Marketing 380 exam 1 UPDATED ACTUAL Questions And Correct Answers
Terms in this set (93)
Marketing is the activity for creating communicating delivering and exchanging offerings that
benefit its customers, the organization, its stakeholders and society at large
Exchange The trade of things of value between buyer and seller so that each is better off
after the trade is referred to as
needs occurs when a person feels deprived of basic necessities such as food, clothing,
and shelter
wants is a need that is shaped by a persons knowledge, culture, and personality
SWOT Analysis and environmental scanning during the first stage of the new product process, two important activities take
place. They are?
Seven stages from new product strategy development to the new product process an organization goes through to identify business
commercialization. opportunities and convert them to a salable good or service contains
A new product protocol refers to a statement that identifies (1) a well defined target market. (2) specific customers
needs, wants and preferences and (3) what the product will be and can do.
dynamically continuous innovation a product that disrupts consumers normal routine but does not require totally new
learning is a
continuous innovation a product that requires no new behaviors be learned by consumers is a
The goal of a SWOT analysis identify the critical strategic factors that can impact the firm
Environmental forces consist of the uncontrollable forces that affect a marketing decision, which consist
of social, economic, technological, competitive, and regulatory forces.
customer value proposition is the cluster of benefits that an organization promises customers to satisfy their
needs
value strategies best price, best product, best service
production era covers the early years of the United states up in to the 1920s
Sales era 19th century manufactures found they could produce more goods than buyers
could consume. competition grew
Marketing concept era is the idea that an organization should 1) strive to satisfy the needs of
consumers 2) while also trying to achieve the organizations goals
, customer relationship era started in the 1980s and occurs as firms continuously seek to satisfy the high
expectations of customers
Customer relationship management (CRM) is the process of identifying prospective buyers, understanding them intimately,
and developing favorable long term perceptions of the organization and its
offerings so that buyers will choose them in the marketplace
customer experience is the internal response that customers have to all aspects of an organization and
its offerings
market consists of people with both the desire and the ability to buy a specific offering
who/what market both consumers and every organization used products that are marketed goods,
services, and ideas are marked
consumer benefits marketing create utility, the benefits or customer value re received by users of the
product
Three levels of strategy in organizations corporate,
strategic,
functional, levels
corporate level strategy is where top management directs overall strategy for the entire organization
Strategic business level strategy sets more specific strategic direction for their business to exploit value-creating
opportunities
functional level strategy generally refers to specialized functions such as marketing and finance. at this
level the organizations strategic direction becomes its most specific and focused.
Strategic business unit (SBU) is a subsidiary, division, or unit of an organization that markets a set of related
offerings to a clearly defined target market
core values are the fundamental, passionate, and enduring principles of an organization that
guide its conduct over time
mission/vision is a statement of the organizations function in society that often identifies its
customers, markets, products and technologies.
goals/objectives statements of an accomplishment of a task to be achieved, often by a specific
time
S.M.A.R.T specific
measurable
attainable
relevant
time-based
competitive advantage is a unique strength relative to competitors that provides superior returns, often
based on quality, time, cost, or innovation
Terms in this set (93)
Marketing is the activity for creating communicating delivering and exchanging offerings that
benefit its customers, the organization, its stakeholders and society at large
Exchange The trade of things of value between buyer and seller so that each is better off
after the trade is referred to as
needs occurs when a person feels deprived of basic necessities such as food, clothing,
and shelter
wants is a need that is shaped by a persons knowledge, culture, and personality
SWOT Analysis and environmental scanning during the first stage of the new product process, two important activities take
place. They are?
Seven stages from new product strategy development to the new product process an organization goes through to identify business
commercialization. opportunities and convert them to a salable good or service contains
A new product protocol refers to a statement that identifies (1) a well defined target market. (2) specific customers
needs, wants and preferences and (3) what the product will be and can do.
dynamically continuous innovation a product that disrupts consumers normal routine but does not require totally new
learning is a
continuous innovation a product that requires no new behaviors be learned by consumers is a
The goal of a SWOT analysis identify the critical strategic factors that can impact the firm
Environmental forces consist of the uncontrollable forces that affect a marketing decision, which consist
of social, economic, technological, competitive, and regulatory forces.
customer value proposition is the cluster of benefits that an organization promises customers to satisfy their
needs
value strategies best price, best product, best service
production era covers the early years of the United states up in to the 1920s
Sales era 19th century manufactures found they could produce more goods than buyers
could consume. competition grew
Marketing concept era is the idea that an organization should 1) strive to satisfy the needs of
consumers 2) while also trying to achieve the organizations goals
, customer relationship era started in the 1980s and occurs as firms continuously seek to satisfy the high
expectations of customers
Customer relationship management (CRM) is the process of identifying prospective buyers, understanding them intimately,
and developing favorable long term perceptions of the organization and its
offerings so that buyers will choose them in the marketplace
customer experience is the internal response that customers have to all aspects of an organization and
its offerings
market consists of people with both the desire and the ability to buy a specific offering
who/what market both consumers and every organization used products that are marketed goods,
services, and ideas are marked
consumer benefits marketing create utility, the benefits or customer value re received by users of the
product
Three levels of strategy in organizations corporate,
strategic,
functional, levels
corporate level strategy is where top management directs overall strategy for the entire organization
Strategic business level strategy sets more specific strategic direction for their business to exploit value-creating
opportunities
functional level strategy generally refers to specialized functions such as marketing and finance. at this
level the organizations strategic direction becomes its most specific and focused.
Strategic business unit (SBU) is a subsidiary, division, or unit of an organization that markets a set of related
offerings to a clearly defined target market
core values are the fundamental, passionate, and enduring principles of an organization that
guide its conduct over time
mission/vision is a statement of the organizations function in society that often identifies its
customers, markets, products and technologies.
goals/objectives statements of an accomplishment of a task to be achieved, often by a specific
time
S.M.A.R.T specific
measurable
attainable
relevant
time-based
competitive advantage is a unique strength relative to competitors that provides superior returns, often
based on quality, time, cost, or innovation
