MKT 300 EXAM 1 MOMAN | LATEST STUDY | QUESTIONS
AND ANSWERS | 2026 UPDATES
Marketing - ANSWER- The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Customers - ANSWER- The purchasers of organizations' products; the focal point of all
marketing activities
Target Market - ANSWER- A specific group of customers on whom an organization focuses
its marketing efforts
Strategic Marketing - ANSWER- The selection and analysis of a target market and the
creation and maintenance of an appropriate marketing mix
Marketing Mix - ANSWER- Four marketing activities that a firm can control to meet the
needs of customers within its target market; Product, Price, Distribution, and Promotion
Value - ANSWER- A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Customer Benefits - ANSWER- anything a buyer receives in an exchange
Customer Costs - ANSWER- anything a buyer must give up to obtain the benefits the
product provides, including cost, time, effort, and risk
Stakeholders - ANSWER- People who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Customer Relationship Management (CRM) - ANSWER- Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
Relationship Marketing - ANSWER- Establishing long-term, mutually satisfying buyer‒
seller relationships
Marketing Environment - ANSWER- The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect the
marketing mix
, Marketing Concept - ANSWER- A managerial 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
Global Economy - ANSWER- The interconnected economies of the nations of the world
Social Responsibility - ANSWER- An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Green Marketing - ANSWER- A strategic process involving stakeholder assessment to
create meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Strategic Marketing Management - ANSWER- The process of planning, implementing, and
evaluating the performance of marketing activities and strategies with efficiency and
effectiveness
Strategic Planning - ANSWER- The process of establishing an organizational mission and
formulating goals, a corporate strategy, marketing objectives, and a marketing strategy
Mission Statement - ANSWER- A long-term view, or vision, of what the organization wants
to become
Corporate Strategy - ANSWER- A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Business-Unit Strategy - ANSWER- The search for competitive advantage within a single
industry, market, or line of business.
Strategic Business Unit - ANSWER- A division, product line, or other profit center within
the parent company
Market - ANSWER- 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
Market Share - ANSWER- The percentage of a market that actually buys a specific product
from a particular company
Market-Growth/Market-Share Matrix - ANSWER- 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
AND ANSWERS | 2026 UPDATES
Marketing - ANSWER- The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Customers - ANSWER- The purchasers of organizations' products; the focal point of all
marketing activities
Target Market - ANSWER- A specific group of customers on whom an organization focuses
its marketing efforts
Strategic Marketing - ANSWER- The selection and analysis of a target market and the
creation and maintenance of an appropriate marketing mix
Marketing Mix - ANSWER- Four marketing activities that a firm can control to meet the
needs of customers within its target market; Product, Price, Distribution, and Promotion
Value - ANSWER- A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Customer Benefits - ANSWER- anything a buyer receives in an exchange
Customer Costs - ANSWER- anything a buyer must give up to obtain the benefits the
product provides, including cost, time, effort, and risk
Stakeholders - ANSWER- People who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Customer Relationship Management (CRM) - ANSWER- Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
Relationship Marketing - ANSWER- Establishing long-term, mutually satisfying buyer‒
seller relationships
Marketing Environment - ANSWER- The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect the
marketing mix
, Marketing Concept - ANSWER- A managerial 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
Global Economy - ANSWER- The interconnected economies of the nations of the world
Social Responsibility - ANSWER- An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Green Marketing - ANSWER- A strategic process involving stakeholder assessment to
create meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Strategic Marketing Management - ANSWER- The process of planning, implementing, and
evaluating the performance of marketing activities and strategies with efficiency and
effectiveness
Strategic Planning - ANSWER- The process of establishing an organizational mission and
formulating goals, a corporate strategy, marketing objectives, and a marketing strategy
Mission Statement - ANSWER- A long-term view, or vision, of what the organization wants
to become
Corporate Strategy - ANSWER- A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Business-Unit Strategy - ANSWER- The search for competitive advantage within a single
industry, market, or line of business.
Strategic Business Unit - ANSWER- A division, product line, or other profit center within
the parent company
Market - ANSWER- 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
Market Share - ANSWER- The percentage of a market that actually buys a specific product
from a particular company
Market-Growth/Market-Share Matrix - ANSWER- 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
