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