MKT 300 EXAM 1 MOMAN QUESTIONS & ANSWERS
Customers - Answers -The purchasers of organizations' products
Marketing - Answers -pricing, creating, distributing, promoting goods, services, and
ideas
product - Answers -a good, service, or idea
target market - Answers -group of customers that an organization focuses its market
efforts
marketing mix - Answers -price, place, product, and promotion
value - Answers -a customer's belief they have a benefit relative to purchasing the
product
exchanges - Answers -transfer of goods, services, or ideas in return for something of
value
Marketing Environment - Answers -outside forces like economic, political, legal and
regulatory, sociocultural, technological, and competitive forces
stakeholders - Answers -constituents who have a stake or claim in a product or
organization
market orientation - Answers -organization wide commitment to researching and
responding to customer needs
marketing concept - Answers -idea that organization needs to satisfy custoemrs
green marketing - Answers -marketing while keeping the environment in mind, thus
creating relationships with customers
relationship marketing - Answers -long term mutually satisfying, buyer seller
relationships
Customer Relationship Management (CRM) - Answers -a business philosophy and set
of strategies, programs, and systems that focus on identifying and building loyalty
among the firm's most valued customers
strategic planning - Answers -establishing a mission and formulating goals, corporate
strategies, marketing objectives, marketing strategy, and a marketing plan
, strategic marketing management - Answers -planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
mission statement - Answers -statement of organizations long term, what they hope to
become
corporate strategy - Answers -determines the means for utilizing resources in the
functional areas of marketing, production, finance, research and development, and
human resources to reach the organization's goals
Strategic Business Unit (SBU) - Answers -division, product line, or other profit center
within the company
market - Answers -a group of buyers and sellers of a particular good or service
market share - Answers -percentage of a market that buys a specific product from a
particular company
core competencies - Answers -Things a company does extremely well, which
sometimes give it an advantage over its competition
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
competitive advantage - Answers -a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of
the competition
market opportunity - Answers -a combination of circumstances and timing that permits
an organization to take action to reach a particular target market
strategic window - Answers -temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that
market
first-mover advantage - Answers -The ability of an innovative company to achieve long-
term competitive advantages by being the first to offer a certain product in the
marketplace
SWOT analysis - Answers -strengths, weaknesses, opportunities, threats
late-mover advantage - Answers -benefits that accrue to firms that enter the market
later and that early entrants do not enjoy, and learn from mistakes
Customers - Answers -The purchasers of organizations' products
Marketing - Answers -pricing, creating, distributing, promoting goods, services, and
ideas
product - Answers -a good, service, or idea
target market - Answers -group of customers that an organization focuses its market
efforts
marketing mix - Answers -price, place, product, and promotion
value - Answers -a customer's belief they have a benefit relative to purchasing the
product
exchanges - Answers -transfer of goods, services, or ideas in return for something of
value
Marketing Environment - Answers -outside forces like economic, political, legal and
regulatory, sociocultural, technological, and competitive forces
stakeholders - Answers -constituents who have a stake or claim in a product or
organization
market orientation - Answers -organization wide commitment to researching and
responding to customer needs
marketing concept - Answers -idea that organization needs to satisfy custoemrs
green marketing - Answers -marketing while keeping the environment in mind, thus
creating relationships with customers
relationship marketing - Answers -long term mutually satisfying, buyer seller
relationships
Customer Relationship Management (CRM) - Answers -a business philosophy and set
of strategies, programs, and systems that focus on identifying and building loyalty
among the firm's most valued customers
strategic planning - Answers -establishing a mission and formulating goals, corporate
strategies, marketing objectives, marketing strategy, and a marketing plan
, strategic marketing management - Answers -planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
mission statement - Answers -statement of organizations long term, what they hope to
become
corporate strategy - Answers -determines the means for utilizing resources in the
functional areas of marketing, production, finance, research and development, and
human resources to reach the organization's goals
Strategic Business Unit (SBU) - Answers -division, product line, or other profit center
within the company
market - Answers -a group of buyers and sellers of a particular good or service
market share - Answers -percentage of a market that buys a specific product from a
particular company
core competencies - Answers -Things a company does extremely well, which
sometimes give it an advantage over its competition
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
competitive advantage - Answers -a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of
the competition
market opportunity - Answers -a combination of circumstances and timing that permits
an organization to take action to reach a particular target market
strategic window - Answers -temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that
market
first-mover advantage - Answers -The ability of an innovative company to achieve long-
term competitive advantages by being the first to offer a certain product in the
marketplace
SWOT analysis - Answers -strengths, weaknesses, opportunities, threats
late-mover advantage - Answers -benefits that accrue to firms that enter the market
later and that early entrants do not enjoy, and learn from mistakes
