MKT 300 Exam 1 with verified answers A+ rated
updated
1. Product, Price, Place (distribu- 4 P's of the Marketing Mix
tion), Promotion
2. Price what is the most flexible, easy-to-change part of the
marketing mix?
3. value A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
4. stakeholders all of the constituents who have a claim in some
aspect of a company's products, operations, markets,
industry, and out- comes
5. satisfy customers companies define their products as what they do to
, not what they make or produce
6. mesolimbic dopamine plays a major role in the experience of pleasurable
path- way emotions associated with rewarding events
7. Customer Focus A measure of the extent to which a company puts ettort
into
servicing its customers' needs, based on an
understanding of each customer's profitability.
8. Competition, economy, 6 external forces that attect marketing (alphabetical
Laws and Regulations, order)
Politics, Sociocultural
changes, and Technology
9. mission statement A long-term view, or vision, of what the organization
wants to become
10. BCG grid a means of evaluating strategic business units on the
1/
21
,MKT 300 Exam 1 with verified answers A+ rated
updated
basis of
(1) their business growth rates and (2) their share of the market
2/
21
, MKT 300 Exam 1 with verified answers A+ rated
updated
11. marketing The process of creating, distributing, promoting, and
pricing goods, services, and ideas to facilitate satisfying
exchange re- lationships with customers and to develop
and maintain favor- able relationships with stakeholders
in a dynamic environment
12. Marketing Environment The competitive, economic, political, legal and regulatory,
tech-
nological, and sociocultural forces that surround the
customer and attect the marketing mix
13. 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
14. Market Orientation an organization wide commitment to researching and re-
sponding to customer needs
15. Customer Relationship using information about customers to create marketing
Man- agement (CRM) strate- gies that develop and sustain desirable customer
relationships
16. relationship marketing establishing long-term, mutually satisfying buyer-seller
rela- tionships
17. green marketing A strategic process involving stakeholder assessment to
cre-
ate meaningful long-term relationships with customers
while maintaining, supporting, and enhancing the
natural environ- ment
3/
21
updated
1. Product, Price, Place (distribu- 4 P's of the Marketing Mix
tion), Promotion
2. Price what is the most flexible, easy-to-change part of the
marketing mix?
3. value A customer's subjective assessment of benefits relative to
costs in determining the worth of a product
4. stakeholders all of the constituents who have a claim in some
aspect of a company's products, operations, markets,
industry, and out- comes
5. satisfy customers companies define their products as what they do to
, not what they make or produce
6. mesolimbic dopamine plays a major role in the experience of pleasurable
path- way emotions associated with rewarding events
7. Customer Focus A measure of the extent to which a company puts ettort
into
servicing its customers' needs, based on an
understanding of each customer's profitability.
8. Competition, economy, 6 external forces that attect marketing (alphabetical
Laws and Regulations, order)
Politics, Sociocultural
changes, and Technology
9. mission statement A long-term view, or vision, of what the organization
wants to become
10. BCG grid a means of evaluating strategic business units on the
1/
21
,MKT 300 Exam 1 with verified answers A+ rated
updated
basis of
(1) their business growth rates and (2) their share of the market
2/
21
, MKT 300 Exam 1 with verified answers A+ rated
updated
11. marketing The process of creating, distributing, promoting, and
pricing goods, services, and ideas to facilitate satisfying
exchange re- lationships with customers and to develop
and maintain favor- able relationships with stakeholders
in a dynamic environment
12. Marketing Environment The competitive, economic, political, legal and regulatory,
tech-
nological, and sociocultural forces that surround the
customer and attect the marketing mix
13. 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
14. Market Orientation an organization wide commitment to researching and re-
sponding to customer needs
15. Customer Relationship using information about customers to create marketing
Man- agement (CRM) strate- gies that develop and sustain desirable customer
relationships
16. relationship marketing establishing long-term, mutually satisfying buyer-seller
rela- tionships
17. green marketing A strategic process involving stakeholder assessment to
cre-
ate meaningful long-term relationships with customers
while maintaining, supporting, and enhancing the
natural environ- ment
3/
21
