MKT 300 - EXAM 1 - UKY HAPKE
Marketing Enviroment - Answers -The competitive, economic, political, legal and
regulatory, technological and sociocultural forces that surround the customer and affect
the marketing mix.
Marketing - Answers -The process of creating, distributing, promoting and pricing
goods, services and ideas that facilitate satisfying exchange relationships with
customers and to develop and maintain favorable relationships with stakeholders in a
dynamic environment.
Exchanges - Answers -The provision or transfer of goods, services or ideas in return for
something of value.
Value - Answers -A customers subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Mix - Answers -Four marketing activities - product, pricing, distribution and
promotion - that a firm can control to meet the needs of customers within it's target
market
Marketing Concept - Answers -A management philosophy that an organization should
try to satisfy customers' needs through a coordinated set of activities that also allows
the organization to achieve its goals.
Customer Relationship Management (CRM) - Answers -Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships.
Relationship Marketing - Answers -Establishing long-term, mutually satisfying buyer-
seller relationships.
Corporate Strategy - Answers -A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Marketing Objective - Answers -A statement of what is to be accomplished through
marketing activities
Market - Answers -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
those products
Strategic Marketing Management - Answers -The process of planning, implementing,
and evaluating the performance of marketing activities and strategies, both effectively
and efficiently
, Market Growth/Market Share Matrix - Answers -A helpful business tool, based on the
philosophy that a product's market growth rate and its market share are important
considerations in determining its marketing strategy
Marketing Plan - Answers -A written document that specifies the activities to be
performed to implement and control the organization's marketing strategies
Strategic Windows - Answers -Temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that
market
Mission Statement - Answers -A long-term view, or vision, of what the organization
wants to become
Strategic Planning - Answers -The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, and marketing strategy
Marketing Strategy - Answers -A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
Marketing Implementation - Answers -The process of putting marketing strategies into
action
Marketing Cost Analysis - Answers -Analysis of costs to determine which are
associated with specific marketing efforts
Competitive Advantage - Answers -The result of a company matching a core
competency to opportunities it has discovered in the marketplace
Strategic Business Unit (SBU) - Answers -A division, product line, or other profit center
within the parent company
Performance Standard - Answers -An expected level of performance against which
actual performance can be compared
Corporate Identity - Answers -A corporate identity is the manner which a corporation,
firm or business presents themselves to the public, such as customers and investors as
well as employees.
Disposable Income - Answers -After-tax income.
Environmental Analysis - Answers -The process of assessing and interpreting the
information gathered through environmental scanning
Marketing Enviroment - Answers -The competitive, economic, political, legal and
regulatory, technological and sociocultural forces that surround the customer and affect
the marketing mix.
Marketing - Answers -The process of creating, distributing, promoting and pricing
goods, services and ideas that facilitate satisfying exchange relationships with
customers and to develop and maintain favorable relationships with stakeholders in a
dynamic environment.
Exchanges - Answers -The provision or transfer of goods, services or ideas in return for
something of value.
Value - Answers -A customers subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Mix - Answers -Four marketing activities - product, pricing, distribution and
promotion - that a firm can control to meet the needs of customers within it's target
market
Marketing Concept - Answers -A management philosophy that an organization should
try to satisfy customers' needs through a coordinated set of activities that also allows
the organization to achieve its goals.
Customer Relationship Management (CRM) - Answers -Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships.
Relationship Marketing - Answers -Establishing long-term, mutually satisfying buyer-
seller relationships.
Corporate Strategy - Answers -A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Marketing Objective - Answers -A statement of what is to be accomplished through
marketing activities
Market - Answers -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
those products
Strategic Marketing Management - Answers -The process of planning, implementing,
and evaluating the performance of marketing activities and strategies, both effectively
and efficiently
, Market Growth/Market Share Matrix - Answers -A helpful business tool, based on the
philosophy that a product's market growth rate and its market share are important
considerations in determining its marketing strategy
Marketing Plan - Answers -A written document that specifies the activities to be
performed to implement and control the organization's marketing strategies
Strategic Windows - Answers -Temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that
market
Mission Statement - Answers -A long-term view, or vision, of what the organization
wants to become
Strategic Planning - Answers -The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, and marketing strategy
Marketing Strategy - Answers -A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
Marketing Implementation - Answers -The process of putting marketing strategies into
action
Marketing Cost Analysis - Answers -Analysis of costs to determine which are
associated with specific marketing efforts
Competitive Advantage - Answers -The result of a company matching a core
competency to opportunities it has discovered in the marketplace
Strategic Business Unit (SBU) - Answers -A division, product line, or other profit center
within the parent company
Performance Standard - Answers -An expected level of performance against which
actual performance can be compared
Corporate Identity - Answers -A corporate identity is the manner which a corporation,
firm or business presents themselves to the public, such as customers and investors as
well as employees.
Disposable Income - Answers -After-tax income.
Environmental Analysis - Answers -The process of assessing and interpreting the
information gathered through environmental scanning
