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COB 300D Test 1 questions with complete solutions graded A+
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COB 300D Test 1 questions with complete solutions graded A+
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COB 300D Test 1marketing - correct answer ✔✔the process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment
Marketing Process - correct answer ✔✔1. Understand the marketplace
2. Design a marketing strategy
3. Build and program to deliver value
4. Manage Customer Relationships
5. Capture value from customers
Target Market - correct answer ✔✔a specific group of customers on whom an organization focuses its
marketing efforts
Exchange - correct answer ✔✔The provision or transfer of goods, services, or ideas in return for
something of value
Conditions that must exist for an exchange - correct answer ✔✔1. Two or more participants who possess
something the other wants
2. Exchange provides benefit to both parties
3. Confidence in promise of something of value
4. Both parties meet expectations
Value - correct answer ✔✔Customer Benefits outweigh customer costs
Marketing Mix - correct answer ✔✔The activities that a firm can control to meet the needs of its target
customers (Product, Price, Distribution, Promotion)
Product - correct answer ✔✔Goods, Services, Ideas
,Distribution - correct answer ✔✔Availability of products at the right time in the appropriate locations
Promotion - correct answer ✔✔activities used to inform and persuade to create a desired response
price - correct answer ✔✔relates to decision and actions associated with pricing objectives and policies
as well as actual product prices, impacts customers' perception of value
Marketers must... - correct answer ✔✔Match needs of customers in target market, monitor competition
and adapt, collect up to date info
External forces impact marketing by... - correct answer ✔✔Impacting customer's lifestyles and standard
of living, alters buyers' reactions to the marketing mix
External forces are... - correct answer ✔✔closely interrelated, can produce uncertainty, are hard to
control
Evolution of marketing - correct answer ✔✔1. Product orientation
2. Sales orientation
3. market orientation
4. relationship orientation
fundamental goal of marketing - correct answer ✔✔achieving the full profit potential of each customer
relationship
relationship marketing - correct answer ✔✔long term mutually beneficial arrangements, focus on value
enhancement, more satisfying exchanges
Customer Relationship Management - correct answer ✔✔builds and sustains desirable customer
relationships through the use of marketing research and IT
, Customer Lifetime Value - correct answer ✔✔Stream of purchases that would occur over a lifetime of
patronage- 5-25 times more expensive to acquire new customers
strategic marketing management - correct answer ✔✔the process of planning, implementing, and
evaluating the performance of marketing activities and strategies in terms of effectiveness and efficiency
effectiveness - correct answer ✔✔degree to which long-term customer relationships help achieve an
organization's objectives
efficiency - correct answer ✔✔refers to minimizing the resources an organization uses to achieve a
specific level or desired customer relationships
business strategy - correct answer ✔✔provides a framework for action across all parts of a company,
ensures a fit across a company's goals, capabilities, and the marketplace
strategic planning - correct answer ✔✔process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities
mission statement - correct answer ✔✔long term view or vision of what the organization wants to
become- who are our customers? What is our core competency?
Corporate strategy... - correct answer ✔✔should be developed with the organization;s overall mission in
mind
Corporate strategy - correct answer ✔✔determines the means for utilizing resources in the various
functional areas to reach the organization's goals
SBU - correct answer ✔✔Sells distinct set of products to an identifiable group of customers, competes
with a well-defined set of competitors
BCG Growth Share Matrix- Star - correct answer ✔✔High Market Growth Rate, high relative market
share (microsoft)
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