Exam 1

Question 1

Marketing

Answer 1

• The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
• Focuses on discovering and satisfying consumer needs

Question 2

Marketing ‘s 1st Task

Answer 2

Discovering consumer needs

Question 3

Marketing’s 2nd Task

Answer 3

Satisfying consumer needs

Question 4

Potential Consumers

Answer 4

People with the desire & the ability to buy a specific product

Question 5

Target Market

Answer 5

One or more specific groups of potential consumers toward which an organization directs its marketing program

Question 6

Controllable Marketing Mix Factors (The 4 P’s)

Answer 6

(1) Product, (2) Price, (3) Promotion, (4) Place

Question 7

Uncontrollable Environmental Factors

Answer 7

social, economic, technological, competitive, regulatory

Question 8

Requirements for marketing to occur

Answer 8

1. At least two parties with unsatisfied needs
2. A desire and ability for parties to be satisfied
3. A way for the parties to communicate
4. Something to exchange

Question 9

Marketing Program

Answer 9

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Question 10

Customer Value

Answer 10

The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and after-sale service

Question 11

Market-oriented Organization

Answer 11

Characterized by

1) Customer Orientation

2) Competitor Orientation

3) Inter-functional coordination

Question 12

Mass Customization

Answer 12

Tailoring goods/services to individual customers’ tastes in high volumes at a relatively low cost

Question 13

Relationship Marketing

Answer 13

Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits

Question 14

Organization

Answer 14

A legal entity that consists of people who share a common mission

Question 15

Strategy

Answer 15

An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

Question 16

Mission

Answer 16

A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies

Question 17

Three Levels of Strategies in Marketing

Answer 17

(1) Corporate, (2) Strategic Business Unit, (3) Functional Strategy

Question 18

Elements of Organizations’ Foundation

Answer 18

(1) Core Values, (2) Mission Statement, (3) Organizational Culture

Question 19

Core Values

Answer 19

The fundamental, passionate, and enduring principles of an organization that guide its conduct over time

Question 20

Mission Statement

Answer 20

A statement of the organization’s purpose - what it wants to accomplish in the larger environment

Question 21

Organizational Culture

Answer 21

The set of values, ideas, attitudes, and behavioral norms that is learned and shared among an organizations’ members

Question 22

BCG Matrix

Answer 22

A planning tool that uses quadrant graph representations of a company’s products/services to help the company decide what it should keep, sell, or invest more in

Question 23

Dog (BCG Matrix)

Answer 23

• Companies whose product has a low market share and is at a low growth rate
• Should be sold, liquidated, or reposited
• Located in the BCG Matrix’s lower right grid quadrant

Question 24

Cash Cow (BCG Matrix)

Answer 24

• Low growth, high market share
• Value can be easily calculated since cash flow patterns are highly predictable
• Located in the BCG Matrix’s lower left grid quadrant

Question 25

Stars (BCG Matrix)

Answer 25

• Products with high market share and make up sizeable portion of that market
• Located in the BCG Matrix’s upper left grid quadrant

Question 26

Question Marks (BCG Matrix)

Answer 26

• High growth, low market share
• Located in the BCG Matrix’s upper right grid quadrant

Question 27

Four Market-Product Categories

Answer 27

(1) Market Penetration, (2) Market Development, (3) Product Development, (4) Diversification

Question 28

Principles underlying the strategic marketing process

Answer 28

(1) Customers are different, (2) Customers change, (3) Competitors change & react, (4) Organizational resources are limited

Question 29

Environmental Forces

Answer 29

Social, economic, technological, competitive, regulatory