Marketing MKT 300 University of Kentucky Exam 1 (Hapke)
Study Guide and Practice
Marketing Environment - correct answer ✔✔ The competitive, economic, political, legal and
regulatory, technological and sociocultural forces that surround the customer and affect the
marketing mix.
Marketing - correct answer ✔✔ The process of creating, distributing, promoting and pricing
goods, services and ideas that facilitate satisfying exchange relationships with customers and to
develop and maintain favorable relationships with stakeholders in a dynamic environment.
Exchanges - correct answer ✔✔ The provision or transfer of goods, services or ideas in return
for something of value.
Value - correct answer ✔✔ A customers subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Mix - correct answer ✔✔ Four marketing activities - product, pricing, distribution and
promotion - that a firm can control to meet the needs of customers within it's target market
Marketing Concept - correct answer ✔✔ A management 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.
Customer Relationship Management (CRM) - correct answer ✔✔ Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships.
Relationship Marketing - correct answer ✔✔ Establishing long-term, mutually satisfying buyer-
seller relationships.
, Corporate Strategy - correct answer ✔✔ A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Marketing Objective - correct answer ✔✔ A statement of what is to be accomplished through
marketing activities
Market - correct answer ✔✔ 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
Strategic Marketing Management - correct answer ✔✔ The process of planning, implementing,
and evaluating the performance of marketing activities and strategies, both effectively and
efficiently
Market Growth/Market Share Matrix - correct answer ✔✔ 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
Marketing Plan - correct answer ✔✔ A written document that specifies the activities to be
performed to implement and control the organization's marketing strategies
Strategic Windows - correct answer ✔✔ Temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that market
Mission Statement - correct answer ✔✔ A long-term view, or vision, of what the organization
wants to become
Strategic Planning - correct answer ✔✔ The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, and marketing strategy
Study Guide and Practice
Marketing Environment - correct answer ✔✔ The competitive, economic, political, legal and
regulatory, technological and sociocultural forces that surround the customer and affect the
marketing mix.
Marketing - correct answer ✔✔ The process of creating, distributing, promoting and pricing
goods, services and ideas that facilitate satisfying exchange relationships with customers and to
develop and maintain favorable relationships with stakeholders in a dynamic environment.
Exchanges - correct answer ✔✔ The provision or transfer of goods, services or ideas in return
for something of value.
Value - correct answer ✔✔ A customers subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Mix - correct answer ✔✔ Four marketing activities - product, pricing, distribution and
promotion - that a firm can control to meet the needs of customers within it's target market
Marketing Concept - correct answer ✔✔ A management 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.
Customer Relationship Management (CRM) - correct answer ✔✔ Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships.
Relationship Marketing - correct answer ✔✔ Establishing long-term, mutually satisfying buyer-
seller relationships.
, Corporate Strategy - correct answer ✔✔ A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals
Marketing Objective - correct answer ✔✔ A statement of what is to be accomplished through
marketing activities
Market - correct answer ✔✔ 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
Strategic Marketing Management - correct answer ✔✔ The process of planning, implementing,
and evaluating the performance of marketing activities and strategies, both effectively and
efficiently
Market Growth/Market Share Matrix - correct answer ✔✔ 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
Marketing Plan - correct answer ✔✔ A written document that specifies the activities to be
performed to implement and control the organization's marketing strategies
Strategic Windows - correct answer ✔✔ Temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that market
Mission Statement - correct answer ✔✔ A long-term view, or vision, of what the organization
wants to become
Strategic Planning - correct answer ✔✔ The process of establishing an organizational mission
and formulating goals, corporate strategy, marketing objectives, and marketing strategy
