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