Marketing Exam 1 (Ch. 1,2,3,5)

Question 1

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Answer 1

Marketing

Question 2

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.

Answer 2

Marketing Plan

Question 3

the trade of things of value between the buyer and the seller so that each is better off as a result

Answer 3

Exchange

Question 4

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

Answer 4

Marketing Mix

Question 5

Product, Price, Place, Promotion

Answer 5

4 P’s

Question 6

intangible products

Answer 6

Services

Question 7

Intellectual concepts—thoughts, opinions, and philosophies.

Answer 7

Ideas

Question 8

also called supply chain management, refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers`

Answer 8

Marketing Channel Management

Question 9

managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers

Answer 9

Supply Chain Management

Question 10

the process in which businesses sell to consumers (B2C)

Answer 10

Business-to-Consumer Marketing

Question 11

the process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers (B2B)

Answer 11

Business-to-Business Marketing

Question 12

the process in which consumers sell to other consumers (C2C)

Answer 12

Consumer-to-Consumer Marketing

Question 13

around the 20th century, most firms were production oriented and believed that a good product would sell itself. Manufacturers were concerned with product innovation, not with satisfying the needs of individual consumers, and retail stores typically were considered places to hold the merchandise until a consumer wanted it.

Answer 13

Production-Oriented Era

Question 14

1920-1950 production and distribution techniques became more sophisticated, and the Great Depression and World War II made customers consume less or manufacture items themselves. As a result, manufacturers had the capacity to produce more than customers wanted or were able to buy. Firms responded to their overproduction in becoming sales oriented; they depended on heavy doses of personal selling and advertising.

Answer 14

Sales-Oriented Era

Question 15

after World War II, manufacturers turned from focusing on the war effort toward making consumer products. The USA entered a buyers’ market - the customer became king! When consumers again had choices, they were able to make purchasing decisions on the basis of factors such as quality, convenience, and price. Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. It was during this period that firms discovered marketing.

Answer 15

Market-Oriented Era

Question 16

most successful firms today are market oriented, meaning they generally have transcended a production or selling orientation and attempt to discover and satisfy their customers’ needs and wants. Before the turn of the 21st century, better marketing firms recognized that there was more to good marketing than simply discovering and providing what consumers wanted and needed; to compete successfully they would have to give their customers greater value than their competitors did.

Answer 16

Value-Based Marketing Era

Question 17

reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives

Answer 17

Value

Question 18

customers act as collaborators with a manufacturer or retailer to create the product or service

Answer 18

Value Cocreation

Question 19

a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship

Answer 19

Relational Orientation

Question 20

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers (CRM)

Answer 20

Consumer Relationship Management

Question 21

the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

Answer 21

Marketing Analytics

Question 22

Marketers have steadily embraced new technologies such as social and mobile media to allow them to connect better with their customers and thereby serve their needs more effectively

Answer 22

Social and Mobile Marketing

Question 23

Firms are making ethically based decisions that benefit society as a whole, while also considering all of their stakeholders

Answer 23

Ethical and Societal Dilemma

Question 24

a firm’s target market, marketing mix, and method of obtaining a sustainable competitive advantage

Answer 24

Marketing Strategy

Question 25

something the firm can persistently do better than its competitors

Answer 25

Sustainable Competitive Advantage

Question 26

involves a focus on retaining loyal customers and excellent customer service

Answer 26

Customer Excellence

Question 27

involves a firm’s focus on efficient operations and excellent supply chain management, and strong relationships with suppliers

Answer 27

Operational Excellence

Question 28

involves a focus on achieving high-quality products; effective branding and positioning is key

Answer 28

Product Excellence

Question 29

a method of achieving excellence by having a strong physical location and/or internet presence

Answer 29

Locational Excellence

Question 30

The part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm’s potential for success.

Answer 30

Planning Phase

Question 31

the part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and (2) implement the marketing mix using the four Ps

Answer 31

Implementation Phase

Question 32

the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions

Answer 32

Control Phase

Question 33

A broad description of a firm’s objectives and the scope of activities it plans to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish its goals and objectives?

Answer 33

Mission Statement

Question 34

Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.

Answer 34

Situational Analysis

Question 35

A method of conducting a situation analysis within a marketing plan in which both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats are examined.

Answer 35

SWOT Analysis

Question 36

strengths, weaknesses, opportunities, threats

Answer 36

SWOT

Question 37

Cultural, Demographic, Social, Technological, Economic, and Political forces

Answer 37

CDSTEP

Question 38

firms use these processes to identify and evaluate opportunities for increasing sales and profits

Answer 38

STP

Question 39

Segmentation, Targeting, Positioning

Answer 39

STP

Question 40

a group of consumers who respond in a similar way to a given set of marketing efforts

Answer 40

Market Segment

Question 41

The process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them.

Answer 41

Market Segmentation

Question 42

the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

Answer 42

Target Marketing

Question 43

The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

Answer 43

Marketing Positioning

Question 44

integrated marketing communications

Answer 44

IMC

Question 45

Represents the promotion dimension of the four Ps; encompasses a variety of communication disciplines—general advertising, personal selling, sales promotion, public relations, direct marketing, and electronic media—in combination to provide clarity, consistency, and maximum communicative impact.

Answer 45

IMC

Question 46

a measuring system that quantifies a trend, dynamic, or characteristic

Answer 46

Metric

Question 47

strategic business unit

Answer 47

SBU

Question 48

a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

Answer 48

SBU

Question 49

group of associated items, such as those that consumers use together or think of as part of a group of similar products

Answer 49

Production Line

Question 50

percentage of a market accounted for by a specific entity

Answer 50

Market Share

Question 51

a measure of the product’s strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

Answer 51

Relative Market Share

Question 52

the annual rate of growth of the specific market in which the product competes

Answer 52

Market Growth Rate

Question 53

a growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers

Answer 53

Market Penetration Strategy

Question 54

a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international

Answer 54

Market Development Strategy

Question 55

a growth strategy that offers a new product or service to a firm’s current target market

Answer 55

Product Development Strategy

Question 56

a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

Answer 56

Diversification Strategy

Question 57

a growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity

Answer 57

Related Diversification

Question 58

a growth strategy whereby a new business lacks any common elements with the present business

Answer 58

Unrelated Diversification