Exam (elaborations)
CSUF MKTG 351 EXAM 1 |103 QUESTIONS AND ANSWERS
- Module
- MKTG 351
- Institution
- Oxford University (OX)
CSUF MKTG 351 EXAM 1 |103 QUESTIONS AND ANSWERS
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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
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