D174 STUDY GUIDE QUESTIONS WITH
VERIFIED ANSWERS
\.Marketing Management - ANSWERS✔-The leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
\.Marketing's stakeholders - ANSWERS✔-Any person or entity inside or outside a
firm with whom marketing interacts, impacts, and is impacted by.
\.Societal marketing - ANSWERS✔-The concept that, at the broadest level,
members of society at large can be viewed as a stakeholder for marketing.
\.Sustainability - ANSWERS✔-The practicing of business that meets humanity's
needs without harming future generations.
\.Value - ANSWERS✔-A ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle
of benefits.
\.Exchange - ANSWERS✔-The giving up of something of value for something
desired.
,\.Production orientation - ANSWERS✔-The maximization of production capacity
through improvements in products and production activities without much regard
for what is going on in the marketplace.
\.Sales Orientation - ANSWERS✔-The increase of sales and consequently
production capacity utilization by having salespeople "push" product into the
hands of customers.
\.Marketing concept - ANSWERS✔-Business philosophy that emphasizes an
organization-wide customer orientation with the objective of achieving long-run
profits.
\.Marketing mix (4P's of marketing) - ANSWERS✔-Product, price, place, and
promotion—the fundamental elements that comprise the marketer's tool kit that
can be developed in unique combinations to set the product or brand apart from
the competition.
\.Customer-centric - ANSWERS✔-Placing the customer at the core of the
enterprise and focusing on investments in customers over the long term.
\.Differentiation - ANSWERS✔-Communicating and delivering value in different
ways to different customer groups.
\.Market orientation - ANSWERS✔-The implementation of the marketing concept,
based on an understanding of customers and competitors.
,\.Customer orientation - ANSWERS✔-Placing the customer at the core of all
aspects of the enterprise.
\.Relationship orientation - ANSWERS✔-Investing in keeping and cultivating
profitable current customers instead of constantly having to invest in gaining new
ones.
\.one-to-one marketing - ANSWERS✔-Directing energy and resources into
establishing a learning relationship with each customer and connecting that
knowledge with the firm's production and service capabilities to fulfill that
customer's needs in as customary a manner as possible.
\.mass customization - ANSWERS✔-Combining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
\.Marketing - ANSWERS✔-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.
\.Strategic marketing - ANSWERS✔-The long-term, firm-level commitment to
investing in marketing—supported at the highest organization level—for the
purpose of enhancing organizational performance.
\.Marketing (Big M) - ANSWERS✔-The dimension of marketing that focuses on
external forces that affect the organization and serves as the driver of business
strategy.
, \.marketing (little m) - ANSWERS✔-The dimension of marketing that focuses on
the functional or operational level of the organization.
\.tactical marketing - ANSWERS✔-Marketing activities that take place at the
functional or operational level of a firm.
\.marketing metrics - ANSWERS✔-Tools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
\.Benefit - ANSWERS✔-type of utility that a company and its products (and
services) provide its customers.
\.Utility - ANSWERS✔-want-satisfying power of a good or service.
\.Major kinds of utility - ANSWERS✔-Form, time, Place, Ownership
\.How is Form utility created? - ANSWERS✔-firm converts raw materials into
finished products that are desired by the market.
\.Which Utility is created by Marketing? - ANSWERS✔-Time, Place, Ownership
\.Form Utility - ANSWERS✔-created when the firm converts raw materials into
finished products that are desired by the market.
VERIFIED ANSWERS
\.Marketing Management - ANSWERS✔-The leading and managing of the facets of
marketing to improve individual, unit, and organizational performance.
\.Marketing's stakeholders - ANSWERS✔-Any person or entity inside or outside a
firm with whom marketing interacts, impacts, and is impacted by.
\.Societal marketing - ANSWERS✔-The concept that, at the broadest level,
members of society at large can be viewed as a stakeholder for marketing.
\.Sustainability - ANSWERS✔-The practicing of business that meets humanity's
needs without harming future generations.
\.Value - ANSWERS✔-A ratio of the bundle of benefits a customer receives from an
offering compared to the costs incurred by the customer in acquiring that bundle
of benefits.
\.Exchange - ANSWERS✔-The giving up of something of value for something
desired.
,\.Production orientation - ANSWERS✔-The maximization of production capacity
through improvements in products and production activities without much regard
for what is going on in the marketplace.
\.Sales Orientation - ANSWERS✔-The increase of sales and consequently
production capacity utilization by having salespeople "push" product into the
hands of customers.
\.Marketing concept - ANSWERS✔-Business philosophy that emphasizes an
organization-wide customer orientation with the objective of achieving long-run
profits.
\.Marketing mix (4P's of marketing) - ANSWERS✔-Product, price, place, and
promotion—the fundamental elements that comprise the marketer's tool kit that
can be developed in unique combinations to set the product or brand apart from
the competition.
\.Customer-centric - ANSWERS✔-Placing the customer at the core of the
enterprise and focusing on investments in customers over the long term.
\.Differentiation - ANSWERS✔-Communicating and delivering value in different
ways to different customer groups.
\.Market orientation - ANSWERS✔-The implementation of the marketing concept,
based on an understanding of customers and competitors.
,\.Customer orientation - ANSWERS✔-Placing the customer at the core of all
aspects of the enterprise.
\.Relationship orientation - ANSWERS✔-Investing in keeping and cultivating
profitable current customers instead of constantly having to invest in gaining new
ones.
\.one-to-one marketing - ANSWERS✔-Directing energy and resources into
establishing a learning relationship with each customer and connecting that
knowledge with the firm's production and service capabilities to fulfill that
customer's needs in as customary a manner as possible.
\.mass customization - ANSWERS✔-Combining flexible manufacturing with flexible
marketing to greatly enhance customer choice.
\.Marketing - ANSWERS✔-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.
\.Strategic marketing - ANSWERS✔-The long-term, firm-level commitment to
investing in marketing—supported at the highest organization level—for the
purpose of enhancing organizational performance.
\.Marketing (Big M) - ANSWERS✔-The dimension of marketing that focuses on
external forces that affect the organization and serves as the driver of business
strategy.
, \.marketing (little m) - ANSWERS✔-The dimension of marketing that focuses on
the functional or operational level of the organization.
\.tactical marketing - ANSWERS✔-Marketing activities that take place at the
functional or operational level of a firm.
\.marketing metrics - ANSWERS✔-Tools and processes designed to identify, track,
evaluate, and provide key benchmarks for improvement of marketing activities.
\.Benefit - ANSWERS✔-type of utility that a company and its products (and
services) provide its customers.
\.Utility - ANSWERS✔-want-satisfying power of a good or service.
\.Major kinds of utility - ANSWERS✔-Form, time, Place, Ownership
\.How is Form utility created? - ANSWERS✔-firm converts raw materials into
finished products that are desired by the market.
\.Which Utility is created by Marketing? - ANSWERS✔-Time, Place, Ownership
\.Form Utility - ANSWERS✔-created when the firm converts raw materials into
finished products that are desired by the market.
