Marketing Exam 1 Review

The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.

• Operation Planning

• Strategic Planning

• Tactical Planning

• Financial Planning

What is it the term that describes people giving up something to receive something else they would rather have?

• Accumulation

• Donation

• Exchange

• Inheritance

Increasing market share among existing customers.

• Market Research Alternative

• Product Development Strategy

• Market Penetration Alternative

• Market Expansion Strategy

Which of the following is an appealing philosophy that focuses on a market orientation; it is 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.

• Sales Concept

• Production Concept

• Marketing Concept

• Societal Marketing Concept

Identifying a firm’s internal strengths, weaknesses, and examining external opportunities and threats.

• SWOT Analysis

• PEST Analysis

• Value Chain Analysis

• Porter’s Five Forces

Which of the following philosophy is based on the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits?

• Product Orientation

• Sales Orientation

• Societal Marketing Orientation

• Production Orientation

Which strategy seeks to target and effectively serve a single segment of the market? This may be the only viable option for small companies with limited resources that potentially face giant competitors.

• Target Market

• Cost Leadership

• Mass Marketing

• Niche Competitive Advantage

Which of the following is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition?

• Brand Loyalty

• Market Segmentation

• Product Diversification

• Competitive Advantage

What is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups?

• Customer Relationship Management

• Supply Chain Management

• Product Differentiation

• Market Penetration

This idea extends the marketing concept by acknowledging that some products customers want may not really be in their best interests or society’s best interests. This is the idea that an organization exists to preserve or enhance individuals’ and society’s long-term best interests.

• Sales Marketing Orientation

• Production Orientation

• Societal Marketing Orientation

• Product Orientation