CSUF MKTG 351 Exam 1 Kim (CSUF ISDS 351 Exam 1 KIM) Already Graded A+
marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
exchange
people giving up s...
CSUF MKTG 351 Exam 1 Kim (CSUF ISDS 351 Exam 1
KIM) Already Graded A+
marketing
the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at
large
exchange
people giving up something in order to receive something they would rather have
production orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the
desires and needs of the marketplace
sales orientation
the ideas that people will buy more goods and services if aggressive sales techniques
are used and that high sales result in high profits
marketing concept
the idea that the social and economic justification for an organization's existence is the
satisfaction of customer wants and needs while meeting organizational objectives
market orientation
a philosophy that assumes that a sale does not depend on an aggressive sales force
but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
societal marketing orientation
the idea that an organization exists not only to satisfy customer wants and needs and to
meet organizational objectives but also to preserve or enhance individuals' and society's
long-term best interests
customer satisfaction
customers' evaluation of a good or service in terms of whether it has met their needs
and expectations
customer value
the relationship between benefits and the sacrifice necessary to obtain those benefits
relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
empowerment
delegation of authority to solve customers' problems quickly?usually by the first person
the customer notifies regarding a problem
sales orientation
the ideas that people will buy more goods and services if aggressive sales techniques
are used and that high sales result in high profits
customer relationship management (CRM)
a companywide business strategy designed to optimize profitability, revenue, and
customer satisfaction by focusing on highly defined and precise customer groups
on-demand marketing
on-demand marketing delivers relevant experiences throughout the consumer's decision
and buying process that integrated across both physical and virtual enviornemtns
, strategic planning
the managerial process of creating and maintaining a fit between the organization's
objectives and resources and the evolving market opportunities
strategic business unit (SBU)
a subgroup of a single business or collection of related businesses within the larger
organization
Ansoff's Opportunity matrix
matches products and markets
market penetration (Ansoff's Opportunity matrix)
a marketing strategy that tries to increase market share among existing customers
market development (Ansoff's Opportunity matrix)
a marketing strategy that entails attracting new customers to existing products
product development (Ansoff's Opportunity matrix)
a marketing strategy that entails the creation of new products for present markets
diversification (Ansoff's Opportunity matrix)
a strategy of increasing sales by introducing new products into new markets
portfolio matrix
a tool for allocating resources among products or strategic business units on the basis
of relative market share and market growth rate
star (portfolio matrix)
in the portfolio matrix, a business unit that is a fast-growing market leader
cash cow (portfolio matrix)
in the portfolio matrix, a business unit that generates more cash than it needs to
maintain its market share
problem child (question mark) (portfolio matrix)
in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
dog (portfolio matrix)
in the portfolio matrix, a business unit that has low growth potential and a small market
share
Build (portfolio matrix)
If firm has item that has to potential a star then firm will decide to give up short term
profits and use it financial resources to achieve this goal ( Ex. Apple postponed iPad for
work on iPhone)
Hold (portfolio matrix)
if SBU is very successful cash cow, a key goal would surely be to hold or preserve
market share so that the org can take advantage of the very positive cash cow
Harvest (portfolio matrix)
to increase the short term cash return without too much concern for the long run impact
Divest (portfolio matrix)
getting rid of SBUs with low shares of low growth markets is often appropriate
marketing plan
a written document that acts as a guidebook of marketing activities for the marketing
manager
mission statement
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