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CSUF MKTG 351 EXAM 1 |204 QUESTIONS AND ANSWERS.
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CSUF MKTG 351 EXAM 1 |204 QUESTIONS AND ANSWERS.
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CSUF MKTG 351 EXAM 1 204QUESTIONS AND ANSWERS
marketing - answer 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 - answer people giving up something in order to receive something they would rather
have
production orientation - answer a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace
sales orientation - answer 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 - answer 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 - answer 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 - answer 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 - answer customers' evaluation of a good or service in terms of whether it
has met their needs and expectations
,customer value - answer the relationship between benefits and the sacrifice necessary to obtain
those benefits
relationship marketing - answer a strategy that focuses on keeping and improving relationships
with current customers
empowerment - answer delegation of authority to solve customers' problems quickly?usually by
the first person the customer notifies regarding a problem
sales orientation - answer 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) - answer a companywide business strategy designed
to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
on-demand marketing - answer delivers relevant experiences throughout the consumer's
decision and buying process that is integrated across both physical and virtual environments
strategic planning - answer 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) - answer a subgroup of a single business or collection of related
businesses within the larger organization
Ansoff's Opportunity matrix - answer matches products and markets
market penetration (Ansoff's Opportunity matrix) - answer a marketing strategy that tries to
increase market share among existing customers
, market development (Ansoff's Opportunity matrix) - answer a marketing strategy that entails
attracting new customers to existing products
product development (Ansoff's Opportunity matrix) - answer a marketing strategy that entails
the creation of new products for present markets
diversification (Ansoff's Opportunity matrix) - answer a strategy of increasing sales by
introducing new products into new markets
portfolio matrix - answer 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) - answer in the portfolio matrix, a business unit that is a fast-growing
market leader
cash cow (portfolio matrix) - answer 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) - answer in the portfolio matrix, a business unit
that shows rapid growth but poor profit margins
dog (portfolio matrix) - answer in the portfolio matrix, a business unit that has low growth
potential and a small market share
Build (portfolio matrix) - answer 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) - answer 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
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