MKT 3401 Midterm Review / of Key Quizzes & Correct 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 else they would rather have Customer Value - Answer: the relationship between benefits and the sacrifice necessary to obtain those benefits
4 Marketing Management Philosophies - Answer: 1. Production Orientation
- Sales Orientation
- Marketing Orientation
- Societal Orientation
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 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 1 / 2
How to achieve a marketing orientation - Answer: - Obtain information about customers, competitors, and markets
- Examine the information from a total business perspective
- Determine how to deliver superior customer value
- Implement actions to provide value to customers
Societal 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 of enhance individuals' long-term best interests
Marketing Mix (4 P's) - Answer: 1. Product
- Price
- Place
- Promotion
Elements of a Marketing Plan - Answer: - Business Mission Statement
- SWOT Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
- / 2
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