MKT 300 Exam 1 Study Guide Questions With Complete solution.

MKT 300 Exam 1 Study Guide Questions With Complete solution. Marketing - Term: 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 and Target Market - What is the focus of marketing? (2 things) Customers - Term: The purchasers of organizations' products. Are the focal point of all marketing activities. Target Market - Term: A specific group of customers on whom an organization focuses its marketing efforts. Marketing Mix - Term: Marketing deals with 4Ps which are also known as the _____ _____. Marketers combine and balance four elements when determining how to satisfy customers' needs for a product. Product Variable - Term: Part of the marketing mix. A variable that can be a good, service, or idea. Price Variable - Term: Part of the marketing mix. A variable that relates to decisions and actions associated with establishing pricing objectives and policies. Relates to determining product prices. Determines the value of the exchange. Distribution Variable - Term: Part of the marketing mix. Variable that used to be "Place." Makes products available in quantities desired. Minimizes costs of inventory, transportation, and storage. Select/motivate intermediaries. Establish/maintain inventory control. Develop/manage transportation and storage systems. Promotion Variable - Term: Part of the marketing mix. Variable that informs individuals or groups about the organization and its products/services. Advertising, public relations, personal selling, promotions, street teams, viral marketing. Marketing Environment - Term: The six forces that surround the customer and affect the marketing mix. Economic forces, political forces, legal and regulatory forces, technological forces, sociocultural forces, competitive forces. The Marketing Concept - Term: a management 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. Marketing; Philanthropic - The marketing concept is not a second definition of ______ or _____ philosophy. A firm must satisfy its own objectives. Production Orientation - The Evolution of Marketing Concept: Term: Industrial Revolution improved speed and efficiency. Large increases in available products. Sales Orientation - The Evolution of Marketing Concept: Term: Many products with not enough demand. Businesses viewed sales and selling as the main means of increasing profits. Market Orientation - The Evolution of Marketing Concept: Term: An organization-wide commitment to researching and responding to customer needs. Determine what customers want and produce those products. Value - Value-Driven Marketing: _____: a customer's subjective assessment of benefits relative to costs in determining the worth of a product. _____ = Customer Benefits - Customer Costs B - Marketing is the process of: A) Promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders. B) Creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. C) Delivering a standard of living to a society. D) Creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives. E) Focusing on customers' needs. B - Distribution, price, promotion, and product are all elements of: A) Marketing strategy. B) The marketing mix. C) A target market. D) A consumer good. E) A business strategy. Health Conscious Consumers - Quiz Question: Who is Skinny Cow's target market? Target Market - Quiz Question: Coca-Cola is aiming its Diet Coke Plus at health-conscious customers. These health-conscious customers represent Coke's _____. Exchange - Quiz Question: An outcome of marketing in which people give up something to receive something they would rather have is _____. True - Quiz Question: True or False: Marketing is not just a job done by a company's marketing department. Yes - Quiz Question: True or False: A course in marketing is helpful even when not pursuing a marketing career. Marketing Strategy - Term: A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market. Organization; Areas; Marketing; Strategic - Effective Marketing Strategy: Reflects overall direction of _____. Coordinated with firm's functional _____. Contributes to achievement of _____ objectives and _____ goals. Marketing Plan - Term: a written document that specifies the activities to be performed to implement and control the organization's marketing activities. Competitive Advantage - Term: the result of a company's matching a core competency (superior skill or resources) to opportunities in the marketplace. E.g. cheaper, more widely available, stronger service support, higher quality. Example: Patagonia. Corporate Identity - Term: Should support all corporate activities. Unique symbols, personalities,