Marketing 3311 – Flashcards

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Inexperienced managers would be considered what in a SWOT analysis
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weakness
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An organization whose primary organizational goal is operational efficiency or client satisfaction would be classified as a(n)
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nonprofit organization
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Profit
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is the money left over after a business form's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
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Industry
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a group of organizations that develop similar offerings
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What is essential to recognize when determining organizational strategy?
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An organization has limited resources which must be focused on achieving goals
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Which of the following are the three levels of strategy in organizations?
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Corporate, Strategic business-unit, and functional
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T/F: Marketing strategy is a tool that allows marketers to understand how forces in the environment will impact the organization in the future
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False
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The marketing department is part of the _______ level, in terms of strategy within an organization
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functional
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Which two of the following are true of a visionary organization's foundation?
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it provides guidance and inspiration to its employees it explains why an organization exists
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An organization's core values are best described as the
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enduring principles that guide its conduct over time
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Government agencies
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The census Bureau and the U.S. Department of commerce are examples of
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Strategies
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A visionary organization first examines its organizational direction to determine its organizational
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Southwest Airlines' ___ is to be dedicated "to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit."
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mission
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___ often triggers a business model change, as it has fro American newspapers and book retailers.
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Technology innovation
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The ___ phase of the strategic marketing process usually results in a ___ that sets the direction for the marketing activities of an organization
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planning; marketing plan
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What is unique strength relative to competitors, often based on quality, cost, or innovation referred to as?
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competitive advantage
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The market-product focus and goal setting part of the planning phase of the strategic marketing process includes which of the following?
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positioning the product
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The marketing program includes developing the marketing mix and
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its budget
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Writing ads and setting prices are examples of which of the following?
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marketing tactics
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Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the
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evaluation phase
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Marketing expertise is gained
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by even the average person, who has a great deal of shopping experience
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Marketing is the activity for creating, communicating, ____ offerings that benefit customers, the organization, its stakeholders, and society at large
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and delivering
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The goal of marketing is to both ___ the needs of prospective customers
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discover and satisfy
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The 4 P's of the marketing mix include product, price, place, and
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promotion
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive and regulatory forces are referred to as
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environmental forces
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The concept of _____ links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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relationship marketing
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Market segments are homogeneous in two ways: prospective buyers have common needs and they
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will respond similarly to marketing action
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The marketing concept is the idea that an organization should strive to satisfy the needs of consumers
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while also trying to achieve the organization's goals
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Social responsibility refers to
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the belief that organizations are accountable to a larger society for their actions
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The primary difference between a good and a service, both of which are products to the marketer, is that a good is ____ and a service is _____.
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a physical object; intangible
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