MKT 300 - Exam 1 - UKY Hapke – 65 Questions and Answers
Marketing Enviroment - -The competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing
mix.
-Marketing - -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 - -The provision or transfer of goods, services or ideas in return for something
of value.
-Value - -A customers subjective assessment of benefits relative to costs in determining
the worth of a product.
-Marketing Mix - -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 - -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) - -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.
-Corporate Strategy - -A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
-Marketing Objective - -A statement of what is to be accomplished through marketing
activities
-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
-Strategic Marketing Management - -The process of planning, implementing, and
evaluating the performance of marketing activities and strategies, both effectively and
efficiently
-Market Growth/Market Share Matrix - -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 - -A written document that specifies the activities to be performed to
implement and control the organization's marketing strategies
-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
-Mission Statement - -A long-term view, or vision, of what the organization wants to
become
-Strategic Planning - -The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
-Marketing Strategy - -A plan of action for identifying and analyzing a target market and
developing a marketing mix to meet the needs of that market
-Marketing Implementation - -The process of putting marketing strategies into action
-Marketing Cost Analysis - -Analysis of costs to determine which are associated with
specific marketing efforts
-Competitive Advantage - -The result of a company matching a core competency to
opportunities it has discovered in the marketplace
-Strategic Business Unit (SBU) - -A division, product line, or other profit center within the
parent company
-Performance Standard - -An expected level of performance against which actual
performance can be compared
-Corporate Identity - -A corporate identity is the manner which a corporation, firm or
business presents themselves to the public, such as customers and investors as well as
employees.
-Disposable Income - -After-tax income.
-Environmental Analysis - -The process of assessing and interpreting the information
gathered through environmental scanning
-Environmental Scanning - -The process of collecting information about forces in the
marketing environment
-Technology - -The application of knowledge and tools to solve problems and perform
tasks more efficiently
Marketing Enviroment - -The competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing
mix.
-Marketing - -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 - -The provision or transfer of goods, services or ideas in return for something
of value.
-Value - -A customers subjective assessment of benefits relative to costs in determining
the worth of a product.
-Marketing Mix - -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 - -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) - -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.
-Corporate Strategy - -A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
-Marketing Objective - -A statement of what is to be accomplished through marketing
activities
-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
-Strategic Marketing Management - -The process of planning, implementing, and
evaluating the performance of marketing activities and strategies, both effectively and
efficiently
-Market Growth/Market Share Matrix - -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 - -A written document that specifies the activities to be performed to
implement and control the organization's marketing strategies
-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
-Mission Statement - -A long-term view, or vision, of what the organization wants to
become
-Strategic Planning - -The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
-Marketing Strategy - -A plan of action for identifying and analyzing a target market and
developing a marketing mix to meet the needs of that market
-Marketing Implementation - -The process of putting marketing strategies into action
-Marketing Cost Analysis - -Analysis of costs to determine which are associated with
specific marketing efforts
-Competitive Advantage - -The result of a company matching a core competency to
opportunities it has discovered in the marketplace
-Strategic Business Unit (SBU) - -A division, product line, or other profit center within the
parent company
-Performance Standard - -An expected level of performance against which actual
performance can be compared
-Corporate Identity - -A corporate identity is the manner which a corporation, firm or
business presents themselves to the public, such as customers and investors as well as
employees.
-Disposable Income - -After-tax income.
-Environmental Analysis - -The process of assessing and interpreting the information
gathered through environmental scanning
-Environmental Scanning - -The process of collecting information about forces in the
marketing environment
-Technology - -The application of knowledge and tools to solve problems and perform
tasks more efficiently
