BMKT 325 Final || 100% Error-free Answers.
Marketing correct answers The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Market Orientation correct answers An organizationwide commitment to researching and
responding to customer needs
Marketing concept correct answers 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
Market Offerings correct answers some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
customer correct answers The purchasers of organizations' products; the focal point of all
marketing activities
Marketing Environment correct answers The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect the
marketing mix
Marketing Functions (mix) correct answers Four marketing activities—product, pricing,
distribution, and promotion—that a firm can control to meet the needs of customers within its
target market
Value correct answers A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Value proposition correct answers the unique value that a product or service provides to its
customers and how it is better than and different from those of competitors
Exchanges correct answers The provision or transfer of goods, services, or ideas in return for
something of value
Target Market correct answers a set of buyers sharing common needs or characteristics that the
company decides to serve
Segmentation correct answers the process of dividing a larger market into smaller pieces based
on one or more meaningfully shared characteristics
Customer Relationship Management (CRM) correct answers Using information about customers
to create marketing strategies that develop and sustain desirable customer relationships
,Strategic Planning correct answers The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
Goals correct answers The broad, long-term accomplishments an organization wishes to attain.
Marketing plan correct answers A written document that specifies the activities to be performed
to implement and control the organization's marketing strategies
Mission statement correct answers A long-term view, or vision, of what the organization wants
to become
Vision Statement correct answers expresses what the organization should become, where it
wants to go strategically
Strategies correct answers statements describing the overall approach to how goals and
objectives will be achieved
Marketing Strategies correct answers A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
SWOT analysis correct answers Assessment of an organization's strengths, weaknesses,
opportunities, and threats
core competencies correct answers those functions that the organization can do as well as or
better than any other organization in the world
competitive advantage correct answers a set of unique features of a company and its products
that are perceived by the target market as significant and superior to those of the competition
market opportunity correct answers a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic Window correct answers Limited periods when key requirements of a market and a
firm's particular competencies best fit together
Implementation (execution) correct answers The process of putting marketing strategies into
action
performance evaluation correct answers Establishing performance standards, measuring actual
performance, comparing actual performance with established standards, and modifying the
marketing strategy, if needed
marketing costs correct answers Analysis of costs to determine which are associated with
specific marketing efforts
, Marketing Environment correct answers the actors and forces outside marketing that affect
marketing management's ability to build and maintain successful relationships with target
customers
environmental scanning correct answers The process of collecting information about forces in
the marketing environment
Environmental Analysis correct answers The process of assessing and interpreting the
information gathered through environmental scanning
STEEPLE+ correct answers social, technological, economical, environmental, political, legal,
ethical
sociocultural forces correct answers Pressures emanating from the social structure of a country or
society or from the national culture
Technological Forces correct answers new developments in methods for transforming resources
into goods or services
Economic Forces correct answers Interest rates, inflation, unemployment, economic growth, and
other factors that affect the general health and well-being of a nation or the regional economy of
an organization. Consumer buying power
Political Forces correct answers influence of political and legal institutions on people and
organizations
Ecological Forces correct answers weather, climate change, environmental policy, etc.
Legal Forces correct answers Complex structure of chain operations along with owner-operator
contracts and partnerships may create legal challenges
Ethical Forces correct answers government, political, and social demands for more responsible
corporate behavior
Competitive Forces correct answers the actions of competitors, who are in the process of
implementing their own marketing plans
Brand Competitors correct answers Firms that market products with similar features and benefits
to the same customers at similar prices
product competitors correct answers Firms that compete in the same product class but market
products with different features, benefits, and prices
generic competitors correct answers Firms that provide very different products that solve the
same problem or satisfy the same basic customer need
Marketing correct answers The process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Market Orientation correct answers An organizationwide commitment to researching and
responding to customer needs
Marketing concept correct answers 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
Market Offerings correct answers some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
customer correct answers The purchasers of organizations' products; the focal point of all
marketing activities
Marketing Environment correct answers The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect the
marketing mix
Marketing Functions (mix) correct answers Four marketing activities—product, pricing,
distribution, and promotion—that a firm can control to meet the needs of customers within its
target market
Value correct answers A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Value proposition correct answers the unique value that a product or service provides to its
customers and how it is better than and different from those of competitors
Exchanges correct answers The provision or transfer of goods, services, or ideas in return for
something of value
Target Market correct answers a set of buyers sharing common needs or characteristics that the
company decides to serve
Segmentation correct answers the process of dividing a larger market into smaller pieces based
on one or more meaningfully shared characteristics
Customer Relationship Management (CRM) correct answers Using information about customers
to create marketing strategies that develop and sustain desirable customer relationships
,Strategic Planning correct answers The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
Goals correct answers The broad, long-term accomplishments an organization wishes to attain.
Marketing plan correct answers A written document that specifies the activities to be performed
to implement and control the organization's marketing strategies
Mission statement correct answers A long-term view, or vision, of what the organization wants
to become
Vision Statement correct answers expresses what the organization should become, where it
wants to go strategically
Strategies correct answers statements describing the overall approach to how goals and
objectives will be achieved
Marketing Strategies correct answers A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
SWOT analysis correct answers Assessment of an organization's strengths, weaknesses,
opportunities, and threats
core competencies correct answers those functions that the organization can do as well as or
better than any other organization in the world
competitive advantage correct answers a set of unique features of a company and its products
that are perceived by the target market as significant and superior to those of the competition
market opportunity correct answers a combination of circumstances and timing that permits an
organization to take action to reach a particular target market
Strategic Window correct answers Limited periods when key requirements of a market and a
firm's particular competencies best fit together
Implementation (execution) correct answers The process of putting marketing strategies into
action
performance evaluation correct answers Establishing performance standards, measuring actual
performance, comparing actual performance with established standards, and modifying the
marketing strategy, if needed
marketing costs correct answers Analysis of costs to determine which are associated with
specific marketing efforts
, Marketing Environment correct answers the actors and forces outside marketing that affect
marketing management's ability to build and maintain successful relationships with target
customers
environmental scanning correct answers The process of collecting information about forces in
the marketing environment
Environmental Analysis correct answers The process of assessing and interpreting the
information gathered through environmental scanning
STEEPLE+ correct answers social, technological, economical, environmental, political, legal,
ethical
sociocultural forces correct answers Pressures emanating from the social structure of a country or
society or from the national culture
Technological Forces correct answers new developments in methods for transforming resources
into goods or services
Economic Forces correct answers Interest rates, inflation, unemployment, economic growth, and
other factors that affect the general health and well-being of a nation or the regional economy of
an organization. Consumer buying power
Political Forces correct answers influence of political and legal institutions on people and
organizations
Ecological Forces correct answers weather, climate change, environmental policy, etc.
Legal Forces correct answers Complex structure of chain operations along with owner-operator
contracts and partnerships may create legal challenges
Ethical Forces correct answers government, political, and social demands for more responsible
corporate behavior
Competitive Forces correct answers the actions of competitors, who are in the process of
implementing their own marketing plans
Brand Competitors correct answers Firms that market products with similar features and benefits
to the same customers at similar prices
product competitors correct answers Firms that compete in the same product class but market
products with different features, benefits, and prices
generic competitors correct answers Firms that provide very different products that solve the
same problem or satisfy the same basic customer need
