Exam 1 Concept Review Set 2

Question 1

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Answer 1

What is Marketing?

Question 2

Why is Marketing relevant?

Answer 2

__________ is relevant because the definition focuses on the strategic aspects of marketing, which positions marketing as a core contributor to overall firm success. It recognizes that marketing is not just a “department” in an organization. It shifts the areas of central focus of marketing to value.

Question 3

_________ explains that over time the orientation/focus of business has changed.

Answer 3

What are Business Eras?

Question 4

_______ is the idea that 1) customers that form a market should drive the strategic planning process; 2)marketing strategy requires company-wide integration or process and culture; 3) long-term rather than short-term perspective

Answer 4

What is the Market Driven Strategy?

Question 5

Why is the Market Driven Strategy relevant?

Answer 5

__________ is relevant because the CMO is expected to play a significant role in driving firm strategy and growth. Therefore, we need to identify organization wide strategy and directives that are market-driven