Exam (elaborations)
CSUF MKTG 351 EXAM 1 |103 QUESTIONS AND ANSWERS
- Course
- Institution
CSUF MKTG 351 EXAM 1 |103 QUESTIONS AND ANSWERS
[Show more]
Seller
Follow
FREEMANSHARP
Reviews received
Content preview
CSUF MKTG 351 EXAM 1 103QUESTIONS AND ANSWERS
marketing - answer activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers; clients, partners, and society
at large
true - answer the primary focus of marketing is on satisfying customers' needs and wants
because they are backed by buying power (creates demand)
production philosophy - answer focus on production; works well when demand exceeds supply
and when when economies of scale are important (also when customers aren't picky), not
widely practiced
true - answer avoiding options reduces costs, but avoiding customization means you can
produce more of the same product so economies of scale is present, which further reduces the
cost
product philosophy - answer focus on producing the highest quality goods, even if its not what
the customer necessarily wants (better quality doesn't always solve the issue)
sales philosophy - answer emphasizes push and hard selling, less focused on customers needs
and wants, more for pushing products on customers with aggressive selling. not a good long-
term strategy because customers will be unsatisfied and unlikely to come back
marketing philosophy - answer achieving long term goals for a company by best serving
customers needs and wants (being market-oriented makes companies more successful)
societal philosophy - answer companies should be good/beneficial for society and the
environment too (customers can be damaging for the environment so their wants aren't always
good long-term)
, customer value - answer the value customers derive from a product or service (people are
willing to pay more or full price depending on a company's additional benefits)
customer satisfaction - answer the customers evaluation of the extent to which a product or
service has met their expectations (when customers are satisfied they are likely to come back
which costs less than needing new customers)
relationship marketing - answer to develop and enhance the long-term relationship with a
customer, requires a company to continuously interact with them
strategic planning - answer the process of creating and maintaining a fit between the
organization's objectives and resources
market penetration - answer a measure of how much a product or service is being used by
target customers compared to the total estimated market for that product or service
product development - answer a new product is developed to cater to the same market in order
to increase revenue
diversification - answer a company offers a new product in a new market in order to spread and
reduce risks within the company's portfolio. companies typically do this in high growth markets
so there is less of a risk
market development - answer a strategic step taken by a company to develop the existing
marketing instead of looking for a new one
ansoffs opportunity matrix - answer matches products with markets through market
penetration, market development, product development, and diversification
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FREEMANSHARP. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now