CSUF MKTG 351 EXAM 1 KIM| 59 QUESTIONS AND ANSWERS|GUARATEED SUCCESS

marketing 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 exchange people giving up something in order to receive something they would rather have production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace sales orientation the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits marketing concept the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives market orientation a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept societal marketing orientation the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests customer satisfaction customers' evaluation of a good or service in terms of whether it has met their needs and expectations customer value the relationship between benefits and the sacrifice necessary to obtain those benefits relationship marketing a strategy that focuses on keeping and improving relationships with current customers empowerment delegation of authority to solve customers' problems quickly?usually by the first person the customer notifies regarding a problem sales orientation the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits customer relationship management (CRM) a companywide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups on-demand marketing on-demand marketing delivers relevant experiences throughout the consumer's decision and buying process that integrated across both physical and virtual enviornemtns strategic planning the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities strategic business unit (SBU) a subgroup of a single business or collection of related businesses within the larger organization Ansoff's Opportunity matrix matches products and markets market penetration (Ansoff's Opportunity matrix) a marketing strategy that tries to increase market share among existing customers market development (Ansoff's Opportunity matrix) a marketing strategy that entails attracting new customers to existing products product development (Ansoff's Opportunity matrix) a marketing strategy that entails the creation of new products for present markets diversification (Ansoff's Opportunity matrix) a strategy of increasing sales by introducing new products into new markets portfolio matrix a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate star (portfolio matrix) in the portfolio matrix, a business unit that is a fast-growing market leader cash cow (portfolio matrix) in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share problem child (question mark) (portfolio matrix) in the portfolio matrix, a business unit that shows rapid growth but poor profit margins dog (portfolio matrix) in the portfolio matrix, a business unit that has low growth potential and a small market share Build (portfolio matrix) If firm has item that has to potential a star then firm will decide to give up short term profits and use it financial resources to achieve this goal ( Ex. Apple postponed iPad for work on iPhone) Hold (portfolio matrix) if SBU is very successful cash cow, a key goal would surely be to hold or preserve market share so that the org can take advantage of the very positive cash cow Harvest (portfolio matrix) to increase the short term cash return without too much concern for the long run impact Divest (portfolio matrix) getting rid of SBUs with low shares of low growth markets is often appropriate marketing plan a written document that acts as a guidebook of marketing activities for the marketing manager mission statement a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions marketing myopia defining a business in terms of goods and services rather than in terms of the benefits customers seek SWOT analysis identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) environmental scanning collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan competitive advantage a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition cost (competitive advantage) being the low-cost competitor in an industry while maintaining satisfactory profit margins product/service differentiation (competitive advantage) the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition niche (competitive advantage) the advantage achieved when a firm seeks to target and effectively serve a small segment of the market sustainable (competitive advantage) an advantage that cannot be copied by the competition experience curves curves that show costs declining at a predictable rate as experience with a product increases