Exam (elaborations)
MARKETING 351 EXAM 1 MIDTERM CSUF LEBARD |109 QUESTIONS AND ANSWERS
- Module
- MKTG 351
- Institution
- Oxford University (OX)
MARKETING 351 EXAM 1 MIDTERM CSUF LEBARD |109 QUESTIONS AND ANSWERS
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MARKETING 351 EXAM 1 MIDTERMCSUF LEBARD 109 QUESTIONS AND
ANSWERS
Marketing - answer An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders.
The primary focus is on satisfying customers' needs and wants. And, the customer wants to be
backed by buying power creates demand.
Marketing plan - answer A written document composed of an analysis of the current marketing
situation, opportunities, and threats for the firm, marketing objectives and strategy specified in
terms of the four P's, action programs, and projected or pro forma income (and other financial
statements)
Exchange - answer The act of obtaining a desired object from someone by offering something in
return (people giving up something to receive something they would rather have)
Marketing Mix (Four P's) - answer Product, price, place promotion, the controllable set of
activities that a firm uses to respond to the wants of its target markets
Goods - answer Items that can be physically touched
Service - answer Any intangible offering that involves a deed, performance, or effort that cannot
be physically possessed; intangible customer benefits that are produced by people or machines
and cannot be separated from the producer
Idea - answer Intellectual concepts- thoughts, opinions and philosophies
, B2C Marketing - answer The process in which businesses sell to consumers
B2B Marketing - answer The process of buying and selling goods or services to be used in the
production of other goods and services, for consumption by the buying organization, or for
resale by wholesalers and retailers
C2C Marketing - answer The process in which consumers sell to other consumers
Value - answer Reflects the relationship of benefits to costs or what the consumer gets for what
he or she gives
Value cocreation - answer Customers act as collaborators with a manufacturer or retailer to
create the product or service
Relational orientation - answer A method of building a relationship with customers based on the
philosophy that buyer sand seller should develop a long-term relationship
Customer Relationship management (CRM) - answer A business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the
firm's most valued customers
Marketing Strategy - answer A firm's target market, marketing mix, and method of obtaining a
sustainable competitive advantage.
The marketing logic by which the company hopes to achieve strong and profitable customer
relationships
1. Objectives - Specific steps toward the company mission. (a statement of what is to
be accomplished through marketing activities) Shell Oil, increase geothermal energy
production
2. Goals - Objectives delineated in quantitative terms; amount and time. Shell Oil,
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