Marketing 380-Exam 1 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (90)
Marketing is a form of communication between you and your customers with the goal of
selling your product or service to them.
Exchange is the trade of things of value between a buyer and a seller so that each is better
off after the trade.
Needs vs. Wants A need is something you have to have, something you can't do without. A need is
something needed to survive. In economics, the idea of survival is real, meaning
someone would die without their needs being met. This includes things like food,
water, and shelter.
A want is something you would like to have. It is not absolutely necessary, but it
would be a good thing to have.
Environmental forces consist of the uncontrollable forces that affect a marketing decision, which consist
of social, economic, technological, competitive, and regulatory forces.
Customer Value is the unique combination of benefits received by targeted buyers that includes
quality, convenience, on-time delivery, and both before-sale and after-sale
service at a specific price.
Value Stategies
Production Era The time frame that stretched from after the U.S. Civil War period until the 1920's
during which the primary goal of many corporations was to lower manufacturing
costs. During the Production Era, many business operators were able to either
boost their overall profitability or to increase their price competitiveness by
passing on reduced production costs to consumers.
Brand owners thrived because there were few alternatives available. The situation
continued as a result of the First and Second World Wars where disruption to the
supply chain and rationing of basic items became a way of life.
Sales Era (1920-1940s) after pent-up consumer demand had become saturated.
It's at this point that the practice of modern marketing first began.
No longer could brand owners easily sell everything they produced and
competition for market share intensified. In 1928, US business guru Napoleon Hill
wrote 'The Law of Success' where he argued that only through real and consistent
belief can a business achieve its goals. Companies now had to work a lot harder
to sell their products and services than they'd done before. Coupled with this,
products were becoming commoditized and price had become a key factor in
attracting consumers.
, Organizational Direction The idea of a journey is a good metaphor for the grand task of establishing the
destination and mapping the strategy needed to get there. The elements of
strategic planning fall into two broad categories: Setting Direction — Defining the
organizational mission1, vision, and values.
Organization Stategies is the sum of the actions a company intends to take to achieve long-term goals.
Together, these actions make up a company's strategic plan. Strategic plans take
at least a year to complete, requiring involvement from all company levels
Core Values are the guiding principles that dictate behavior and action. Core values can help
people to know what is right from wrong; they can help companies to determine
if they are on the right path and fulfilling their business goals; and they create an
unwavering and unchanging guide.
Mission or Vision Organizations summarize their goals and objectives in mission and vision
statements. Both of these serve different purposes for a company but are often
confused with each other. While a mission statement describes what a company
wants to do now, a vision statement outlines what a company wants to be in the
future.
Goals or Objectives are the statements of an accomplishment of a task to be achieved, often by a
specific time.
S.M.A.R.T giving criteria to guide in the setting of objectives, for example in project
management, employee-performance management and personal development.
Specific - target a specific area for improvement.
Measurable - quantify or at least suggest an indicator of progress.
Assignable - specify who will do it.
Realistic - state what results can realistically be achieved, given available
resources.
Time-related - specify when the result(s) can be achieved.
Competitive Advantage a condition or circumstance that puts a company in a favorable or superior
business position.
Business Portfolio Analysis is a technique that managers use to quantify performance measures and growth
targets to analyze their firms'
strategic business units (SBUs) as though they were a collection of separate
investments.
Diversification Analysis is a technique that helps a firm search for growth opportunities from among
current and new markets as well as current and new products.
SWOT Analysis is an acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities
and Threats.
Market-Production focus and goal setting
Marketing Concept Era
C
Terms in this set (90)
Marketing is a form of communication between you and your customers with the goal of
selling your product or service to them.
Exchange is the trade of things of value between a buyer and a seller so that each is better
off after the trade.
Needs vs. Wants A need is something you have to have, something you can't do without. A need is
something needed to survive. In economics, the idea of survival is real, meaning
someone would die without their needs being met. This includes things like food,
water, and shelter.
A want is something you would like to have. It is not absolutely necessary, but it
would be a good thing to have.
Environmental forces consist of the uncontrollable forces that affect a marketing decision, which consist
of social, economic, technological, competitive, and regulatory forces.
Customer Value is the unique combination of benefits received by targeted buyers that includes
quality, convenience, on-time delivery, and both before-sale and after-sale
service at a specific price.
Value Stategies
Production Era The time frame that stretched from after the U.S. Civil War period until the 1920's
during which the primary goal of many corporations was to lower manufacturing
costs. During the Production Era, many business operators were able to either
boost their overall profitability or to increase their price competitiveness by
passing on reduced production costs to consumers.
Brand owners thrived because there were few alternatives available. The situation
continued as a result of the First and Second World Wars where disruption to the
supply chain and rationing of basic items became a way of life.
Sales Era (1920-1940s) after pent-up consumer demand had become saturated.
It's at this point that the practice of modern marketing first began.
No longer could brand owners easily sell everything they produced and
competition for market share intensified. In 1928, US business guru Napoleon Hill
wrote 'The Law of Success' where he argued that only through real and consistent
belief can a business achieve its goals. Companies now had to work a lot harder
to sell their products and services than they'd done before. Coupled with this,
products were becoming commoditized and price had become a key factor in
attracting consumers.
, Organizational Direction The idea of a journey is a good metaphor for the grand task of establishing the
destination and mapping the strategy needed to get there. The elements of
strategic planning fall into two broad categories: Setting Direction — Defining the
organizational mission1, vision, and values.
Organization Stategies is the sum of the actions a company intends to take to achieve long-term goals.
Together, these actions make up a company's strategic plan. Strategic plans take
at least a year to complete, requiring involvement from all company levels
Core Values are the guiding principles that dictate behavior and action. Core values can help
people to know what is right from wrong; they can help companies to determine
if they are on the right path and fulfilling their business goals; and they create an
unwavering and unchanging guide.
Mission or Vision Organizations summarize their goals and objectives in mission and vision
statements. Both of these serve different purposes for a company but are often
confused with each other. While a mission statement describes what a company
wants to do now, a vision statement outlines what a company wants to be in the
future.
Goals or Objectives are the statements of an accomplishment of a task to be achieved, often by a
specific time.
S.M.A.R.T giving criteria to guide in the setting of objectives, for example in project
management, employee-performance management and personal development.
Specific - target a specific area for improvement.
Measurable - quantify or at least suggest an indicator of progress.
Assignable - specify who will do it.
Realistic - state what results can realistically be achieved, given available
resources.
Time-related - specify when the result(s) can be achieved.
Competitive Advantage a condition or circumstance that puts a company in a favorable or superior
business position.
Business Portfolio Analysis is a technique that managers use to quantify performance measures and growth
targets to analyze their firms'
strategic business units (SBUs) as though they were a collection of separate
investments.
Diversification Analysis is a technique that helps a firm search for growth opportunities from among
current and new markets as well as current and new products.
SWOT Analysis is an acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities
and Threats.
Market-Production focus and goal setting
Marketing Concept Era
