning - ANSWERS✔-The managerial process of creating and
maintaining a fit between the organization's objectives and resources and the
evolving marketing opportunities
\.Portfolio matrix - ANSWERS✔-Star - fast-growing business leader
Cash cow - generates more cash than it needs for market share
Problem child (question mark) - more growth but poor profit margins
Dog - growth potential, small market share
\.Marketing plan - ANSWERS✔-Market penetration, market development, product
development, diversification, and the portfolio matrix
\.SWOT - ANSWERS✔-Strengths, weaknesses (internal), opportunities, threats
(external)
\.Environmental scanning is what part of SWOT? - ANSWERS✔-
Opportunities/Threats
\.Competitive advantages - ANSWERS✔-Cost: being low-cost, maintaining profits
Product/service: unique and valuable beyond low price
Niche: effectively targets small market
Sustainable: cannot be copied
QUESTIONS COMPLETE WITH 100%
CORRECT ANSWERS
\.Describe the four marketing management philosophies - ANSWERS✔-
Production-oriented: focused on internal capabilities of the firm rather than on
the desires and needs of the marketplace
Sales orientation: based on the beliefs that people will buy more products and
services if aggressive sales techniques are used and that high sales volumes
produce high profits
Market-oriented organization: focused on satisfying customer wants and needs
while meeting organizational objectives
Societal marketing: goes beyond a market orientation to include the preservation
or enhancement of individuals' and society's long-term best interests
\.Marketing concept - ANSWERS✔-The idea that the social and economic
justification for an organization's existence is the satisfaction of customer wants
and needs while meeting organizational objectives
\.Relationship marketing - ANSWERS✔-Part of CRM, focus on maintaining
relationships.
\.CRM - ANSWERS✔-company wide strategy designed to optimize profitability,
revenue, and customer satisfaction by focusing on defined and precise customer
groups
, \.Strategic planning - ANSWERS✔-The managerial process of creating and
maintaining a fit between the organization's objectives and resources and the
evolving marketing opportunities
\.Portfolio matrix - ANSWERS✔-Star - fast-growing business leader
Cash cow - generates more cash than it needs for market share
Problem child (question mark) - more growth but poor profit margins
Dog - growth potential, small market share
\.Marketing plan - ANSWERS✔-Market penetration, market development, product
development, diversification, and the portfolio matrix
\.SWOT - ANSWERS✔-Strengths, weaknesses (internal), opportunities, threats
(external)
\.Environmental scanning is what part of SWOT? - ANSWERS✔-
Opportunities/Threats
\.Competitive advantages - ANSWERS✔-Cost: being low-cost, maintaining profits
Product/service: unique and valuable beyond low price
Niche: effectively targets small market
Sustainable: cannot be copied
