Marketing MKTG 305 – Survey of Marketing Exam 1 Study
Guide and Practice Questions
Marketing - correct answer ✔✔ definition, descriptions, objectives and purpose:
The activity for creating, communicating, delivering, and exchanging offerings that benefit the
organization, its stakeholders, and society at large.
Exchange - correct answer ✔✔ the trade of things of value between buyer and seller so that
each is better off after the trade.
Relationship Marketing - correct answer ✔✔ links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefits.
5 Major Environmental forces - correct answer ✔✔ social, technological, economic,
competitive, and regulatory.
Market - correct answer ✔✔ people with the desire and ability to buy a specific offering
Target Market - correct answer ✔✔ One or more specific groups of potential consumers toward
which an organization directs its marketing program is referred
Marketing Mix/4p's - correct answer ✔✔ product, price, place, promotion
Market share - correct answer ✔✔ The ratio of sales revenue of the firm to the total sales
revenue of all firms in the industry, including the firm itself
Mission statement - correct answer ✔✔ a declaration of the organization's functions in society,
often identifying its customers, markets, products, and technologies.
Guide and Practice Questions
Marketing - correct answer ✔✔ definition, descriptions, objectives and purpose:
The activity for creating, communicating, delivering, and exchanging offerings that benefit the
organization, its stakeholders, and society at large.
Exchange - correct answer ✔✔ the trade of things of value between buyer and seller so that
each is better off after the trade.
Relationship Marketing - correct answer ✔✔ links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefits.
5 Major Environmental forces - correct answer ✔✔ social, technological, economic,
competitive, and regulatory.
Market - correct answer ✔✔ people with the desire and ability to buy a specific offering
Target Market - correct answer ✔✔ One or more specific groups of potential consumers toward
which an organization directs its marketing program is referred
Marketing Mix/4p's - correct answer ✔✔ product, price, place, promotion
Market share - correct answer ✔✔ The ratio of sales revenue of the firm to the total sales
revenue of all firms in the industry, including the firm itself
Mission statement - correct answer ✔✔ a declaration of the organization's functions in society,
often identifying its customers, markets, products, and technologies.
