MKTG 351 Cousley (Ole Miss) Ch 1-5 [Exam 1] With
Complete Solutions
Marketing - ANSWER The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and develop
and maintain favorable relationships with stakeholders in a dynamic environment.
Customers - ANSWER The purchasers of organizations' products; the focal point of all
marketing elements
Target market - ANSWER the group of customers on which marketing efforts are focused
marketing mix - ANSWER four marketing elements- Product, distribution, promotion, and
pricing- that a firm can control to meet the needs of customers within its target markets
Product - ANSWER A good, service, or idea
Exchanges - ANSWER The provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders - ANSWER Constituents who have a "stake," or claim , in some aspect of a
company's products, operations, markets, industry, and outcomes
,marketing environment - ANSWER the competitive, economical, political, legal and
regulatory, technological, and sociocultural forces that surround the costumer and affect the
marketing mix
Marketing Concept - ANSWER A philosophy that an organization should try to provide
products that satisfy customers' needs through a coordinated set of activities that also allows
the organization to achieve its goals
Market Orientation - ANSWER An organization wide commitment to researching and
responding to customer needs
Relationship Marketing - ANSWER Establishing long-term, mutually satisfying buyer-seller
relationships
Customer-centric marketing - ANSWER Developing collaborative relationships with customers
based on focusing on their individual needs and concerns
Customer relationship management (CRM) - ANSWER Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
Value - ANSWER A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Marketing management - ANSWER the process of planning, organizing, implementing, and
, controlling marketing activities to facilitate exchanges effectively and efficiently
Green marketing - ANSWER A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Strategic planning - ANSWER the process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
Marketing strategy - ANSWER a plan of action for identifying and analyzing a target market
and developing a marketing mix to meet the needs of that market
Marketing plan - ANSWER a written document that specifies the activities to be performed to
implement and control the organization's marketing activities
Core competencies - ANSWER Things a company does extremely well, which sometimes give
it an advantage over its competition
Marketing opportunity - ANSWER a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic window - ANSWER temporary periods of optimal fit between the key requirements
of a market and the particular capabilities of a company competing in that market
Complete Solutions
Marketing - ANSWER The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and develop
and maintain favorable relationships with stakeholders in a dynamic environment.
Customers - ANSWER The purchasers of organizations' products; the focal point of all
marketing elements
Target market - ANSWER the group of customers on which marketing efforts are focused
marketing mix - ANSWER four marketing elements- Product, distribution, promotion, and
pricing- that a firm can control to meet the needs of customers within its target markets
Product - ANSWER A good, service, or idea
Exchanges - ANSWER The provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders - ANSWER Constituents who have a "stake," or claim , in some aspect of a
company's products, operations, markets, industry, and outcomes
,marketing environment - ANSWER the competitive, economical, political, legal and
regulatory, technological, and sociocultural forces that surround the costumer and affect the
marketing mix
Marketing Concept - ANSWER A philosophy that an organization should try to provide
products that satisfy customers' needs through a coordinated set of activities that also allows
the organization to achieve its goals
Market Orientation - ANSWER An organization wide commitment to researching and
responding to customer needs
Relationship Marketing - ANSWER Establishing long-term, mutually satisfying buyer-seller
relationships
Customer-centric marketing - ANSWER Developing collaborative relationships with customers
based on focusing on their individual needs and concerns
Customer relationship management (CRM) - ANSWER Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
Value - ANSWER A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Marketing management - ANSWER the process of planning, organizing, implementing, and
, controlling marketing activities to facilitate exchanges effectively and efficiently
Green marketing - ANSWER A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
Strategic planning - ANSWER the process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
Marketing strategy - ANSWER a plan of action for identifying and analyzing a target market
and developing a marketing mix to meet the needs of that market
Marketing plan - ANSWER a written document that specifies the activities to be performed to
implement and control the organization's marketing activities
Core competencies - ANSWER Things a company does extremely well, which sometimes give
it an advantage over its competition
Marketing opportunity - ANSWER a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic window - ANSWER temporary periods of optimal fit between the key requirements
of a market and the particular capabilities of a company competing in that market
