MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
https://www.stuvia.com/user/edupachttps://www.stuvia.com/usehttps://www.stuvia.com/user/
edupacr/edupac
MKT 201 Terms for
Exam 1 (Chapters 1–4)
Practice Questions and
Answers
https://www.stuvia.com/user/edupac
https://www.stuvia.com/user/edupachttps://www.stuvia.com/uhttps://www.stuvia.com/user/
edupacser/edupac
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
1. Marketing 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
2. Customers The purchasers of organizations' products; the focal point of all marketing activi-
ties
3. Target market A specific group of customers on whom an organization focuses its marketing
efforts
4. Marketing mix Four marketing activities: product, pricing, distribution, and promotion, that a firm
can control to meet the needs of customers within its target market
5. Product A good, a service, or an idea
6. Exchanges The provision or transfer of goods, services, or ideas in return for something of
value
7. Stakeholders Constituents who have a "stake," or claim in some aspect of a company's products,
operations, markets, industry, and outcomes
8. Marketing envi- The competitive, economic, political, legal and regulatory, technological, and
ronment sociocultural forces that surround the customer and affect the marketing mix
9. Marketing con- A managerial philosophy that an organization should try to satisfy customers'
cept needs through a coordinated set of activities that also allows the organization to
achieve its goals
10. Marketing orien- An organization wide commitment to researching and responding to customer
tation needs
11. Relationship Establishing long-term, mutually satisfying buyer-seller relationships
marketing
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
12. Customer rela- Using information about customers to create marketing strategies that develop
tionship man- and sustain desirable customer relationships
agement (CRM)
13. Value A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
14. Marketing man- The process of planning, organizing, implementing, and controlling marketing
agement activities to facilitate exchanges effectively and efficiently
15. Strategic plan- The process of establishing an organizational mission and formulating goals,
ning process corporate strategy, marketing objectives, marketing strategy, and a marketing
plan
16. Marketing strate- A plan of action for identifying and analyzing a target market and developing a
gy marketing mix to meet the needs of that market
17. Marketing plan A written document that specifies the activities to be performed to implement and
control an organization's marketing activities
18. Core competen- Things a firm does extremely well, which sometimes give it an advantage over its
cies competition
19. Market opportu- A combination of circumstances and timing that permits an organization to take
nity action to reach a target market
20. Strategic win- Temporary periods of optimal fit between the key requirements of a market and
dows a firms capabilities in that market
21. Competitive ad- The result of a company's matching a core competency to opportunities in the
vantage marketplace
22. SWOT analysis A tool that marketers use to assess an organization's strengths, weaknesses,
opportunities, and threats
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
23. Mission state- A long--term view of what the organization wants to become
ment
24. Marketing objec- A statement of what is to be accomplished through marketing activities
tive
25. Corporate strate- A strategy that determines the means for using resources in the various functional
gy areas to reach the organization's goals
26. Strategic busi- A division, product line, or other profit center within a parent company
ness unit (SBU)
27. Market 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
28. Market share The percentage of a market that actually buys a specific product from a particular
company
29. Market A strategic planning tool based on the philosophy that a product's market growth
mar- rate and market share are important in determining marketing strategy
ket-growth/mar-
ket-share matrix
30. Sustainable com- An advantage that the competition cannot copy
petitive advan-
tage
31. Marketing plan- The process of assessing opportunities and resources, determining objectives,
ning defining strategies, and establishing guidelines for implementation and control
of the marketing program
32. Marketing imple- The process of executing marketing strategies
mentation
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
https://www.stuvia.com/user/edupachttps://www.stuvia.com/usehttps://www.stuvia.com/user/
edupacr/edupac
MKT 201 Terms for
Exam 1 (Chapters 1–4)
Practice Questions and
Answers
https://www.stuvia.com/user/edupac
https://www.stuvia.com/user/edupachttps://www.stuvia.com/uhttps://www.stuvia.com/user/
edupacser/edupac
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
1. Marketing 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
2. Customers The purchasers of organizations' products; the focal point of all marketing activi-
ties
3. Target market A specific group of customers on whom an organization focuses its marketing
efforts
4. Marketing mix Four marketing activities: product, pricing, distribution, and promotion, that a firm
can control to meet the needs of customers within its target market
5. Product A good, a service, or an idea
6. Exchanges The provision or transfer of goods, services, or ideas in return for something of
value
7. Stakeholders Constituents who have a "stake," or claim in some aspect of a company's products,
operations, markets, industry, and outcomes
8. Marketing envi- The competitive, economic, political, legal and regulatory, technological, and
ronment sociocultural forces that surround the customer and affect the marketing mix
9. Marketing con- A managerial philosophy that an organization should try to satisfy customers'
cept needs through a coordinated set of activities that also allows the organization to
achieve its goals
10. Marketing orien- An organization wide commitment to researching and responding to customer
tation needs
11. Relationship Establishing long-term, mutually satisfying buyer-seller relationships
marketing
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
12. Customer rela- Using information about customers to create marketing strategies that develop
tionship man- and sustain desirable customer relationships
agement (CRM)
13. Value A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
14. Marketing man- The process of planning, organizing, implementing, and controlling marketing
agement activities to facilitate exchanges effectively and efficiently
15. Strategic plan- The process of establishing an organizational mission and formulating goals,
ning process corporate strategy, marketing objectives, marketing strategy, and a marketing
plan
16. Marketing strate- A plan of action for identifying and analyzing a target market and developing a
gy marketing mix to meet the needs of that market
17. Marketing plan A written document that specifies the activities to be performed to implement and
control an organization's marketing activities
18. Core competen- Things a firm does extremely well, which sometimes give it an advantage over its
cies competition
19. Market opportu- A combination of circumstances and timing that permits an organization to take
nity action to reach a target market
20. Strategic win- Temporary periods of optimal fit between the key requirements of a market and
dows a firms capabilities in that market
21. Competitive ad- The result of a company's matching a core competency to opportunities in the
vantage marketplace
22. SWOT analysis A tool that marketers use to assess an organization's strengths, weaknesses,
opportunities, and threats
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
, MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions
https://www.stuvia.com/user/edupac
and Answershttps://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for exam 1 (chapters 1-4)
Study online at https://quizlet.com/_3o18ig
23. Mission state- A long--term view of what the organization wants to become
ment
24. Marketing objec- A statement of what is to be accomplished through marketing activities
tive
25. Corporate strate- A strategy that determines the means for using resources in the various functional
gy areas to reach the organization's goals
26. Strategic busi- A division, product line, or other profit center within a parent company
ness unit (SBU)
27. Market 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
28. Market share The percentage of a market that actually buys a specific product from a particular
company
29. Market A strategic planning tool based on the philosophy that a product's market growth
mar- rate and market share are important in determining marketing strategy
ket-growth/mar-
ket-share matrix
30. Sustainable com- An advantage that the competition cannot copy
petitive advan-
tage
31. Marketing plan- The process of assessing opportunities and resources, determining objectives,
ning defining strategies, and establishing guidelines for implementation and control
of the marketing program
32. Marketing imple- The process of executing marketing strategies
mentation
https://www.stuvia.com/user/edupac https://www.stuvia.com/user/edupac
MKT 201 Terms for Exam 1 (Chapters 1–4) Practice Questions and Answers
