MKT 3401 EXAM STUDY GUIDE
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.
Exchange - Answers - to give something up that someone else would rather have
- Production orientation
- Sales orientation
- Market orientation
- societal marketing orientation - Answers - What are four competing philosophies that
strongly influence and organization's marketing process?
Production Orientation - Answers - Companies whose product market is spread all over
the world may use this approach.
Sales Orientation - Answers - Companies with short-sighted profit goals.
Market Orientation - Answers - Companies who want to stay in the market for a long
time
Societal marketing orientation - Answers - The business focuses on how to fulfil the
needs of the customer without affecting the environment, natural resources and
focusing on society's well-being
Customer Value - Answers - - the relationship between benefits and the sacrifices
necessary to obtain those benefits.
- Obtaining info about customers, competitors, and markets
- Examining the info from a total business perspective
- Determining how to deliver superior customer value
- Implementing actions to provide value to customers - Answers - How do you achieve a
market orientation?
Product
Price
Place
Promotion - Answers - What are the four P's of marketing?
Product - Answers - What you sell. Could be a physical good, services, consulting, etc.
Price - Answers - - How much do you charge and how does that impact how your
customers view your brand?
, Place - Answers - - Where do you promote your product or service? Where do your
ideal customers go to find information about your industry?
Promotion - Answers - - How do your customers find out about you? What strategies do
you use, and are they effective?
Planning - Answers - What is an element of a marketing plan?
Planning - Answers - anticipating future events and determines strategies to achieve
organizational objectives in the future
marketing plan - Answers - a written doc that works as a guidebook
strategic planning - Answers - - the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities.
a strategic business unit - Answers - - A subgroup of a single business or collection of
related businesses w/ in the larger organization
SWOT and situation analysis - Answers - - identifying internal strengths (S) and
weaknesses (W) and also examining external opportunities (O) and threats (T)
- Internal strengths and weaknesses should focus on organizational resources such as
production costs, marketing skills, financial resources, company or brand image,
employee capabilities, and available tech.
- External opportunities and threats should focus on the marketing environment
Marketing Myopia - Answers - defining a business by goods and service rather than the
benefits customers seek
Mission Statements - Answers - The careful analysis of the benefits sought by the
customers in what are the environmental conditions of the firm at the time
Environmental Scanning - Answers - collection and interpretation of info. about forces,
events, and relationships in the external environment that may affect the future of the
organization or the implementation of the marketing plan.
Ethics - Answers - - the moral principles or values that generally govern the conduct of
an individual or a group
Code of Ethics - Answers - - a guideline to help marketing managers and other
employees make better decisions
Morals - Answers - - the rules people develop as a result of cultural values and norms
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.
Exchange - Answers - to give something up that someone else would rather have
- Production orientation
- Sales orientation
- Market orientation
- societal marketing orientation - Answers - What are four competing philosophies that
strongly influence and organization's marketing process?
Production Orientation - Answers - Companies whose product market is spread all over
the world may use this approach.
Sales Orientation - Answers - Companies with short-sighted profit goals.
Market Orientation - Answers - Companies who want to stay in the market for a long
time
Societal marketing orientation - Answers - The business focuses on how to fulfil the
needs of the customer without affecting the environment, natural resources and
focusing on society's well-being
Customer Value - Answers - - the relationship between benefits and the sacrifices
necessary to obtain those benefits.
- Obtaining info about customers, competitors, and markets
- Examining the info from a total business perspective
- Determining how to deliver superior customer value
- Implementing actions to provide value to customers - Answers - How do you achieve a
market orientation?
Product
Price
Place
Promotion - Answers - What are the four P's of marketing?
Product - Answers - What you sell. Could be a physical good, services, consulting, etc.
Price - Answers - - How much do you charge and how does that impact how your
customers view your brand?
, Place - Answers - - Where do you promote your product or service? Where do your
ideal customers go to find information about your industry?
Promotion - Answers - - How do your customers find out about you? What strategies do
you use, and are they effective?
Planning - Answers - What is an element of a marketing plan?
Planning - Answers - anticipating future events and determines strategies to achieve
organizational objectives in the future
marketing plan - Answers - a written doc that works as a guidebook
strategic planning - Answers - - the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities.
a strategic business unit - Answers - - A subgroup of a single business or collection of
related businesses w/ in the larger organization
SWOT and situation analysis - Answers - - identifying internal strengths (S) and
weaknesses (W) and also examining external opportunities (O) and threats (T)
- Internal strengths and weaknesses should focus on organizational resources such as
production costs, marketing skills, financial resources, company or brand image,
employee capabilities, and available tech.
- External opportunities and threats should focus on the marketing environment
Marketing Myopia - Answers - defining a business by goods and service rather than the
benefits customers seek
Mission Statements - Answers - The careful analysis of the benefits sought by the
customers in what are the environmental conditions of the firm at the time
Environmental Scanning - Answers - collection and interpretation of info. about forces,
events, and relationships in the external environment that may affect the future of the
organization or the implementation of the marketing plan.
Ethics - Answers - - the moral principles or values that generally govern the conduct of
an individual or a group
Code of Ethics - Answers - - a guideline to help marketing managers and other
employees make better decisions
Morals - Answers - - the rules people develop as a result of cultural values and norms
