MKT 340 EXAM 1 QUESTIONS AND
CORRECT ANSWERS
exchange ✅✅CORRECT ANSW-the provision or transfer of goods, services, or ideas in return for
something of value
stakeholders ✅✅CORRECT ANSW-Constituents who have a "stake," or claim,
in some aspect of a company's products, operations, markets, industry,
and outcomes.
marketing environment ✅✅CORRECT ANSW-The six types of forces that surround the customer
and affect the marketing mix:
Economic forces
Political forces
Legal and regulatory forces
Technological forces
Socio-cultural forces
Competitive forces
marketing concept ✅✅CORRECT ANSW-A managerial philosophy that an organization should try
to provide products that satisfy customers' needs through a coordinated set of activities that also
allows the organization to achieve its goals.
evolution of marketing concept ✅✅CORRECT ANSW-product orientation->sales orientation-
>marketing orientation
marketing orientation ✅✅CORRECT ANSW-An organization-wide commitment to researching and
responding to
customer needs.
marketing ✅✅CORRECT ANSW-the process of creating, distributing, promoting and pricing goods,
services and ideas to facilitate satisfying exchange relationships with customers and develop and
maintain favorable relationships with stakeholders in a dynamic environment
, marketing mix ✅✅CORRECT ANSW-4 P's:
-product
-price
-promotion
-place
Target Market ✅✅CORRECT ANSW-a specific group of customers whom an organization targets
product variable ✅✅CORRECT ANSW-a good, service or idea
price variable ✅✅CORRECT ANSW-relates to decisions and actions with pricing and policies,
determines the value of exchange
distribution variable ✅✅CORRECT ANSW-make products available in quantities desired,
minimizes costs,
promotion variable ✅✅CORRECT ANSW-Inform individuals or groups about the organization and
its products/services
implementing the marketing concept ✅✅CORRECT ANSW--First, establish an information system
to discover customers' real needs
-Use the information to create satisfying products
-Coordinate all activities
customer relationship marketing ✅✅CORRECT ANSW-Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships.
marketing management ✅✅CORRECT ANSW-The process of planning, organizing, implementing,
and controlling marketing activities to facilitate exchanges effectively and efficiently.
strategic planning process ✅✅CORRECT ANSW-The process of establishing an organizational
mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
CORRECT ANSWERS
exchange ✅✅CORRECT ANSW-the provision or transfer of goods, services, or ideas in return for
something of value
stakeholders ✅✅CORRECT ANSW-Constituents who have a "stake," or claim,
in some aspect of a company's products, operations, markets, industry,
and outcomes.
marketing environment ✅✅CORRECT ANSW-The six types of forces that surround the customer
and affect the marketing mix:
Economic forces
Political forces
Legal and regulatory forces
Technological forces
Socio-cultural forces
Competitive forces
marketing concept ✅✅CORRECT ANSW-A managerial philosophy that an organization should try
to provide products that satisfy customers' needs through a coordinated set of activities that also
allows the organization to achieve its goals.
evolution of marketing concept ✅✅CORRECT ANSW-product orientation->sales orientation-
>marketing orientation
marketing orientation ✅✅CORRECT ANSW-An organization-wide commitment to researching and
responding to
customer needs.
marketing ✅✅CORRECT ANSW-the process of creating, distributing, promoting and pricing goods,
services and ideas to facilitate satisfying exchange relationships with customers and develop and
maintain favorable relationships with stakeholders in a dynamic environment
, marketing mix ✅✅CORRECT ANSW-4 P's:
-product
-price
-promotion
-place
Target Market ✅✅CORRECT ANSW-a specific group of customers whom an organization targets
product variable ✅✅CORRECT ANSW-a good, service or idea
price variable ✅✅CORRECT ANSW-relates to decisions and actions with pricing and policies,
determines the value of exchange
distribution variable ✅✅CORRECT ANSW-make products available in quantities desired,
minimizes costs,
promotion variable ✅✅CORRECT ANSW-Inform individuals or groups about the organization and
its products/services
implementing the marketing concept ✅✅CORRECT ANSW--First, establish an information system
to discover customers' real needs
-Use the information to create satisfying products
-Coordinate all activities
customer relationship marketing ✅✅CORRECT ANSW-Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships.
marketing management ✅✅CORRECT ANSW-The process of planning, organizing, implementing,
and controlling marketing activities to facilitate exchanges effectively and efficiently.
strategic planning process ✅✅CORRECT ANSW-The process of establishing an organizational
mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
