MKT 300 Exam 1|Questions and Answers |100% Accurate
Product, Price, Place (distribution), Promotion - -4 P's of the Marketing Mix
-Price - -what is the most flexible, easy-to-change part of the marketing mix?
-value - -A customer's subjective assessment of benefits relative to costs in determining
the worth of a product
-stakeholders - -all of the constituents who have a claim in some aspect of a company's
products, operations, markets, industry, and outcomes
-satisfy customers - -companies define their products as what they do to ______ ________, not
what they make or produce
-mesolimbic dopamine pathway - -plays a major role in the experience of pleasurable
emotions associated with rewarding events
-Customer Focus - -A measure of the extent to which a company puts effort into servicing
its customers' needs, based on an understanding of each customer's profitability.
-Competition, economy, Laws and Regulations, Politics, Sociocultural changes, and
Technology - -6 external forces that affect marketing (alphabetical order)
-mission statement - -A long-term view, or vision, of what the organization wants to
become
-BCG grid - -a means of evaluating strategic business units on the basis of (1) their
business growth rates and (2) their share of the market
-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
-Marketing Environment - -The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer and affect the marketing
mix
-Marketing Concept - -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
-Market Orientation - -an organization wide commitment to researching and responding
to customer needs
, -Customer Relationship Management (CRM) - -using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
-relationship marketing - -establishing long-term, mutually satisfying buyer-seller
relationships
-green marketing - -A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
-product orientation - -Which business orientation best characterizes the period of time
when businesses began utilizing technology and production techniques, such as assembly
lines, to manufacture products in a more efficient manner
-buying behavior - -Managing customer relationships requires identifying patterns of
_______ _______ and then using that information to focus on the most promising and profitable
customers.
-Strategic Marketing Management - -The process of planning, implementing, and
evaluating the performance of marketing activities and strategies, both effectively and
efficiently
-Strategic Planning - -The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
-Corporate Strategy - -A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
-Strategic Business Unit (SBU) - -a division, product line, or other profit center within the
parent company
-market share - -the percentage of a market that actually buys a specific product from a
particular company
-core competencies - -Things a company does extremely well, which sometimes give it an
advantage over its competition
-strategic windows - -temporary periods of optimal fit between the key requirements of a
market and the particular capabilities of a company competing in that market
-an org's strengths, weaknesses, opportunities, and threats - -what does SWOT analysis
stand for?
-Marketing Objective - -a statement of what is to be accomplished through marketing
activities
Product, Price, Place (distribution), Promotion - -4 P's of the Marketing Mix
-Price - -what is the most flexible, easy-to-change part of the marketing mix?
-value - -A customer's subjective assessment of benefits relative to costs in determining
the worth of a product
-stakeholders - -all of the constituents who have a claim in some aspect of a company's
products, operations, markets, industry, and outcomes
-satisfy customers - -companies define their products as what they do to ______ ________, not
what they make or produce
-mesolimbic dopamine pathway - -plays a major role in the experience of pleasurable
emotions associated with rewarding events
-Customer Focus - -A measure of the extent to which a company puts effort into servicing
its customers' needs, based on an understanding of each customer's profitability.
-Competition, economy, Laws and Regulations, Politics, Sociocultural changes, and
Technology - -6 external forces that affect marketing (alphabetical order)
-mission statement - -A long-term view, or vision, of what the organization wants to
become
-BCG grid - -a means of evaluating strategic business units on the basis of (1) their
business growth rates and (2) their share of the market
-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
-Marketing Environment - -The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer and affect the marketing
mix
-Marketing Concept - -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
-Market Orientation - -an organization wide commitment to researching and responding
to customer needs
, -Customer Relationship Management (CRM) - -using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
-relationship marketing - -establishing long-term, mutually satisfying buyer-seller
relationships
-green marketing - -A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
-product orientation - -Which business orientation best characterizes the period of time
when businesses began utilizing technology and production techniques, such as assembly
lines, to manufacture products in a more efficient manner
-buying behavior - -Managing customer relationships requires identifying patterns of
_______ _______ and then using that information to focus on the most promising and profitable
customers.
-Strategic Marketing Management - -The process of planning, implementing, and
evaluating the performance of marketing activities and strategies, both effectively and
efficiently
-Strategic Planning - -The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
-Corporate Strategy - -A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
-Strategic Business Unit (SBU) - -a division, product line, or other profit center within the
parent company
-market share - -the percentage of a market that actually buys a specific product from a
particular company
-core competencies - -Things a company does extremely well, which sometimes give it an
advantage over its competition
-strategic windows - -temporary periods of optimal fit between the key requirements of a
market and the particular capabilities of a company competing in that market
-an org's strengths, weaknesses, opportunities, and threats - -what does SWOT analysis
stand for?
-Marketing Objective - -a statement of what is to be accomplished through marketing
activities
