BMGT 325 Exam 1

The boston consulting group matrix is based on what

A philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?

Satisfaction for both the buyer and seller

marketing is defined as

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products

the process of marketing is

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

The focal point of all marketing activities is

customers

The definition of marketing implies that _____ should receive benefits from exchange relationships.

customers and businesses

Identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market are essential elements of which of the following parts of strategic planning?

developing a market strategy

Organizations should define themselves not according to the products they produce but according to what?

how they should satisfy customers

Mothers Against Drunk Driving (MADD) is a group that works to change attitudes and laws about driving under the influence of alcohol. MADD primarily markets _____.

ideas

The time lag between the performance of marketing activities and their results does what?

limits the marketing manager's ability to measure the effectiveness of marketing activities

a marketing concept is

management philosophy

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's

market share

A change in the minimum drinking age in any given state illustrates a change in the _____ for Miller Brewing.

marketing environment

The process of putting marketing strategies into action is called _

marketing implementation

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a _____

marketing strategy

Marketing managers strive to develop a marketing mix that does what?

matches the needs of the target market

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called what?

oppurtunities

According to the marketing concept, an organization should try to do what?

provide products that satisfy customers' needs and allow the organization to achieve its goals

3 basic forms of products

services, products, goods

Distribution, price, promotion, and product are all elements of what?

the marketing mix