Marketing MKT 300 Test 1 Study Guide and Practice Questions
Marketing - correct 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 - correct answer ✔✔ The purchasers of organizations' products; the focal point of all
marketing activities
Target Market - correct answer ✔✔ A specific group of customers on whom an organization
focuses its marketing efforts
Strategic Marketing Management - correct answer ✔✔ 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 - correct answer ✔✔ include anything a buyer receives in an exchange.
customer costs - correct answer ✔✔ include anything a buyer must give up to obtain the
benefits the product provides, including cost, time, effort, and risk.
customer - correct answer ✔✔ a person or organization that buys goods or services from a
store or business.
,global economy - correct answer ✔✔ 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 - correct answer ✔✔ can be a good, a service, or an idea.
Marketing Mix - correct answer ✔✔ Product, Price, Place (distribution) , Promotion
price - correct answer ✔✔ The amount of money exchanged for a good or service
promotion - correct answer ✔✔ Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence an opinion or elicit a response
place - correct answer ✔✔ A particular space with physical and human meaning
value - correct answer ✔✔ a customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
Customer value= customer benefits - customer costs).
exchange - correct answer ✔✔ 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? - correct answer ✔✔ 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 - correct answer ✔✔ 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 - correct answer ✔✔ includes competitive, economic, political, legal
and regulatory, technological, and sociocultural forces, surrounds the customer and affects the
marketing mix
Marketing Concept - correct answer ✔✔ an organization should try to provide products that
satisfy customers' needs through a coordinated set of activities that also allows the organization
to achieve its goals.
Implementing the Marketing Concept - correct answer ✔✔ Obtain information about present
and potential customers
Their needs, how well those needs are being satisfied, how products might be improved,
customer opinions about the firm
Pinpoint specific needs and potential customers toward which to direct marketing activities and
resources
Levels of Strategic Planning - correct answer ✔✔ 1) Mission Statement
Marketing - correct 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 - correct answer ✔✔ The purchasers of organizations' products; the focal point of all
marketing activities
Target Market - correct answer ✔✔ A specific group of customers on whom an organization
focuses its marketing efforts
Strategic Marketing Management - correct answer ✔✔ 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 - correct answer ✔✔ include anything a buyer receives in an exchange.
customer costs - correct answer ✔✔ include anything a buyer must give up to obtain the
benefits the product provides, including cost, time, effort, and risk.
customer - correct answer ✔✔ a person or organization that buys goods or services from a
store or business.
,global economy - correct answer ✔✔ 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 - correct answer ✔✔ can be a good, a service, or an idea.
Marketing Mix - correct answer ✔✔ Product, Price, Place (distribution) , Promotion
price - correct answer ✔✔ The amount of money exchanged for a good or service
promotion - correct answer ✔✔ Communication by marketers that informs, persuades, and
reminds potential buyers of a product in order to influence an opinion or elicit a response
place - correct answer ✔✔ A particular space with physical and human meaning
value - correct answer ✔✔ a customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
Customer value= customer benefits - customer costs).
exchange - correct answer ✔✔ 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? - correct answer ✔✔ 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 - correct answer ✔✔ 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 - correct answer ✔✔ includes competitive, economic, political, legal
and regulatory, technological, and sociocultural forces, surrounds the customer and affects the
marketing mix
Marketing Concept - correct answer ✔✔ an organization should try to provide products that
satisfy customers' needs through a coordinated set of activities that also allows the organization
to achieve its goals.
Implementing the Marketing Concept - correct answer ✔✔ Obtain information about present
and potential customers
Their needs, how well those needs are being satisfied, how products might be improved,
customer opinions about the firm
Pinpoint specific needs and potential customers toward which to direct marketing activities and
resources
Levels of Strategic Planning - correct answer ✔✔ 1) Mission Statement
