Principles of Marketing:
Exam 1 questions and
answers
Marketing
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
Customers
The purchaser of organizations' products; the focal point of all
marketing activities
Target Market
A specific group of customers on whom an organization focuses its
marketing efforts
Marketing Mix
Four marketing activities - product, pricing, distribution, and
promotion - that a firm can control to meet the needs of customers
within its target market
Product
A good, a service, or an idea
Value
A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Exchanges
The provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders
, Constituents who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Marketing Environment
The competitive economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer
and affect the marketing mix
Marketing Concept
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
Marketing Orientation
An organization wide commitment to researching and responding to
customer needs
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies
that develop and sustain desirable customer relationships
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller
relationships
Green Marketing
A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while
maintaining, supporting, and enhancing the natural environment
Strategic Marketing Management
The process of planning, implementing, and evaluating the
performance of marketing activities and strategies, both effectively
and efficiently
Strategic Planning
The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives,
marketing strategy, and a marketing plan
Mission Statement
Exam 1 questions and
answers
Marketing
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
Customers
The purchaser of organizations' products; the focal point of all
marketing activities
Target Market
A specific group of customers on whom an organization focuses its
marketing efforts
Marketing Mix
Four marketing activities - product, pricing, distribution, and
promotion - that a firm can control to meet the needs of customers
within its target market
Product
A good, a service, or an idea
Value
A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Exchanges
The provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders
, Constituents who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Marketing Environment
The competitive economic, political, legal and regulatory,
technological, and sociocultural forces that surround the customer
and affect the marketing mix
Marketing Concept
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
Marketing Orientation
An organization wide commitment to researching and responding to
customer needs
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies
that develop and sustain desirable customer relationships
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller
relationships
Green Marketing
A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while
maintaining, supporting, and enhancing the natural environment
Strategic Marketing Management
The process of planning, implementing, and evaluating the
performance of marketing activities and strategies, both effectively
and efficiently
Strategic Planning
The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives,
marketing strategy, and a marketing plan
Mission Statement
