MKT 3401 EXAM 1 QUESTIONS AND ANSWERS
marketing - Answers - the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging OFFERINGS THAT HAVE VALUE, clients,
partners, and society at large
exchange - Answers - people giving up something in order to receive something else
they would rather have
What are the 4 marketing management philosophies? - Answers - 1) production-
oriented
2)sales-oriented
3) market-oriented
4)social marketing orientation
production orientation - Answers - a philosophy that focuses on the internal capabilities
of the firm rather than on the desires and needs of the marketplace
marketing concept - Answers - the idea that the social and economical justification for
an organization's existence is the satisfaction if customer wants and needs while
meeting organization objectives
sales orientation - Answers - 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 - Answers - 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.
societal marketing orientation - Answers - 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 interest
What is the differences between sales and market orientations? - Answers - Sales
Orientation:
1. firms focuses on their own needs
2. consider themselves to be deliverers of goods and services
3. direct their product to everyone
4. place higher premium on making a sale
5. max sales volume through intensive promotion
Market Orientation:
1. firms focus on customers' needs and preferences
2. satisfies the customers
3. aim at specific segments of the population
4. seek long-term relationship with customers
, 5. pursue customer satisfaction through coordinated activities
empowerment - Answers - delegation of authority to solve customers' problems quickly
usually by the first person the customer notifies regarding a problem
relationship marketing - Answers - a strategy that focuses on keeping and improving
relationships with current customers
customer relationship management - Answers - a company wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on
highly 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 market
oppoutunities
Strategic business units (SBUs) - Answers - a 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. Has its own rate of return on
investment, growth, potential, and associated risks, and requires its own strategies and
funding.
marketing plan - Answers - should define the business mission, perform a situation
analysis, define objectives, delineate a target market and establish components oft the
marketing mix
market penetration - Answers - marketing strategy that tries to increase market share
among existing customers
market development - Answers - marketing strategy that entails attracting new
customers to existing products
product development - Answers - a marketing strategy that entails the creation of new
products for present markets
star - Answers - in the portfolio matrix, a business unit that is a fast-growing market
leader
cash cow - Answers - in the portfolio matrix, a business unit that generates more cash
than it needs to maintain its market share
problem child (question mark) - Answers - in the portfolio matrix, a business unit that
shows rapid growth but poor profit margins
dog - Answers - in the portfolio matrix, a business unit that has low growth potential and
a small market share
marketing - Answers - the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging OFFERINGS THAT HAVE VALUE, clients,
partners, and society at large
exchange - Answers - people giving up something in order to receive something else
they would rather have
What are the 4 marketing management philosophies? - Answers - 1) production-
oriented
2)sales-oriented
3) market-oriented
4)social marketing orientation
production orientation - Answers - a philosophy that focuses on the internal capabilities
of the firm rather than on the desires and needs of the marketplace
marketing concept - Answers - the idea that the social and economical justification for
an organization's existence is the satisfaction if customer wants and needs while
meeting organization objectives
sales orientation - Answers - 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 - Answers - 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.
societal marketing orientation - Answers - 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 interest
What is the differences between sales and market orientations? - Answers - Sales
Orientation:
1. firms focuses on their own needs
2. consider themselves to be deliverers of goods and services
3. direct their product to everyone
4. place higher premium on making a sale
5. max sales volume through intensive promotion
Market Orientation:
1. firms focus on customers' needs and preferences
2. satisfies the customers
3. aim at specific segments of the population
4. seek long-term relationship with customers
, 5. pursue customer satisfaction through coordinated activities
empowerment - Answers - delegation of authority to solve customers' problems quickly
usually by the first person the customer notifies regarding a problem
relationship marketing - Answers - a strategy that focuses on keeping and improving
relationships with current customers
customer relationship management - Answers - a company wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on
highly 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 market
oppoutunities
Strategic business units (SBUs) - Answers - a 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. Has its own rate of return on
investment, growth, potential, and associated risks, and requires its own strategies and
funding.
marketing plan - Answers - should define the business mission, perform a situation
analysis, define objectives, delineate a target market and establish components oft the
marketing mix
market penetration - Answers - marketing strategy that tries to increase market share
among existing customers
market development - Answers - marketing strategy that entails attracting new
customers to existing products
product development - Answers - a marketing strategy that entails the creation of new
products for present markets
star - Answers - in the portfolio matrix, a business unit that is a fast-growing market
leader
cash cow - Answers - in the portfolio matrix, a business unit that generates more cash
than it needs to maintain its market share
problem child (question mark) - Answers - in the portfolio matrix, a business unit that
shows rapid growth but poor profit margins
dog - Answers - in the portfolio matrix, a business unit that has low growth potential and
a small market share
