MGMT 220 Final Exam Questions Answered Correctly .
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Course
MGMT 220
Institution
MGMT 220
Marketing - Answer the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Marketing Management - Answer the art and science of choosing target markets and building profitable relationships with th...
MGMT 220 Final Exam Questions
Answered Correctly .
Marketing - Answer the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
Marketing Management - Answer the art and science of choosing target markets and building
profitable relationships with them
Production concept - Answer the idea that consumers will favor products that are available and highly
affordable; therefore, the organization should focus on improving production and distribution efficiency
Product concept - Answer The idea that consumers will favor products that offer the most quality,
performance, and features
Selling concept - Answer the idea that consumers will not buy enough of the firm's products unless the
firm undertakes a large-scale selling and promotion effort
Marketing Concept - Answer a philosophy in which achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better than competitors
do
societal marketing concept - Answer the idea that a company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run
interests
Customer-engagement marketing - Answer making the brand a meaningful part of consumers'
conversations and lives by fostering direct and continuous customer involvement in shaping brand
conversations, experiences, and community
Consumer-generated marketing - Answer brand exchanges created by consumers themselves - both
invited and uninvited - by which consumers are playing an increasing role in shaping their own brand
experiences and those of other consumers
,partner relationship management - Answer working closely with partners in other company
departments and outside the company to jointly bring greater value to customers
customer lifetime value - Answer the value of the entire stream of purchases a customer makes over a
lifetime of patronage
share of customer - Answer the portion of the customer's purchasing that a company gets in its
product categories
customer equity - Answer the total combined customer lifetime values of all of the company's
customers
digital and social media marketing - Answer Using digital marketing tools such as Web sites, social
media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any
time, via their digital devices.
Business Portfolio - Answer the collection of businesses and products that make up the company
portfolio analysis - Answer the process by which management evaluates the products and businesses
that make up the company
Product/market expansion grid - Answer a portfolio-planning tool for identifying company growth
opportunities through market penetration, market development, product development, or
diversification
Market penetration - Answer A strategy for company growth by increasing sales of current products to
current market segments without changing the product
product development - Answer A strategy for company growth by offering modified or new products to
current market segments
, Diversification - Answer A strategy for company growth through starting up or acquiring businesses
outside the company's current products and markets
downsizing strategy - Answer Reducing the business portfolio by eliminating products or units
Segementation - Answer dividing a market into segments of buyers according to needs
Targeting - Answer evaluating each market segment's attractiveness and selecting one or more
segments to enter
Positioning - Answer Attempting to occupy a desirable place in the minds of target consumers
Social criticisms of marketing - Answer Pricing: False advertising prices
Promotion: Misrepresenting products features
Package: Exaggerating package elements
Consumer Activism - Answer An organized movement of citizens and government agencies to improve
the rights and power of buyers in relation to sellers.
environmental sustainability - Answer a management approach that involves developing strategies that
both sustain the environment and produce profits for the company
Sustainable marketing - Answer socially and environmentally responsible marketing that meets the
present needs of consumers and businesses while also preserving or enhancing the ability of future
generations to meet their needs
Consumer-oriented marketing - Answer The philosophy of sustainable marketing that holds that the
company should view and organize its marketing activities from the consumer's point of view
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