Exam (elaborations)
MKT 6301 Marketing Management Final
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MKT 6301 Marketing Management Final
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MKT 6301 Marketing Management FinalProduct - CORRECT ANSWER-A bundle of physical, service, and symbolic
attributes designed to enhance buyers' want satisfaction. (A bundle of benefits,
some are feasible and some are not feasible)
Product line - CORRECT ANSWER-A group of products that are closely related
either because they function in a similar manner, are sold to the same customer
groups, are marketed through the same types of outlets, or fall within given price
ranges.
Product mix - CORRECT ANSWER-All the products a company markets
Product mix width - CORRECT ANSWER-The number of product lines a
company markets
Product mix depth - CORRECT ANSWER-The number of brands within each
product line
Brand Equity - CORRECT ANSWER-Added value a given brand name gives to a
product beyond the functional benefits provided
Service - CORRECT ANSWER-Needs, efforts or performance -- intangible
Good - CORRECT ANSWER-Objects, devices or things -- tangible
Goods vs. Services - CORRECT ANSWER-Goods: Benefits built into the product
No customer-customer, customer-management interaction
Services: Benefits are in the experience created for the consumer Interaction
with staff, other customers
Marketing channels - CORRECT ANSWER-Organized system of marketing
institutions through which products, resources, information, funds, and/or product
ownership flow from the point of production to the final user
Physical distirbution - CORRECT ANSWER-Coordination the flow of information
and products among members of the channel to ensure that products are
, available in the right places, in the right quantities, at the right times, and in a
cost-efficient manner. Managing the movement of products within firms and
through marketing channels.
Supply chain - CORRECT ANSWER-The connection and integration of all
members of the marketing channel
Supply chain management (SCM) - CORRECT ANSWER-Logistical systems that
facilitate close cooperation among firms in a channel
Ethics - CORRECT ANSWER-Moral principles and values that govern the
actions and decisions of an individual or group
Ethical issue - CORRECT ANSWER-Identifiable problem, situation, or
opportunity requiring an individual or organization to choose from among several
actions that must be evaluated as right or wrong, ethical or unethical
Marketing ethics - CORRECT ANSWER-Principles and standards that define
acceptable marketing conduct as determined by various stakeholders
Social responsibility - CORRECT ANSWER-Marketing philosophies, policies,
procedures, and actions that have the enhancement of society's welfare as a
primary objective
Marketing citizenship - CORRECT ANSWER-The adoption of a strategic focus
for fulfilling the economic, legal, ethical, and philanthropic social responsibilities
expected by stakeholders
International marketing - CORRECT ANSWER-Consists of finding and satisfying
global customer needs better than competition and coordinating marketing
activities within the constraints of the global environment
Principle of marketing relativism - CORRECT ANSWER-Marketing strategies and
judgement are based on experience, and experience is interpreted by each
marketer in terms of his/her own culture
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