Exam 1 review

Question 1

The foundation of any marketing plan is

Answer 1

Mission statement

Question 2

The mission statement answers what question

Answer 2

What business are we in

Question 3

Marketing myopia

Answer 3

Defining a business in terms of goods and services rather than in terms of the benefits customers seek.

Question 4

Marketing

Answer 4

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.

Question 5

The 4 p’s

Answer 5

Product, Price, Place, Promotion

Question 6

Step 1 for creating value for customers

Answer 6

Understand the market and consumer wants and needs

Question 7

Step 2 for creating value for customers

Answer 7

Design a customer- driven marketing strategy

Question 8

Step 3 for creating value for customers

Answer 8

Create a marketing program to deliver superior value

Question 9

Step 4 for creating value for customers

Answer 9

Build profitable relationship with customers

Question 10

Market Penetration

Answer 10

increase market share among existing customers

Question 11

Market development

Answer 11

Attracting new customers to existing products

Question 12

Product development

Answer 12

Creation of new products for current customers

Question 13

Diversification

Answer 13

Introducing new products to new markets

Question 14

External Marketing environment includes?

Answer 14

Demographics, Social change, Economic Conditions, Political and legal factors, Technology, Competition

Question 15

Ethics

Answer 15

moral principles that govern a person’s or group’s behavior

Question 16

Legal

Answer 16

Laws put in place by government

Question 17

Deontological

Answer 17

A theory that states that people should
Adhere to their obligations and duties when analyzing
an ethical dilemma

Question 18

Utilitarian

Answer 18

The choice that yields the greatest benefit

to the most people is the choice that is ethically correct.

Question 19

Casualist

Answer 19

Compares a current ethical dilemma with

examples of similar ethical dilemmas and their outcome

Question 20

Moral Relativists

Answer 20

Person who believe that ethical truths

depend on the individuals and groups holding them.

Question 21

4 theories of ethics

Answer 21

Deontological, Utilitarian, Casualist, Moral Relativists

Question 22

Corporate Social Responsibilities (CSR)

Answer 22

Corporate initiative to assess and take responsibility for the company’s effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups.

Question 23

Preconventional

Answer 23

self-centered, decisions based on immediate punishments or rewards. (“Will I get caught or punished?”)

Question 24

Conventional

Answer 24

loyalty to group or to society most important. (“Is this legal?” & “How will others perceive me?”)

Question 25

Postconventional

Answer 25

focus on long-run consequences. (“It’s legal, but is it the right thing to do in the long run?”)

Question 26

Individualism

Answer 26

How can I be different from everyone else

Question 27

Collectivism

Answer 27

How can I fit in with everyone else

Question 28

Enter the market

Answer 28

Exporting, Licensing and Franchising, Contract manufacturing, Joint venture/ownership, Direct investment

Question 29

Exporting

Answer 29

Selling domestically produced products to buyers in another country.

Question 30

Licensing and Franchising

Answer 30

The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other property knowledge.

Question 31

Contract Manufacturing

Answer 31

Private-label manufacturing by a foreign company

Question 32

Joint venture/ownership

Answer 32

When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

Question 33

Direct foreign investment

Answer 33

active ownership of a foreign company or of overseas manufacturing or marketing facilities