MKT 300 Test questions and answers
well graded A+
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
Customers - ANS✅✅The purchasers of organizations' products; the focal point of all marketing
activities
Target Market - ANS✅✅A specific group of customers on whom an organization focuses its
marketing efforts
Strategic Marketing Management - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
- Effectiveness: the degree to which long-term customer relationships help achieve an organization's
objectives
- Efficiency: minimizing the resources an organization uses to achieve a specific level of desired
customer relationships
customer benfits - ANS✅✅include anything a buyer receives in an exchange.
customer costs - ANS✅✅include anything a buyer must give up to obtain the benefits the product
provides, including cost, time, effort, and risk.
customer - ANS✅✅a person or organization that buys goods or services from a store or business.
global economy - ANS✅✅the interconnected economies of the nations of the world. Marketing
fuels the global economy because it
Advances in technology, along with falling political barriers and the universal desire for a higher
standard of living, have made marketing across national borders commonplace while stimulating
economic growth.
, product - ANS✅✅can be a good, a service, or an idea.
Marketing Mix - ANS✅✅Product, Price, Place (distribution) , Promotion
price - ANS✅✅The amount of money exchanged for a good or service
promotion - ANS✅✅Communication by marketers that informs, persuades, and reminds potential
buyers of a product in order to influence an opinion or elicit a response
place - ANS✅✅A particular space with physical and human meaning
value - ANS✅✅a customer's subjective assessment of benefits relative to costs in determining the
worth of a product.
Customer value= customer benefits - customer costs).
exchange - ANS✅✅the provision or transfer of goods, services, or ideas in return for something of
value. Any product (good, service, or even idea) may be involved in a marketing exchange
What has to happen for an exchange to take place? - ANS✅✅1. two or more individuals, groups,
or organizations must decide to participate with something of value that the other party wants.
2. Exchange has to provide a benefit or satisfaction to both parties involved in the transaction.
3. both parties have to have confidence in what the other party has and consider it something of
value.
Stakeholders - ANS✅✅include those constituents who have a "stake," or claim, in some aspect of
a company's products, operations, markets, industry, and outcomes; these include customers,
employees, shareholders, suppliers, governments, communities, competitors, and many others.
Marketing Environment - ANS✅✅includes competitive, economic, political, legal and regulatory,
technological, and sociocultural forces, surrounds the customer and affects the marketing mix
well graded A+
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
Customers - ANS✅✅The purchasers of organizations' products; the focal point of all marketing
activities
Target Market - ANS✅✅A specific group of customers on whom an organization focuses its
marketing efforts
Strategic Marketing Management - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
- Effectiveness: the degree to which long-term customer relationships help achieve an organization's
objectives
- Efficiency: minimizing the resources an organization uses to achieve a specific level of desired
customer relationships
customer benfits - ANS✅✅include anything a buyer receives in an exchange.
customer costs - ANS✅✅include anything a buyer must give up to obtain the benefits the product
provides, including cost, time, effort, and risk.
customer - ANS✅✅a person or organization that buys goods or services from a store or business.
global economy - ANS✅✅the interconnected economies of the nations of the world. Marketing
fuels the global economy because it
Advances in technology, along with falling political barriers and the universal desire for a higher
standard of living, have made marketing across national borders commonplace while stimulating
economic growth.
, product - ANS✅✅can be a good, a service, or an idea.
Marketing Mix - ANS✅✅Product, Price, Place (distribution) , Promotion
price - ANS✅✅The amount of money exchanged for a good or service
promotion - ANS✅✅Communication by marketers that informs, persuades, and reminds potential
buyers of a product in order to influence an opinion or elicit a response
place - ANS✅✅A particular space with physical and human meaning
value - ANS✅✅a customer's subjective assessment of benefits relative to costs in determining the
worth of a product.
Customer value= customer benefits - customer costs).
exchange - ANS✅✅the provision or transfer of goods, services, or ideas in return for something of
value. Any product (good, service, or even idea) may be involved in a marketing exchange
What has to happen for an exchange to take place? - ANS✅✅1. two or more individuals, groups,
or organizations must decide to participate with something of value that the other party wants.
2. Exchange has to provide a benefit or satisfaction to both parties involved in the transaction.
3. both parties have to have confidence in what the other party has and consider it something of
value.
Stakeholders - ANS✅✅include those constituents who have a "stake," or claim, in some aspect of
a company's products, operations, markets, industry, and outcomes; these include customers,
employees, shareholders, suppliers, governments, communities, competitors, and many others.
Marketing Environment - ANS✅✅includes competitive, economic, political, legal and regulatory,
technological, and sociocultural forces, surrounds the customer and affects the marketing mix
