MKT 100 Exam 1 Questions with Verified
Correct Answers
Target Market
Specific group of customers on whom an organization is built upon.
Four P's
Product, Price, Promotion, Distribution
Marketing Mix
Built around four P's Controlled by firm to meet the needs of customers within its target
market.
Forms products can take
Goods, Services, Ideas
Price
Relates to decisions and actions associated with establishing pricing objectives, policies, and
determining product prices.
Promotion
Relates to activities used to inform individuals or groups about the organization and its
products
Product
Involves creating and modifying new and existing products as well as eliminating those that
do not satisfy
Distribution
, Ensuring availability of products in desired quantities to maximum number or target market
customers possible
Forces of Marketing Environment
Competitive, Economics, Political, Legal, Technological, Socio-Cultural
Customer Relationship Management
Uses information about customers to create marketing strategies that develop and sustain
desirable customer relationships
Strategic Marketing Management
Process of effectively and efficiently planning, implementing, and evaluating the
performance of marketing activities and strategies
Strategic Business Unit (SBU)
A division, product line, or other profit center within the parent company
Mission Statement
Long term view, or vision of what the organization wants to become
Core Competency
Things a company does extremely well, giving it an advantage over competition
Market
Group of individuals or organizations that have needs for a product class and have the ability,
willingness, and authority to purchase it
Competitive Advantage
Correct Answers
Target Market
Specific group of customers on whom an organization is built upon.
Four P's
Product, Price, Promotion, Distribution
Marketing Mix
Built around four P's Controlled by firm to meet the needs of customers within its target
market.
Forms products can take
Goods, Services, Ideas
Price
Relates to decisions and actions associated with establishing pricing objectives, policies, and
determining product prices.
Promotion
Relates to activities used to inform individuals or groups about the organization and its
products
Product
Involves creating and modifying new and existing products as well as eliminating those that
do not satisfy
Distribution
, Ensuring availability of products in desired quantities to maximum number or target market
customers possible
Forces of Marketing Environment
Competitive, Economics, Political, Legal, Technological, Socio-Cultural
Customer Relationship Management
Uses information about customers to create marketing strategies that develop and sustain
desirable customer relationships
Strategic Marketing Management
Process of effectively and efficiently planning, implementing, and evaluating the
performance of marketing activities and strategies
Strategic Business Unit (SBU)
A division, product line, or other profit center within the parent company
Mission Statement
Long term view, or vision of what the organization wants to become
Core Competency
Things a company does extremely well, giving it an advantage over competition
Market
Group of individuals or organizations that have needs for a product class and have the ability,
willingness, and authority to purchase it
Competitive Advantage
