test #1

Question 1

CRM

Answer 1

Customer Relationship Management, A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.

Question 2

Marketing

Answer 2

A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.

Question 3

Marketing Mix/4 P’s

Answer 3

Product, price, place, and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets.

Question 4

Marketing Plan

Answer 4

Planning, implementation and control. A written document composed of an analysis of the current marketing situation, the strategy for the 4 P’s and the appropriate financial statements.

Question 5

relational orientation

Answer 5

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

Question 6

supply chain

Answer 6

The group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services.

Question 7

value

Answer 7

Reflects the relationship of benefits to costs, or what consumers get for what they give.

Question 8

Value Cocreation

Answer 8

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

Question 9

Core aspects of marketing

Answer 9

helps create value, occurs in many settings, about satisfying customer wants and needs, entails and exchange.

Question 10

Price

Answer 10

everything the buyer gives up-money,time,energy

Question 11

promotion

Answer 11

communication by a marketer that informs, persuades and reminds potential buyers about a product or service to influence their opinions or elicit a response

Question 12

4 orientations of marketing

Answer 12

Product orientation, sales orientation, market orientation, value-based orientation

Question 13

product orientation

Answer 13

turn of the century - 1920. focus on developing and distributing innovative products with little concern about whether the products best satisfy customer needs

Question 14

Sales orientation

Answer 14

1920-1950. trying to sell as many of their products as possible rather than focusing on making products that consumers want

Question 15

market orientation

Answer 15

1050-1990. focus on what consumers want and need before designing, making or attempting to sell anything.

Question 16

value orientation

Answer 16

1990-today. gone beyond product or sales orientation and have attempted to discover and satisfy their customer needs and wants.

Question 17

balancing benefits with costs

Answer 17

value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offering

Question 18

building relationships with customers

Answer 18

marketers have developed a rational orientation as they have become aware of the need to think in terms of relationships rather than transactions. to build relationships, firms focus on the lifetime value of the relationship, not how much is made during each transaction.

Question 19

importance of marketing

Answer 19

enriches society, makes life easier, persuasive accross supply chain, expands global presence, can be entrepreneurial

Question 20

supply chain

Answer 20

raw materials suppliers - manufacturer - distributor - customer

Question 21

how can marketers create value for a product or service

Answer 21

benefits to costs. increasing benefits, reducing costs or both

Question 22

importance of marketing

Answer 22

marketing activities coordinate with other functional areas like product design, production, logistics and HR; enabling them to get the right product to the right customer at the right time.

Question 23

Marketing strategy

Answer 23

Identify the target market - a marketing mix - the basis upon which the firm plans to build a sustainable competitive advantage

Question 24

four marketing mix aspects

Answer 24

customer excellence - operational excellence - product excellence - location excellence

Question 25

customer excellence

Answer 25

focus on retaining loyal customers and excellent customer service

Question 26

operational excellence

Answer 26

efficient operations and excellent supply chain and HR management

Question 27

Product excellence

Answer 27

products with high perceived value and effective branding and positioning

Question 28

locational excellence

Answer 28

having a good physical location and internet presence

Question 29

growth strategies

Answer 29

market penetration - product development - market development - diversification

Question 30

market PEN

Answer 30

current market, current product/service. increased ads, sales promo, expand geographic areas

Question 31

market Dev

Answer 31

current products/services, new market. increasing global buyers

Question 32

product Dev

Answer 32

same market, new product/service. marvel using streaming instead of movies

Question 33

diversification

Answer 33

new market new product. yamaha with boats and piano’s

Question 34

SWOT

Answer 34

strengths(internal), weaknesses(internal), opportunities(external), threats(external)

Question 35

how a firm chooses what consumer groups to pursue.

Answer 35

marketers go through a segmentation, targeting and positioning process.

Question 36

STP

Answer 36

Segmentation, Targeting, Positioning

Question 37

Segmentation

Answer 37

consumers who respond similarly to a firm’s marketing efforts. the process of deciding the market into distinct groups of customers where each individual group has similar needs, wants or characteristics.

Question 38

Targeting

Answer 38

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

Question 39

Positioning

Answer 39

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

Question 40

5 steps of a marketing plan

Answer 40

1define the business mission and objectives 2conduct a situation analysis(swot) 3Identify and evaluate opportunities(STP) 4Implement marketing mix and allocate resources 5Evaluate performance by using marketing metrics