BMKT 325 FINAL MSU QUESTIONS
AND ANSWERS
Marketing - ANSWER-the total of activities involved in the transfer of goods from the producer
or seller to the consumer or buyer, including advertising, shipping, storing, and selling
Market orientation - ANSWER-an approach to business that prioritizes identifying the needs and
desires of consumers and creating products and services that satisfy them
Marketing concept - ANSWER-preoccupied with the idea of satisfying the needs of the customer
by means of the product as a solution to the customer's problem (needs)
Market offerings - ANSWER-a product, service, or investment product that is sold
Market orientation era - ANSWER-Market orientation started in the 1990s. Firms focused on
continuously collecting information about customers' needs. They also paid attention to
competitors' capabilities
Customer - ANSWER-individuals and businesses that purchase goods and services from another
business
Marketing environment - ANSWER-encompasses all the internal and external factors that drive
and influence an organization's marketing activities
Marketing functions (aka marketing mix) - ANSWER-A combination of factors that can be
controlled by a company to influence consumers to purchase its products
Value - ANSWER-also known as customer-perceived value, is the difference between a
prospective customer's evaluation of the benefits and costs of one product when compared
with others
Value proposition - ANSWER-(in marketing) an innovation, service, or feature intended to make
a company or product attractive to customers
Exchanges - ANSWER-what happens any time two or more people trade goods or services
Target market - ANSWER-a particular group of consumers at which a product or service is
aimed.
Segmentation - ANSWER-aggregating prospective buyers into groups or segments with common
needs and who respond similarly to a marketing action
, Customer Relationship Management (CRM) - ANSWER-a business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the
firm's most valued customers
Strategic Planning - ANSWER-the process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Mission Statement - ANSWER-a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Vision Statement - ANSWER-expresses what the organization should become, where it wants to
go strategically
Marketing strategies - ANSWER-a business's overall game plan for reaching prospective
consumers and turning them into customers of their products
SWOT analysis - ANSWER-a planning tool used to analyze an organization's strengths,
weaknesses, opportunities, and threats
core competency - ANSWER-the specific set of departmental skills, knowledge, and experience
that allows one organization to outperform another
competitive advantage - ANSWER-a set of unique features of a company and its products that
are perceived by the target market as significant and superior to those of the competition
market opportunity - ANSWER-a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic Window - ANSWER-Limited periods when key requirements of a market and a firm's
particular competencies best fit together
environmental scanning - ANSWER-collection and interpretation of information about forces,
events, and relationships in the external environment that may affect the future of the
organization or the implementation of the marketing plan
Environmental Analysis - ANSWER-The process of assessing and interpreting the information
gathered through environmental scanning
STEEPLE+ - ANSWER-sociocultural, technological, economic, ecological, political, legal, ethical
generic competitors - ANSWER-Firms that provide very different products that solve the same
problem or satisfy the same basic customer need
total budget competitors - ANSWER-firms that compete for the limited financial resources of the
same customers
AND ANSWERS
Marketing - ANSWER-the total of activities involved in the transfer of goods from the producer
or seller to the consumer or buyer, including advertising, shipping, storing, and selling
Market orientation - ANSWER-an approach to business that prioritizes identifying the needs and
desires of consumers and creating products and services that satisfy them
Marketing concept - ANSWER-preoccupied with the idea of satisfying the needs of the customer
by means of the product as a solution to the customer's problem (needs)
Market offerings - ANSWER-a product, service, or investment product that is sold
Market orientation era - ANSWER-Market orientation started in the 1990s. Firms focused on
continuously collecting information about customers' needs. They also paid attention to
competitors' capabilities
Customer - ANSWER-individuals and businesses that purchase goods and services from another
business
Marketing environment - ANSWER-encompasses all the internal and external factors that drive
and influence an organization's marketing activities
Marketing functions (aka marketing mix) - ANSWER-A combination of factors that can be
controlled by a company to influence consumers to purchase its products
Value - ANSWER-also known as customer-perceived value, is the difference between a
prospective customer's evaluation of the benefits and costs of one product when compared
with others
Value proposition - ANSWER-(in marketing) an innovation, service, or feature intended to make
a company or product attractive to customers
Exchanges - ANSWER-what happens any time two or more people trade goods or services
Target market - ANSWER-a particular group of consumers at which a product or service is
aimed.
Segmentation - ANSWER-aggregating prospective buyers into groups or segments with common
needs and who respond similarly to a marketing action
, Customer Relationship Management (CRM) - ANSWER-a business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the
firm's most valued customers
Strategic Planning - ANSWER-the process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Mission Statement - ANSWER-a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Vision Statement - ANSWER-expresses what the organization should become, where it wants to
go strategically
Marketing strategies - ANSWER-a business's overall game plan for reaching prospective
consumers and turning them into customers of their products
SWOT analysis - ANSWER-a planning tool used to analyze an organization's strengths,
weaknesses, opportunities, and threats
core competency - ANSWER-the specific set of departmental skills, knowledge, and experience
that allows one organization to outperform another
competitive advantage - ANSWER-a set of unique features of a company and its products that
are perceived by the target market as significant and superior to those of the competition
market opportunity - ANSWER-a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic Window - ANSWER-Limited periods when key requirements of a market and a firm's
particular competencies best fit together
environmental scanning - ANSWER-collection and interpretation of information about forces,
events, and relationships in the external environment that may affect the future of the
organization or the implementation of the marketing plan
Environmental Analysis - ANSWER-The process of assessing and interpreting the information
gathered through environmental scanning
STEEPLE+ - ANSWER-sociocultural, technological, economic, ecological, political, legal, ethical
generic competitors - ANSWER-Firms that provide very different products that solve the same
problem or satisfy the same basic customer need
total budget competitors - ANSWER-firms that compete for the limited financial resources of the
same customers
