Marketing MKT 304 Exam 1 Study Guide and Practice
Questions
Marketing - correct answer ✔✔ The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Exchange - correct answer ✔✔ The idea that people give up something to receive something
they would rather have
The Marketing Concept - correct answer ✔✔ The idea that the social and economic justification
for an organizations existence is the satisfaction of customer wants and needs while meeting
organization objectives
Societal Marketing Orientation - correct answer ✔✔ Marketing that preserves or enhances an
individuals and society's long-term best interests
Customer Value - correct answer ✔✔ The ratio of benefits to the sacrifice necessary to obtain
those benefits
Customer Satisfaction - correct answer ✔✔ The feeling that a product has met or exceeded the
customers expectations
Relationship Marketing - correct answer ✔✔ The names of a strategy that entails forging long-
term partnerships with customers, both individuals and firms
Strategic Planning - correct answer ✔✔ The managerial process of creating and maintaining a fit
between the organizations objectives and resources and evolving market opportunities
, Planning - correct answer ✔✔ The process of anticipating future events and determining
strategies to achieve organizational objectives in the future
Market Plan - correct answer ✔✔ A written document that acts as a guidebook of marketing
activities for the marketing manager
Marketing Objective - correct answer ✔✔ A statement of what is to be accomplished through
marketing activities
Environmental Scanning - correct answer ✔✔ The collection and interpretation of information
about forces, events, and relationships in external environment that may affect the future of the
organization or the implementation of the marketing plan
Competitive Advantage - correct answer ✔✔ The set of unique features of a company and its
products that are perceived by the target market as a significant and superior to the
competition
Cost Competitive Advantage - correct answer ✔✔ Being the low-cost competitor in an industry
while maintaining satisfactory profit margins
Product/Service Differentiation Competitive Advantage - correct answer ✔✔ Advantage
achieved when a firm provides something that is unique and valuable to buyers beyond simply
offering a lower price than the competition
Niche Competitive Advantage - correct answer ✔✔ Advantage achieved when a firm seeks to
target and effectively serve a small segment of the market
Sustainable competitive Advantage - correct answer ✔✔ An advantage that cannot be copied by
the competition
Questions
Marketing - correct answer ✔✔ The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Exchange - correct answer ✔✔ The idea that people give up something to receive something
they would rather have
The Marketing Concept - correct answer ✔✔ The idea that the social and economic justification
for an organizations existence is the satisfaction of customer wants and needs while meeting
organization objectives
Societal Marketing Orientation - correct answer ✔✔ Marketing that preserves or enhances an
individuals and society's long-term best interests
Customer Value - correct answer ✔✔ The ratio of benefits to the sacrifice necessary to obtain
those benefits
Customer Satisfaction - correct answer ✔✔ The feeling that a product has met or exceeded the
customers expectations
Relationship Marketing - correct answer ✔✔ The names of a strategy that entails forging long-
term partnerships with customers, both individuals and firms
Strategic Planning - correct answer ✔✔ The managerial process of creating and maintaining a fit
between the organizations objectives and resources and evolving market opportunities
, Planning - correct answer ✔✔ The process of anticipating future events and determining
strategies to achieve organizational objectives in the future
Market Plan - correct answer ✔✔ A written document that acts as a guidebook of marketing
activities for the marketing manager
Marketing Objective - correct answer ✔✔ A statement of what is to be accomplished through
marketing activities
Environmental Scanning - correct answer ✔✔ The collection and interpretation of information
about forces, events, and relationships in external environment that may affect the future of the
organization or the implementation of the marketing plan
Competitive Advantage - correct answer ✔✔ The set of unique features of a company and its
products that are perceived by the target market as a significant and superior to the
competition
Cost Competitive Advantage - correct answer ✔✔ Being the low-cost competitor in an industry
while maintaining satisfactory profit margins
Product/Service Differentiation Competitive Advantage - correct answer ✔✔ Advantage
achieved when a firm provides something that is unique and valuable to buyers beyond simply
offering a lower price than the competition
Niche Competitive Advantage - correct answer ✔✔ Advantage achieved when a firm seeks to
target and effectively serve a small segment of the market
Sustainable competitive Advantage - correct answer ✔✔ An advantage that cannot be copied by
the competition
