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MKT 291 Miami University Exam 1
Questions And Answers 100% Pass.
Marketing - Answer✔the activity, set of institutions, & processes for creating, communication,
delivering & exchanging offerings that have value for customers, clients, partners, & society at
large
*focuses on consumer wants & needs*
4 factors for marketing to occur - Answer✔1) 2+ parties with unsatisfied needs
2) a desire & ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
5 environmental forces of marketing - Answer✔1) social (what customers want, income, age,
family)
2) economic (state of the economy)
3) technological
4) competitive (market position, how your competitors are doing)
5) regulatory (expiration dates, government regulations etc.)
marketing mix (4 P's) - Answer✔1) product
2) price
3) place
4) promotion
marketing concept - Answer✔satisfies customer needs & wants & also the company's needs &
wants
ultimate consumers vs. organizational buyers - Answer✔ultimate consumers: us
organizational buyers: manufacturers, resellers, govt. entities
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4 utilities of marketing - Answer✔1) form (size, quantity, color, length, etc.)
2) place (where to buy or get)
3) time (hours of operation, seasons, products when people wanna buy)
4) possession (value customers place on goods or services and what they decide to do with it)
strategy - Answer✔an organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
3 types of organizations - Answer✔- for-profit organizations
- nonprofit organizations
- government agencies
organization - Answer✔a legal entity that consists of people who share a common mission which
motivates them to develop offerings (goods, services, ideas) that create value for both the
organization and is customers by satisfying their needs & wants
corporate level - Answer✔where top management directs overall strategy for the entire
organization
top management - Answer✔the board of directors and senior management officers with a variety
of skills and experiences that are invaluable in establishing the organization's overall strategy
hierarchy of an organization - Answer✔(from highest to lowest)
board of directors, corporate level, strategic business unit level, functional level
strategic business unit (SBU) - Answer✔a subsidiary, division, or unit of an organization that
markets a set of related offerings to a clearly defined target market
strategic business unit level - Answer✔where managers set a more specific strategic direction for
their businesses to exploit value-creating opportunities
functional level - Answer✔where groups of specialists actually create value for the organization
department - Answer✔these specialized functions such as marketing and finance where the
organization's strategic direction becomes its most specific and focused
cross-functional teams - Answer✔consist of a small number of people from different
departments who are mutually accountable to accomplish a task or a common set of performance
goals
core values - Answer✔the fundamental, passionate, and enduring principles that guide its
conduct over time. serve to motivate its stakeholders
mission - Answer✔a statement of the organization's function in society that often identifies its
customers, markets, products and technologies. it's mission statement should be clear, concise,
meaningful, inspirational, and long term.
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organizational culture - Answer✔the set of values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an organization
business - Answer✔describes the clear, broad, underlying industry or market sector of an
organization's offering
market share - Answer✔the ratio of sales revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself
marketing plan - Answer✔a road map for the marketing actions of an organization for a specified
future time period
marketing dashboard - Answer✔the visual display of the essential information related to
achieving a marketing objective
marketing metric - Answer✔a measure of the quantitative value or trend of a marketing action or
result
business portfolio analysis - Answer✔a technique that managers use to quantify performance
measures and growth targets to analyze their firms' SBUs (strategic business units) as though
they were a collection of separate investments
diversification analysis - Answer✔a technique that helps a firm search for growth opportunities
from among current and new markets as well as current and new products
market penetration - Answer✔a marketing strategy to increase sales of current products in
current markets, such as selling more ben & jerry's ice cream to U.S. customers
market development - Answer✔a marketing strategy to sell current products to new markets
product development - Answer✔a marketing strategy of selling new products to current markets
diversification - Answer✔a marketing strategy of developing new products and selling them in
new markets
strategic marketing process - Answer✔the approach whereby an organization allocates its
marketing mix resources to reach its target markets
situation analysis - Answer✔taking stock of where the firm or product has been recently, where
it is now, and where it is headed in terms of the organization's marketing plans and the external
forces and trends affecting it
SWOT analysis - Answer✔an acronym describing an organization's appraisal of its internal
Strengths, Weaknesses, and it's external Opportunities and Threats
basis of the SWOT analysis - Answer✔- identify trends in the organization's industry
- analyze the organization's competitors
- assess the organization itself
- research the organization's present and prospective customers
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