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MTF 315 Exam 1 (Ch. 1-7)
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MTF 315 Exam 1 (Ch. 1-7)
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MTF 315 Exam 1 (Ch. 1-7)Marketing - ANS-The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to
develop and maintain favorable relationships with stakeholders in a dynamic
environment
customers - ANS-The purchasers of organizations' products; the focal point of all
marketing activities
target market - ANS-A specific group of customers on whom an organization focuses its
marketing efforts
the marketing mix - ANS-Product, Price, Place, Promotion
Conditions of an exchange - ANS-at least 2 parties exchanging something of value,
communication & delivery, freedom to accept or reject, desire to deal with other party
the four marketing philosophies - ANS-1. Production Orientation - focus on internal
capabilities rather than on desires and needs of the marketplace.
2. Sales Orientation - focus on aggressive sales techniques and believe that high sales
results result in high profits.
3. Marketing Orientation - philosophy that an organization should try to satisfy customer
needs.
4. Social Marketing - focus on satisfying the customer needs and wants while enhancing
individual and societal well-being
relationship marketing - ANS-a strategy that focuses on keeping and improving
relationships with current customers
customer satisfaction - ANS-the feeling that a product has met or exceeded the
customer's expectations
Reasons for studying marketing - ANS--important to society
-important to business
-good career opportunities
Levels of Planning - ANS-mission statement, corporate strategy, strategic business unit,
market plan, market mix elements
, the marketing concept involves: - ANS-focusing on customers' wants and needs so that
the organization can distinguish its product (or products) from competitors' products
in order for an exchange to occur: - ANS-each party must have something the other
party considers to be valuable
When customer expectations regarding product quality, service quality, and value-based
price are met or exceeded, _____ is created. - ANS-customer satisfaction
a company that has a market orientation and adheres to the marketing concept does
NOT: - ANS-fuel sales growth through the application of aggressive sales techniques
Firms with a _____ orientation focus on the internal capabilities of the firm rather than
on the desires and needs of the marketplace. - ANS-Production
_____ is a strategy that entails forging long-term relationships with customers -
ANS-Relationship marketing
A _____ is created when a company matches its core competency to opportunities it
has discovered in the marketplace - ANS-competitive advantage
an organizations business goals should be derived from its - ANS-mission statement
which of the following statements is correct? - ANS-- strategic planning begins at the
marketing level and proceeds through business-unit and corporate levels
- strategic planning begins at the corporate level and proceeds through business-unit
and marketing levels.
- business-unit strategy should be consistent with the corporate strategy.
the Boston Consulting Group's matrix is based on the - ANS-philosophy that a product's
market growth rate and its market share are important determinants of its marketing
strategy
An analysis of ____ examines internal factors that give the organization certain
advantages and disadvantages in meeting the needs of its target markets. -
ANS-Strengths and weaknesses
To monitor changes in the marketing environment effectively, marketers must engage in
- ANS-environmental scanning and analysis
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