Chapters 1 and 2 exam review

Question 1

The Process if creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with shareholders in a dynamic environment.

Answer 1

Marketing

Question 2

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

Answer 2

Target Market

Question 3

what are the 4 Ps of the Marketing mix

Answer 3

Product variable, price variable, distribution (place variable, and Promtion variable

Question 4

One of the four Ps of the marketing mix. A product can be a good, service, or idea.

Answer 4

Product variable

Question 5

one of the four Ps of the marketing mix. Deals with decisions and actions for establishing pricing policies; determines the value of the exchange

Answer 5

Price Variable

Question 6

one of 4 Ps. establish/maintain inventory, make products available in quantities desired, develop/manage transportation and storage systems

Answer 6

Distribution (Place ) Variable

Question 7

One of 4Ps. Inform individuals or groups about the organization and its products/services. Ex: advertising, public relations, promotions

Answer 7

Promotion Variable

Question 8

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

Answer 8

Exchange

Question 9

constituents that have “stake” or claim in some aspect of a companies products and outcomes

Answer 9

Stakeholders

Question 10

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

Answer 10

economic forces, political forces, legal and regulatory forces, technological forces, socio-cultural forces, competitive forces

Question 11

a management philosophy than 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 11

the Marketing Concept

Question 12

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

Answer 12

Customer Relationship Marketing

Question 13

establishing long term mutually satisfying, buyer/seller relationships

Answer 13

relationship marketing

Question 14

is the worth of individual customers and estimates their lifetime value to the company

Answer 14

customer lifetime value

Question 15

The process of planning, implementing and evaluating the performance of marketing activities and strategies, both effectively and efficiently.

Answer 15

Strategic Market Management

Question 16

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan

Answer 16

Strategic Planning

Question 17

What are the 5 levels of strategic planning in order

Answer 17

mission statement, corporate strategy, business-unit strategy, marketing strategy, marketing mix elements

Question 18

a long-term vision of what the organization wants to become

Answer 18

mission statement

Question 19

a strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals

Answer 19

corporate strategy

Question 20

to determine future business directions and develop strategies for individual business units

Answer 20

business unit strategy

Question 21

things a firm does extremely well, which give it an advantage over competition; “what we do well, what we are known for.”

Answer 21

Core Competencies

Question 22

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

Answer 22

market opportunity

Question 23

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 23

strategic window

Question 24

the result of a company’s matching a core competency to opportunities in the market place

Answer 24

competitive advantage

Question 25

describe SWOT analysis

Answer 25

Internal: strength and weakness external: opportunity and threat

Question 26

the ability of an innovative company to achieve long-term competitive advantages by being first to offer a certain product in the market place

Answer 26

First-Mover

Question 27

the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a market place

Answer 27

late-mover

Question 28

SMART

Answer 28

Specific, Measurable, Achievable, Realistic, Time frame

Question 29

a statement of what is to be accomplished through marketing activities

Answer 29

Marketing Objective

Question 30

the development of strategies for each functional area of the organization; create the marketing mix

Answer 30

marketing strategy

Question 31

the process of putting marketing strategies into action

Answer 31

marketing implementation

Question 32

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

Answer 32

intended strategy

Question 33

the strategy that actually takes place

Answer 33

Realized strategy

Question 34

authority is concentrated at the top level, a very little delegation at lower levels ex: U.S. Military

Answer 34

centralized organization

Question 35

decision-making authority is delegated as far down the chain of command as possible

Answer 35

decentralized organizations

Question 36

Strategic- performance evaluation consist of

Answer 36

establishing performance standards, measuring actual performance, comparing actual performance with established standards

Question 37

uses sales figures to evaluate a firms current performance

Answer 37

sales analysis

Question 38

Marketing Plan components

Answer 38

executive summary, environmental analysis, SWOT analysis, marketing objectives