Reference no: EM132269454
1. A market orientation refers to
the belief that the buying environment for any given industry is relatively stable and therefore all marketing decisions should be long-term to prevent loss of focus.
the point of view that holds that there is always someone who needs or can benefit from your product, and if one segment fails, there is an even better one somewhere in the "market."
the belief that the buying environment for any given industry is volatile and therefore all marketing decisions should be short-term and easily adaptable to change.
the orientation of an organization that focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.
the orientation of an organization that focuses its efforts on continuously collecting information about the environment, keeping abreast of the actions of its competitors, and using this information to create product innovation.
2. A marketing plan refers to
the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
a road map for the entire organization for a specified future period of time, such as one year or five years.
the long-term decisions made to implement the marketing program and the monitoring of those decisions.
a technique that marketing managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments.
a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
3. Generational marketing refers to
the process of continually acquiring information on different age groups to identify and interpret potential trends.
the factors that represent both the objective and subjective attributes of a brand Generations X and Y use to compare different products and brands.
the distinct phases that a generational cohort progresses through from family formation to retirement, each phase bringing with it identifiable purchasing behaviors.
the sequence of stages a buyer of each generational cohort goes through from initial awareness of a product to its trial or adoption.
different marketing programs developed for each generational cohort due to each group's distinctive attitudes and behaviors.
4. The societal marketing concept
is the view that an organization should satisfy the needs of consumers in a way that provides for society's well-being.
is the moral principles and values that govern the actions and decisions of an organization.
involves conducting business in a way that protects the natural environment while making economic progress.
actively tries to understand customer needs and satisfy them while satisfying the firm's goals.
is the idea that organizations are part of a larger society and are accountable to that society for their actions.
5. A target market refers to
people with both the desire and the ability to buy a specific offering.
former customers who now use competitors' products.
the cluster of benefits that an organization develops to satisfy consumers' needs.
people who could purchase a product regardless of who ultimately uses it.
one or more specific groups of potential consumers toward which an organization directs its marketing program
6. All markets ultimately are composed of
brands.
organizations.
people.
products.
governments.
7. A customer value proposition is
the characteristics of a product that make it superior to competitive substitutes.
the cluster of benefits that an organization promises customers to satisfy their needs.
the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
8. In the BCG growth-share matrix, SBUs found in the high growth rate-low relative market share quadrant would be called
hedgehogs.
cash cows.
dogs.
stars.
question marks.
9. Customer relationship management refers to
the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals.
the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
the links an organization has to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace.
the cluster of benefits that an organization promises customers to satisfy their needs.
10. Social responsibility is
the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.
the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
the idea that individuals and organizations are accountable to a larger society.
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.