MKT 300 Exam questions and
answers verified 100%
Marketing Defined - ANS✅✅the process of creating, pricing, distributing, and promoting goods,
services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic
environment
AMA 2004 definition - ANS✅✅Marketing is an organizational function and a set of processes for
creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
4 P's - ANS✅✅Product - Goods, services, or ideas that satisfy customer needs
Pricing - Decisions and actions that establish pricing objectives and policies and set product prices
Distribution - The ready, convenient, and timely availability of products
Promotion - Activities that inform customers about the organization and its products
Exchange - ANS✅✅The provision or transfer of goods, services, or ideas in return for something of
value
Exchange Conditions - ANS✅✅Two or more participants have something of value that the other
party desires.
Exchange provides mutual benefit/satisfaction.
Each party has confidence in the exchange value of the other party's offering.
Each party must meet the expectations of the exchange to become trusted by the other parties.
Stakeholder - ANS✅✅Someone who has influence on company or the company on them
Myopia - ANS✅✅nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
, Contact Points - ANS✅✅Successful marketing requires managing and coordinating marketing
messages at every contact point
(i.e. Market to the right demographic for your product)
Unplanned messages - ANS✅✅Ex. Dirty parking lot looks bad on company as a whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies - ANS✅✅Things a firm does extremely well, which sometimes give it an
advantage over its competition
Market opportunity - ANS✅✅A combination of circumstances and timing that permits an
organization to reach a target market
Competitive advantage - ANS✅✅The result of a company's matching a core competency to
opportunities in the market place
SWOT analysis - ANS✅✅S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement - ANS✅✅A long-term view, or vision, of what the organization wants to
become
Answers:
Who are our customers?
What is our core competency?
answers verified 100%
Marketing Defined - ANS✅✅the process of creating, pricing, distributing, and promoting goods,
services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic
environment
AMA 2004 definition - ANS✅✅Marketing is an organizational function and a set of processes for
creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
4 P's - ANS✅✅Product - Goods, services, or ideas that satisfy customer needs
Pricing - Decisions and actions that establish pricing objectives and policies and set product prices
Distribution - The ready, convenient, and timely availability of products
Promotion - Activities that inform customers about the organization and its products
Exchange - ANS✅✅The provision or transfer of goods, services, or ideas in return for something of
value
Exchange Conditions - ANS✅✅Two or more participants have something of value that the other
party desires.
Exchange provides mutual benefit/satisfaction.
Each party has confidence in the exchange value of the other party's offering.
Each party must meet the expectations of the exchange to become trusted by the other parties.
Stakeholder - ANS✅✅Someone who has influence on company or the company on them
Myopia - ANS✅✅nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
, Contact Points - ANS✅✅Successful marketing requires managing and coordinating marketing
messages at every contact point
(i.e. Market to the right demographic for your product)
Unplanned messages - ANS✅✅Ex. Dirty parking lot looks bad on company as a whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies - ANS✅✅Things a firm does extremely well, which sometimes give it an
advantage over its competition
Market opportunity - ANS✅✅A combination of circumstances and timing that permits an
organization to reach a target market
Competitive advantage - ANS✅✅The result of a company's matching a core competency to
opportunities in the market place
SWOT analysis - ANS✅✅S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement - ANS✅✅A long-term view, or vision, of what the organization wants to
become
Answers:
Who are our customers?
What is our core competency?
