Quiz 1

Question 1

the process of creating, distributing (placing), promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment

Answer 1

Marketing

Question 2

the purchasers of organizations’ products

the focal point of all marketing activities

Answer 2

Customers

Question 3

a specific group of customers on whom an organization focuses its marketing efforts

Answer 3

Target Market

Question 4

four marketing elements — product, distribution (placement), promotion, and pricing — that a firm can control to meet the needs of customers within its target markets

Answer 4

Marketing Mix

Question 5

a good, service, or idea

Answer 5

Product

Question 6

constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes

Answer 6

Stakeholders

Question 7

the provision or transfer of goods, services, or ideas in return for something of value

Answer 7

Exchange

Question 8

the 6 forces that surround the customer and affect the marketing mix

an organization has no control over these forces

Answer 8

Marketing Environment

Question 9

a management philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals

Answer 9

The Marketing Concept

Question 10

a customer’s subjective assessment of benefits relative to costs determining the worth of a product

Answer 10

Value

Question 11

establishing long term mutually satisfying buy/seller relationship

Answer 11

Relationship Marketing

Question 12

an organiztion-wide commitment to researching and responding to customer needs

determine what customers want and produce those products

Answer 12

The Market Orientation

Question 13

the process of planning, organizing, implementing, amd controlling marketing activities to facilitate exchanges effectively and efficiently

Answer 13

Marketing Management

Question 14

using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Answer 14

Customer Relationship Management (CRM)

Question 15

What are the 6 forces in the Marketing Environment?

Answer 15

1. Economic forces
2. Political forces
3. Legal & Regulatory forces
4. Technological forces
5. Socio-cultural forces
6. Competive forces

Question 16

developing collaborative relationships with customers based on focusing on their individual needs and concerns

Answer 16

Customer-Centric Marketing

Question 17

a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

Answer 17

Green Marketing

Question 18

the process of establishing an organizational mission and formulating goals, corporate stragtegy, marketing objectives, marketing strategy, and a marketing plan

Answer 18

Strategic Planning

Question 19

a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
reflects overall direction of organization

Answer 19

Marketing Strategy

Question 20

What is SWOT

Answer 20

Strengths
Weaknesses
Opportunities
Threats

Question 21

the result of a company’s matching a core competency (superior skill or resource) to opportunities in the marketplace

Answer 21

Competitive Advantage

Question 22

a written document that specifies the activities to be performes to implement and control the organization’s marketing activities
SWOT

Answer 22

Marketing Plan

Question 23

things a firm does extremely well, which give it an advantage over competition

Answer 23

Core Competencies

Question 24

a combination of circumstances and timing that permits an organization to take action to reach a particular target market

Answer 24

Market Opportunity

Question 25

a statement of what is to be accomplished through marketing activities
should be based on study of SWOT analysis, be stated in clear, simple terms, be accurately measurable, specify a time frame for accomplishment, and be consistent with business-unit and corporate strategy

Answer 25

Marketing Objective

Question 26

a group of individuals and/or organizations that have needs for products and the ability, willingness, and authority to buy

Answer 26

Market

Question 27

establishing performance standards, evaluating actual performance by comparing it with standards, and reducing the differences between desired and actual performance

Answer 27

The Marketing Control Process

Question 28

the percentage of a market that actually buys a specific product from a specific company

Answer 28

Market Share

Question 29

a temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market

Answer 29

Strategic Window

Question 30

the strategy the organization decided on during the planning phase and wants to use

Answer 30

Intended Strategy

Question 31

the strategy that actually takes place

Answer 31

Realized Strategy

Question 32

an advantage that the competition cannot easily copy in the foreseeable future

Answer 32

Sustainable Competitive Advantage