MKT 300 Exam questions and
answers well graded 100%
Product, Price, Place (distribution), Promotion - ANS✅✅4 P's of the Marketing Mix
Price - ANS✅✅what is the most flexible, easy-to-change part of the marketing mix?
Value - ANS✅✅A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
Stakeholders - ANS✅✅all of the constituents who have a claim in some aspect of a company's
products, operations, markets, industry, and outcomes
satisfy customers - ANS✅✅companies define their products as what they do to ______ ________,
not what they make or produce
mesolimbic dopamine pathway - ANS✅✅plays a major role in the experience of pleasurable
emotions associated with rewarding events
Customer Focus - ANS✅✅A measure of the extent to which a company puts effort into servicing its
customers' needs, based on an understanding of each customer's profitability.
Competition, economy, Laws and Regulations, Politics, Sociocultural changes, and Technology -
ANS✅✅6 external forces that affect marketing (alphabetical order)
mission statement - ANS✅✅A long-term view, or vision, of what the organization wants to
become
BCG grid - ANS✅✅a means of evaluating strategic business units on the basis of (1) their business
growth rates and (2) their share of the market
marketing - ANS✅✅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
, Marketing Environment - ANS✅✅The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer and affect the marketing mix
Marketing Concept - ANS✅✅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
Market Orientation - ANS✅✅an organization wide commitment to researching and responding to
customer needs
Customer Relationship Management (CRM) - ANS✅✅using information about customers to create
marketing strategies that develop and sustain desirable customer relationships
relationship marketing - ANS✅✅establishing long-term, mutually satisfying buyer-seller
relationships
green marketing - ANS✅✅A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and enhancing
the natural environment
product orientation - ANS✅✅Which business orientation best characterizes the period of time
when businesses began utilizing technology and production techniques, such as assembly lines, to
manufacture products in a more efficient manner
buying behavior - ANS✅✅Managing customer relationships requires identifying patterns of
_______ _______ and then using that information to focus on the most promising and profitable
customers.
Strategic Marketing Management - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
Strategic Planning - ANS✅✅The process of establishing an organizational mission and formulating
goals, corporate strategy, marketing objectives, and marketing strategy
answers well graded 100%
Product, Price, Place (distribution), Promotion - ANS✅✅4 P's of the Marketing Mix
Price - ANS✅✅what is the most flexible, easy-to-change part of the marketing mix?
Value - ANS✅✅A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
Stakeholders - ANS✅✅all of the constituents who have a claim in some aspect of a company's
products, operations, markets, industry, and outcomes
satisfy customers - ANS✅✅companies define their products as what they do to ______ ________,
not what they make or produce
mesolimbic dopamine pathway - ANS✅✅plays a major role in the experience of pleasurable
emotions associated with rewarding events
Customer Focus - ANS✅✅A measure of the extent to which a company puts effort into servicing its
customers' needs, based on an understanding of each customer's profitability.
Competition, economy, Laws and Regulations, Politics, Sociocultural changes, and Technology -
ANS✅✅6 external forces that affect marketing (alphabetical order)
mission statement - ANS✅✅A long-term view, or vision, of what the organization wants to
become
BCG grid - ANS✅✅a means of evaluating strategic business units on the basis of (1) their business
growth rates and (2) their share of the market
marketing - ANS✅✅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
, Marketing Environment - ANS✅✅The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer and affect the marketing mix
Marketing Concept - ANS✅✅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
Market Orientation - ANS✅✅an organization wide commitment to researching and responding to
customer needs
Customer Relationship Management (CRM) - ANS✅✅using information about customers to create
marketing strategies that develop and sustain desirable customer relationships
relationship marketing - ANS✅✅establishing long-term, mutually satisfying buyer-seller
relationships
green marketing - ANS✅✅A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and enhancing
the natural environment
product orientation - ANS✅✅Which business orientation best characterizes the period of time
when businesses began utilizing technology and production techniques, such as assembly lines, to
manufacture products in a more efficient manner
buying behavior - ANS✅✅Managing customer relationships requires identifying patterns of
_______ _______ and then using that information to focus on the most promising and profitable
customers.
Strategic Marketing Management - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
Strategic Planning - ANS✅✅The process of establishing an organizational mission and formulating
goals, corporate strategy, marketing objectives, and marketing strategy
