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UCF |MAR | 3023 |Exam | 1 |Review |QUESTIONS |
WITH |ANSWERS
An |organizational |function |and |a |set |of |processes |for |creating, | capturing, |communicating, |and |delivering |value |to |customers |and | for |managing |customer |relationships |in |ways |that |benefit |the | organization |and |its |stakeholders. |- |CORRECT |ANSWERS | ✔✔Marketing A |written |document |composed |of |an |analysis |of |the |current | marketing |situation, |opportunities |and |threats |for |the |firm, | marketing |objectives |and |strategy |specified |in |terms |of |the |four | Ps, |action |programs, |and |projected |or |pro |forma |income |(and | other |financial) |statements. |- |CORRECT |ANSWERS |✔✔Marketing |Plan The |trade |of |things |of |value |between |the |buyer |and |the |seller |so | that |each |is |better |off |as |a |result. |- |CORRECT |ANSWERS | ✔✔Exchange Core |Aspects |of |Marketing |... |- |CORRECT |ANSWERS |✔✔Product, | Price, |Place, |Promotion |(4 |P's) Creating |value |- |CORRECT |ANSWERS |✔✔Product
Capturing |value |- |CORRECT |ANSWERS |✔✔Price Delivering |value |- |CORRECT |ANSWERS |✔✔Place Communicating |value |- |CORRECT |ANSWERS |✔✔Promotion B2C |- |CORRECT |ANSWERS |✔✔Business-to-consumer |marketing B2B |- |CORRECT |ANSWERS |✔✔Business-to-business |marketing C2C |- |CORRECT |ANSWERS |✔✔Consumer-to-consumer |marketing Evolution |of |marketing |... |- |CORRECT |ANSWERS |✔✔Production |(1900- 1920), |Sales |(1920-1950), |Marketing |(1950-1990), |Value-based | marketing |(1990-Present) Importance |of |marketing |... |- |CORRECT |ANSWERS |✔✔Can |be | entrepreneurial, |expands |global |presence, |pervasive |across |channel | members, |enriches |society The |group |of |firms |that |make |and |deliver |a |given |set |of |goods | and |services. |- |CORRECT |ANSWERS |✔✔Supply |Chain
3 |phases |of |marketing |plan |- |CORRECT |ANSWERS |✔✔Planning | phase, |implementation |phase, |control |phase The |part |of |the |strategic |marketing |planning |process |when | marketing |executives, |in |conjunction |with |other |top |managers |(1) | define |the |mission |or |vision |of |the |business |and |(2) |evaluate |the | situation |by |assessing |how |various |players, |both |in |and |outside |the | organization, |affect |the |firm's |potential |for |success. |- |CORRECT | ANSWERS |✔✔Planning |phase The |part |of |the |strategic |marketing |planning |process |when | marketing |managers |(1) |identify |and |evaluate |different | opportunities |by |engaging |in |segmentation, |targeting, |and | positioning |and |(2) |implement |the |marketing |mix |using |the |four | Ps. |- |CORRECT |ANSWERS |✔✔Implementation |phase The |part |of |the |strategic |marketing |planning |process |when | managers |evaluate |the |performance |of |the |marketing |strategy |and | take |any |necessary |corrective |actions. |- |CORRECT |ANSWERS | ✔✔Control |phase 5 |steps |of |marketing |plan |... |- |CORRECT |ANSWERS |✔✔(1) |Business | mission |& |objectives, |(2) |Situation |analysis/SWOT, |(3) |Identifying | opportunities, |(4) |Implementation |marketing |mix, |(5) |Evaluate | performance |using |marketing |metrics
First |step |in |developing |marketing |plan. |A |broad |description |of |a | firm's |objectives |and |the |scope |of |activities |it |plans |to |undertake; | attempts |to |answer |two |main |questions: |What |type |of |business |is | it? |What |does |it |need |to |do |to |accomplish |its |goals |and | objectives? |- |CORRECT |ANSWERS |✔✔Mission |statement Second |step |in |a |marketing |plan; |uses |a |SWOT |analysis |that | assesses |both |the |internal |environment |with |regard |to |its | Strengths |and |Weaknesses |and |the |external |environment |in |terms | of |its |Opportunities |and |Threats. |- |CORRECT |ANSWERS |✔✔Situation | analysis A |method |of |conducting |a |situation |analysis |within |a |marketing | plan |in |which |both |the |internal |environment |with |regard |to |its | Strengths |and |Weaknesses |and |the |external |environment |in |terms | of |its |Opportunities |and |Threats |are |examined. |- |CORRECT | ANSWERS |✔✔SWOT |analysis Step | 3 |of |developing |marketing |plan. |Firms |use |these |processes |to | identify |and |evaluate |opportunities |for |increasing |sales |and | profits. |- |CORRECT |ANSWERS |✔✔Segmentation, |Targeting, |and | Positioning |(STP) A |group |of |consumers |who |respond |similarly |to |a |firm's |marketing | efforts. |- |CORRECT |ANSWERS |✔✔Market |Segment
consistency, |and |maximum |communicative |impact. |- |CORRECT | ANSWERS |✔✔Integrated |Marketing |Communications |(IMC) The |final |step |in |the |planning |process |includes |evaluating |the | results |of |the |strategy |and |implementation |program |using | marketing |metrics. |A |metric |is |a |measuring |system |that |quantifies | a |trend, |dynamic, |or |characteristic. |- |CORRECT |ANSWERS | ✔✔Evaluate |Performance |using |Marketing |Metrics A |measuring |system |that |quantifies |a |trend, |dynamic, |or | characteristic. |- |CORRECT |ANSWERS |✔✔Metric Management |evaluates |the |firm's |various |products |and |businesses— its |"portfolio"—and |allocates |resources |according |to |which |products | are |expected |to |be |the |most |profitable |for |the |firm |in |the |future. |- | CORRECT |ANSWERS |✔✔Portfolio |Analysis A |division |of |the |firm |itself |that |can |be |managed |and |operated | somewhat |independently |from |other |divisions |and |may |have |a | different |mission |or |objectives. |- |CORRECT |ANSWERS |✔✔Strategic | Business |Unit |(SBU) Groups |of |associated |items, |such |as |those |that |consumers |use | together |or |think |of |as |part |of |a |group |of |similar |products. |- | CORRECT |ANSWERS |✔✔Product |Lines
BCG |Matrix |(Boston |Consulting |Group) |- |CORRECT |ANSWERS |✔✔2x2 | matrix. |Market |Growth |Rate |x |Relative |Market |Share. Percentage |of |a |market |accounted |for |by |a |specific |entity. |- | CORRECT |ANSWERS |✔✔Market |Share A |measure |of |the |product's |strength |in |a |particular |market, | defined |as |the |sales |of |the |focal |product |divided |by |the |sales | achieved |by |the |largest |firm |in |the |industry. |- |CORRECT |ANSWERS | ✔✔Relative |Market |Share The |annual |rate |of |growth |of |the |specific |market |in |which |the | product |competes. |- |CORRECT |ANSWERS |✔✔Market |Growth |Rate (Upper |left |quadrant) |______ |occur |in |high-growth |markets |and |are | high |market |share |products. |That |is, |stars |often |require |a |heavy | resource |investment |in |such |things |as |promotions |and |new | production |facilities |to |fuel |their |rapid |growth. |As |their |market | growth |slows, |stars |will |migrate |from |heavy |users |of |resources |to | heavy |generators |of |resources |and |become |cash |cows. |- |CORRECT | ANSWERS |✔✔Stars (Lower |left |quadrant) |______ |are |in |low-growth |markets |but |are |high | market |share |products. |Because |these |products |have |already |
A |growth |strategy |that |employs |the |existing |marketing |mix |and | focuses |the |firm's |efforts |on |existing |customers. |- |CORRECT | ANSWERS |✔✔Market |Penetration |Strategy A |growth |strategy |that |employs |the |existing |marketing |offering |to | reach |new |market |segments, |whether |domestic |or |international. |- | CORRECT |ANSWERS |✔✔Market |Development |Strategy A |growth |strategy |that |offers |a |new |product |or |service |to |a |firm's | current |target |market. |- |CORRECT |ANSWERS |✔✔Product | Development |Strategy A |growth |strategy |whereby |a |firm |introduces |a |new |product |or | service |to |a |market |segment |that |it |does |not |currently |serve. |- | CORRECT |ANSWERS |✔✔Diversification |Strategy A |growth |strategy |whereby |the |current |target |market |and/or | marketing |mix |shares |something |in |common |with |the |new | opportunity. |- |CORRECT |ANSWERS |✔✔Related |Diversification A |growth |strategy |whereby |a |new |business |lacks |any |common | elements |with |the |present |business. |- |CORRECT |ANSWERS | ✔✔Unrelated |Diversification
The |set |of |values |within |a |marketing |firm, |or |in |the |marketing | division |of |any |firm, |that |guide |decision |making |and |behavior. |- | CORRECT |ANSWERS |✔✔Ethical |Climate Having |a |set |of |values |that |guides |decision |making |and |behavior | creates |a |positive |_______________. |- |CORRECT |ANSWERS |✔✔Ethical | Climate Every |individual |is |a |product |of |his |or |her |culture, |upbringing, | genes, |and |various |other |influences. |- |CORRECT |ANSWERS |✔✔Why | people |act |unethically. Refers |to |the |voluntary |actions |taken |by |a |company |to |address |the | ethical, |social, |and |environmental |impacts |of |its |business | operations |and |the |concerns |of |its |stakeholders. |- |CORRECT | ANSWERS |✔✔Corporate |Social |Responsibility |(CSR) 4 |Steps |in |Ethical |Decision-Making |Framework |- |CORRECT |ANSWERS | ✔✔Identifying |Issues, |Gather |Information |and |identify | stakeholders, |Brainstorm |and |evaluate |alternatives, |Choose |a | course |of |action Marketing |Environment (Immediate |Environment) |- |CORRECT |ANSWERS |✔✔Consumers | surrounded |by |Company, |Competition, |Corporate |Partners
