MKTG 409 Quiz 3 MindTap Study Guide – Product Strategy, Pricing & Marketing
Mix Review
What is Marketing - correct answer ✔✔The process of creating, pricing, distributing, and
promoting goods, services, and ideas to facilitate satisfying exchange relationships with
customers and to develop and maintain favorable relationships with stakeholders in a dynamic
environment.
What are Customers? - correct answer ✔✔The purchasers of organizations' products; the focal
point of all marketing activities.
What is a Target Market? - correct answer ✔✔A specific group of customers on whom an
organization focuses its marketing efforts.
What is a Marketing Mix? - correct answer ✔✔Four marketing variables—product, price,
distribution, and promotion—that a firm controls to meet the needs of customers within its
target market.
What is a product? - correct answer ✔✔A good, a service, or an idea.
What is Value? - correct answer ✔✔A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
What are Exchanges? - correct answer ✔✔The provision or transfer of goods, services, or ideas
in return for something of value.
Who are Stakeholders? - correct answer ✔✔Constituents who have a "stake," or claim, in some
aspect of a company's products, operations, markets, industry, and outcomes.
, What is the Marketing Environment? - correct answer ✔✔The competitive, economic, political,
legal and regulatory, technological, and sociocultural forces that surround the customer and
affect the marketing mix.
What is marketing concept? - correct answer ✔✔A managerial philosophy that an organization
should try to satisfy customers' needs through a coordinated set of activities that also allows the
organization to achieve its goals.
What is Market Orientation? - correct answer ✔✔An organization wide commitment to
researching and responding to customer needs.
What is Customer Relationship Management (CRM)? - correct answer ✔✔Using information
about customers to create marketing strategies that develop and sustain desirable customer
relationships.
What is Relationship Marketing? - correct answer ✔✔Establishing long-term, mutually satisfying
buyer-seller relationships.
What is Green Marketing? - correct answer ✔✔A strategic process involving stakeholder
assessment to create meaningful, long-term relationships with customers while maintaining,
supporting, and enhancing the natural environment
What is environmental scanning? - correct answer ✔✔The process of collecting information
about forces in the marketing environment
What is an environmental analysis? - correct answer ✔✔The process of assessing and
interpreting information gathered through environmental scanning
What is the difference between the two? - correct answer ✔✔Environmental scanning is about
gathering information on trends and changes in the environment. Environmental analysis is
about evaluating and interpreting that information to make decisions.
Mix Review
What is Marketing - correct answer ✔✔The process of creating, pricing, distributing, and
promoting goods, services, and ideas to facilitate satisfying exchange relationships with
customers and to develop and maintain favorable relationships with stakeholders in a dynamic
environment.
What are Customers? - correct answer ✔✔The purchasers of organizations' products; the focal
point of all marketing activities.
What is a Target Market? - correct answer ✔✔A specific group of customers on whom an
organization focuses its marketing efforts.
What is a Marketing Mix? - correct answer ✔✔Four marketing variables—product, price,
distribution, and promotion—that a firm controls to meet the needs of customers within its
target market.
What is a product? - correct answer ✔✔A good, a service, or an idea.
What is Value? - correct answer ✔✔A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
What are Exchanges? - correct answer ✔✔The provision or transfer of goods, services, or ideas
in return for something of value.
Who are Stakeholders? - correct answer ✔✔Constituents who have a "stake," or claim, in some
aspect of a company's products, operations, markets, industry, and outcomes.
, What is the Marketing Environment? - correct answer ✔✔The competitive, economic, political,
legal and regulatory, technological, and sociocultural forces that surround the customer and
affect the marketing mix.
What is marketing concept? - correct answer ✔✔A managerial philosophy that an organization
should try to satisfy customers' needs through a coordinated set of activities that also allows the
organization to achieve its goals.
What is Market Orientation? - correct answer ✔✔An organization wide commitment to
researching and responding to customer needs.
What is Customer Relationship Management (CRM)? - correct answer ✔✔Using information
about customers to create marketing strategies that develop and sustain desirable customer
relationships.
What is Relationship Marketing? - correct answer ✔✔Establishing long-term, mutually satisfying
buyer-seller relationships.
What is Green Marketing? - correct answer ✔✔A strategic process involving stakeholder
assessment to create meaningful, long-term relationships with customers while maintaining,
supporting, and enhancing the natural environment
What is environmental scanning? - correct answer ✔✔The process of collecting information
about forces in the marketing environment
What is an environmental analysis? - correct answer ✔✔The process of assessing and
interpreting information gathered through environmental scanning
What is the difference between the two? - correct answer ✔✔Environmental scanning is about
gathering information on trends and changes in the environment. Environmental analysis is
about evaluating and interpreting that information to make decisions.
