MKT 300 Exam questions and
answers well defined
Marketing Enviroment - ANS✅✅The competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing mix.
Marketing - ANS✅✅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 - ANS✅✅The provision or transfer of goods, services or ideas in return for something of
value.
Value - ANS✅✅A customers subjective assessment of benefits relative to costs in determining the
worth of a product.
Marketing Mix - ANS✅✅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 - ANS✅✅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) - ANS✅✅Using information about customers to create
marketing strategies that develop and sustain desirable customer relationships.
Relationship Marketing - ANS✅✅Establishing long-term, mutually satisfying buyer-seller
relationships.
Corporate Strategy - ANS✅✅A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
Marketing Objective - ANS✅✅A statement of what is to be accomplished through marketing
activities
, Market - ANS✅✅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 - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
Market Growth/Market Share Matrix - ANS✅✅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 - ANS✅✅A written document that specifies the activities to be performed to
implement and control the organization's marketing strategies
Strategic Windows - ANS✅✅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 - ANS✅✅A long-term view, or vision, of what the organization wants to
become
Strategic Planning - ANS✅✅The process of establishing an organizational mission and formulating
goals, corporate strategy, marketing objectives, and marketing strategy
Marketing Strategy - ANS✅✅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 - ANS✅✅The process of putting marketing strategies into action
Marketing Cost Analysis - ANS✅✅Analysis of costs to determine which are associated with specific
marketing efforts
Competitive Advantage - ANS✅✅The result of a company matching a core competency to
opportunities it has discovered in the marketplace
Strategic Business Unit (SBU) - ANS✅✅A division, product line, or other profit center within the
parent company
answers well defined
Marketing Enviroment - ANS✅✅The competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing mix.
Marketing - ANS✅✅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 - ANS✅✅The provision or transfer of goods, services or ideas in return for something of
value.
Value - ANS✅✅A customers subjective assessment of benefits relative to costs in determining the
worth of a product.
Marketing Mix - ANS✅✅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 - ANS✅✅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) - ANS✅✅Using information about customers to create
marketing strategies that develop and sustain desirable customer relationships.
Relationship Marketing - ANS✅✅Establishing long-term, mutually satisfying buyer-seller
relationships.
Corporate Strategy - ANS✅✅A strategy that determines the means for utilizing resources in the
various functional areas to reach the organization's goals
Marketing Objective - ANS✅✅A statement of what is to be accomplished through marketing
activities
, Market - ANS✅✅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 - ANS✅✅The process of planning, implementing, and evaluating
the performance of marketing activities and strategies, both effectively and efficiently
Market Growth/Market Share Matrix - ANS✅✅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 - ANS✅✅A written document that specifies the activities to be performed to
implement and control the organization's marketing strategies
Strategic Windows - ANS✅✅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 - ANS✅✅A long-term view, or vision, of what the organization wants to
become
Strategic Planning - ANS✅✅The process of establishing an organizational mission and formulating
goals, corporate strategy, marketing objectives, and marketing strategy
Marketing Strategy - ANS✅✅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 - ANS✅✅The process of putting marketing strategies into action
Marketing Cost Analysis - ANS✅✅Analysis of costs to determine which are associated with specific
marketing efforts
Competitive Advantage - ANS✅✅The result of a company matching a core competency to
opportunities it has discovered in the marketplace
Strategic Business Unit (SBU) - ANS✅✅A division, product line, or other profit center within the
parent company
