Principles of Marketing Test #1 (Chapters 1-3)

question

Customer Value Proposition
answer

A cluster of benefits that an organization promises customers to satisfy their needs
question

Customer Value
answer

The unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
question

Relationship Marketing
answer

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
question

Marketing Program
answer

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
question

Marketing Concept
answer

The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals
question

Marketing Orientation
answer

An organization that focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value
question

Social Marketing Concept
answer

The view that organizations should discover and satisfy the needs of consumers in a way that provides for the society’s well-being
question

Ultimate Consumers
answer

The people who use the products and services purchased for a household. Also called consumers, buyers, or customers
question

Organizational Buyers
answer

Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or resale
question

Utility
answer

The benefits or customer value received by users of the product
question

Business Portfolio Analysis
answer

A technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments
question

Diversification Analysis
answer

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products
question

Market Share
answer

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
question

Marketing Strategy
answer

The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it
question

Marketing Tactics
answer

Detailed day-to-day operational decisions essential to the overall success of marketing strategies
question

Mission
answer

A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision
question

Points of Difference
answer

Those characteristics of a product that make it superior to competitive substitutes
question

Situation Analysis
answer

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it
question

Strategy
answer

An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals
question

SWOT Analysis
answer

An acronym describing an organization’s appraisal of its internal strengths and weaknesses and its external opportunities and threats
question

Baby Boomers
answer

Includes the generation of 76 million among the U.S. population born between 1946 and 1964
question

Consumerism
answer

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with insititutions
question

Moral Idealism
answer

A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
question

Economy
answer

Pertains to the income, expenditures, and resources that affect the cost of running a business and household
question

Environmental Scanning
answer

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
question

Ethics
answer

The moral principles and values that govern the actions and decisions of an individual or group
question

Generation X
answer

Includes the 15 percent of the population born between 1965 and 1976. Also called baby bust
question

Generation Y
answer

Includes the 72 million Americans born between 1977 and 1994. Also called the millennials, echo-boom, or baby boomlet
question

Marketspace
answer

Information- and communication- based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
question

Utilitarianism
answer

A personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior

Get instant access to
all materials

Become a Member