Marketing MKT 340 Exam 1 Study Guide and Practice
Questions
marketing - correct 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
marketing mix - correct answer ✔✔ 4 P's:
-product
-price
-promotion
-place
Target Market - correct answer ✔✔ a specific group of customers whom an organization targets
product variable - correct answer ✔✔ a good, service or idea
price variable - correct answer ✔✔ relates to decisions and actions with pricing and policies,
determines the value of exchange
distribution variable - correct answer ✔✔ make products available in quantities desired,
minimizes costs,
promotion variable - correct answer ✔✔ Inform individuals or groups about the organization
and its products/services
exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value
, stakeholders - correct answer ✔✔ Constituents who have a "stake," or claim,
in some aspect of a company's products, operations, markets, industry,
and outcomes.
marketing environment - correct answer ✔✔ The six types of forces that surround the customer
and affect the marketing mix:
Economic forces
Political forces
Legal and regulatory forces
Technological forces
Socio-cultural forces
Competitive forces
marketing concept - correct answer ✔✔ A managerial 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.
evolution of marketing concept - correct answer ✔✔ product orientation->sales orientation-
>marketing orientation
marketing orientation - correct answer ✔✔ An organization-wide commitment to researching
and responding to
customer needs.
implementing the marketing concept - correct answer ✔✔ -First, establish an information
system to discover customers' real needs
-Use the information to create satisfying products
-Coordinate all activities
Questions
marketing - correct 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
marketing mix - correct answer ✔✔ 4 P's:
-product
-price
-promotion
-place
Target Market - correct answer ✔✔ a specific group of customers whom an organization targets
product variable - correct answer ✔✔ a good, service or idea
price variable - correct answer ✔✔ relates to decisions and actions with pricing and policies,
determines the value of exchange
distribution variable - correct answer ✔✔ make products available in quantities desired,
minimizes costs,
promotion variable - correct answer ✔✔ Inform individuals or groups about the organization
and its products/services
exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value
, stakeholders - correct answer ✔✔ Constituents who have a "stake," or claim,
in some aspect of a company's products, operations, markets, industry,
and outcomes.
marketing environment - correct answer ✔✔ The six types of forces that surround the customer
and affect the marketing mix:
Economic forces
Political forces
Legal and regulatory forces
Technological forces
Socio-cultural forces
Competitive forces
marketing concept - correct answer ✔✔ A managerial 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.
evolution of marketing concept - correct answer ✔✔ product orientation->sales orientation-
>marketing orientation
marketing orientation - correct answer ✔✔ An organization-wide commitment to researching
and responding to
customer needs.
implementing the marketing concept - correct answer ✔✔ -First, establish an information
system to discover customers' real needs
-Use the information to create satisfying products
-Coordinate all activities
