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MKTG Exam Rev

Chapters 1

QuestionAnswer
What is marketing? The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
What is a marketing concept? A business philosophy based on consumer orientation, goal orientation, and systems orientation.
What is consumer orientation? The identificaiton of and focus on the people or firms most likely to buy a product and the production of a good or service that will meet their needs most effectively.
What is goal orientation? A focus on the accomplishment of corporate goals; a limit set on consumer orientation. It is the value for the company.
What is systems orientation? The creation of systems to monitor the external environment and deliver the desired marketing mix to the target market. It is the set up of a system to collect information.
What is a marketing mix? The unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market. Used to solve a problem and identifying and opportunity.
What is marketing research? The planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management.
What is descriptive function? The gathering and presentation of statements of fact. Example: brand.
What is diagnostic function? The explanation of data or actions. Example: Change marketing mix and the sales of the impact is determined
What is predictive function? Specification of how to use descriptive and diagnotic research to predict the results of a planned marketing decision. Example: if you increase the price my $0.40 will sales increase?
What is the return on quality? Management objective based on the principles that (1) the quality being delivered is at a level desired by the target market and (2) that level of quality must have a positive impact on profitability.
What is a marketing strategy? A plan to guide the long-term use of firm's resources based on its existing and projected internal capabilities and on projected changes in the external environment.
What is applied research? Research aimed at solving a specific, pragmatic problem- better understanding of the marketplace, determination of why a strategy or tactic failed, or decuation of uncertainty in management decision making.
What is basic or pure research? Research aimed at explanding the frontiers of knowledge rather than solving a specific, pragmatic problem.
What is programmatic research? Research conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies.
What is selective research? Research used to test decision alternatives.
What is evaluative research? Research done to assess program performance.
Created by: 21309283
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