Marketing Management Philosophies (all 5) correct answers 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Concept
Marketing Management correct answers An art and science of choosing target markets and building profitable relationships with them
...
Marketing Management correct answers An art and science of choosing target markets and
building profitable relationships with them
Market correct answers The set of actual and potential buyers of a product
Relationship Marketing correct answers Consists of actions to build and maintain desirable
relationships
Example: Financial (frequent flyer); Social (hotel personalized services); Structural ties (FedEx
free supplies)
Total Quality Management correct answers Designed to constantly improve the quality of
products, services, and marketing processes
Customer Satisfaction correct answers The extent to which a product's perceived performance
matches a buyers expectations
Example: Your car
Customer Value correct answers A set of beliefs or values that a company promises to deliver to
customers to satisfy their needs
Market Offering correct answers Some combination of products, services, information, or
experiences offered to a market to satisfy a need of a want
Demand correct answers Wants backed by buying power
Want correct answers The form that needs take as they are shaped by culture and individual
personality
Need correct answers States of deprivation:
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
Marketing correct answers A social and managerial process by which individuals and groups
obtain what they need and want through creating and exchanging products and value with others
, (A process by which we get what we need and want through products)
Boston Consulting Group (BCG) Matrix correct answers A portfolio planning method that
evaluates a company's strategic business units (Stars, Cash Cows, Question Marks, and Dogs) in
terms of the market growth rate and relative share
- Build: Invest more money to build share
- Hold: Invest just enough to hold share
- Harvest: Take out cash regardless of the effect
- Divest: Sell off or close down
Marketing Control correct answers Operation control and strategic control
Measuring and evaluating results and taking corrective action as needed
Marketing Implementation correct answers Process that turns marketing plans into marketing
actions to accomplish strategic marketing objectives
Deals with the WHO, WHERE, WHEN, and HOW
Marketing Analysis correct answers Complete analysis of the company's situation in a SWOT
analysis that evaluates the company's:
Marketing Mix (Four P's) correct answers Set of controllable tactical marketing tools - Product,
Price, Place, and Promotion - that the firm blends to produce the response it wants in the target
market
Market Positioning correct answers The arranging for a product to occupy a clear, distinctive,
and desirable place relative to competing products IN THE MINDS of the target consumer
Example: Nike "Just Do It"; McDonalds "I'm Loving It"
Market Targeting correct answers Process of evaluating each market segment's attractiveness and
selecting one or more segments to enter
Example: Tampon companies market targets are women in between the ages of 13 and 50
Market Segmentation correct answers A group of consumers who respond in a similar way to a
given set of marketing efforts
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 FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
