WKU MKT 220 EXAM 1 questions well
answered to pass
Marketing - correct answer ✔✔The process of creating, distributing, promoting, & pricing goods
& services, and ideas to facilitate satisfying exchange relationships with costumers, & to develop
and maintain relationships with stakeholders, in a dynamic environment.
Customers - correct answer ✔✔The people who buy goods and services
Target Market - correct answer ✔✔A specific groups of customers on whom an organization
focuses its marketing efforts
Marketing Mix - correct answer ✔✔Product, Price, Promotion, Distribution
Product - correct answer ✔✔A Good, Services, or an Ideas
Value - correct answer ✔✔A person's perspective idea of how things are worth
Exchange - correct answer ✔✔The provision or transfer of goods, services, or ideas in return for
something of value
Marketing Environment - correct answer ✔✔The competitive, economical, political, legal and
regulatory, technological, and sociocultural forces
Marketing Concept - correct answer ✔✔organizations should provide products that
a) satisfy customer needs
, b) allows organizations to achieve their goals
Market Orientation - correct answer ✔✔An organization wide commitment to researching and
responding to customer needs
Customer Relationship Management - 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
Green Marketing - correct answer ✔✔A strategic process involving stakeholder assessment to
create meaningful long term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Competiton - correct answer ✔✔Other firms selling the same or similar products in the same
geographical area
Monopoly - correct answer ✔✔1 competitor
Many barriers to enter
No substitutes
Ex: Utilities companies
Oligopoly - correct answer ✔✔Few competitors control most of the market
Some barriers to enter
A few similar competitors
Ex: FedEx & UPS & USPS
answered to pass
Marketing - correct answer ✔✔The process of creating, distributing, promoting, & pricing goods
& services, and ideas to facilitate satisfying exchange relationships with costumers, & to develop
and maintain relationships with stakeholders, in a dynamic environment.
Customers - correct answer ✔✔The people who buy goods and services
Target Market - correct answer ✔✔A specific groups of customers on whom an organization
focuses its marketing efforts
Marketing Mix - correct answer ✔✔Product, Price, Promotion, Distribution
Product - correct answer ✔✔A Good, Services, or an Ideas
Value - correct answer ✔✔A person's perspective idea of how things are worth
Exchange - correct answer ✔✔The provision or transfer of goods, services, or ideas in return for
something of value
Marketing Environment - correct answer ✔✔The competitive, economical, political, legal and
regulatory, technological, and sociocultural forces
Marketing Concept - correct answer ✔✔organizations should provide products that
a) satisfy customer needs
, b) allows organizations to achieve their goals
Market Orientation - correct answer ✔✔An organization wide commitment to researching and
responding to customer needs
Customer Relationship Management - 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
Green Marketing - correct answer ✔✔A strategic process involving stakeholder assessment to
create meaningful long term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Competiton - correct answer ✔✔Other firms selling the same or similar products in the same
geographical area
Monopoly - correct answer ✔✔1 competitor
Many barriers to enter
No substitutes
Ex: Utilities companies
Oligopoly - correct answer ✔✔Few competitors control most of the market
Some barriers to enter
A few similar competitors
Ex: FedEx & UPS & USPS
