TAMU MKTG 409 TROY EXAM 1 (CH 1, 3, 5, 6)|
QUESTIONS AND ANSWERS| REVIEWED AND
VERIFIED BY EXPERT|NEWLY UPDATED 2025.
Marketing - ANSWER ✔✔ 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 - ANSWER ✔✔ the purchasers of organization's products; the focal point of all
marketing activities
Target market - ANSWER ✔✔ a specific group of customers on whom an organization focuses
its marketing efforts
Marketing mix - ANSWER ✔✔ product, pricing, distribution, and promotion are all components
of...?
Product - ANSWER ✔✔ good, service or idea
Distribution - ANSWER ✔✔ What variable?
To satisfy customers, products must be available at the right time and in convent locations
Promotion - ANSWER ✔✔ What variable?
Relates to activities used to inform individuals or groups about the organization and its
products
Price - ANSWER ✔✔ What variable?
Relates to decisions and actions associated with establishing pricing objectives and policies and
determining product prices
Distribution, promotion, price - ANSWER ✔✔ What are the three marketing variables?
Price - ANSWER ✔✔ is often used as a competitive tool, and intense competition can lead to
wars
, Economic conditions, competitive structure and governmental regulations - ANSWER ✔✔ what
three things may prevent a manager from adjusting prices frequently or significantly?
Value - ANSWER ✔✔ a customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Exchanges - ANSWER ✔✔ the provision or transfer of goods, services or ideas in return for
something of value
Stakeholders - ANSWER ✔✔ constituents who have a "stake" or claim, in some aspect of a
company's products, operations, markets, industry and outcomes
Marketing environment - ANSWER ✔✔ competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing mix
Marketing concept - ANSWER ✔✔ a managerial philosophy that an organization should try to
satisfy customer's needs through a coordinated set of activities that also allows the
organization to achieve its goals
Profits, market share, sales - ANSWER ✔✔ the overall objectives of a business?
Customer oriented - ANSWER ✔✔ according to the marketing strategy, how can a business best
achieve its objectives? By being...?
Market orientation - ANSWER ✔✔ organization wide commitment to researching and
responding to customer needs
Customer relationship management - ANSWER ✔✔ using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
Relationship marketing - ANSWER ✔✔ establishing long-term, mutually satisfying buyer-seller
relationships
Customer lifetime value - ANSWER ✔✔ a key measurement that forecasts a customer's lifetime
economic contribution based on continued relationship marketing efforts
80/20 rule - ANSWER ✔✔ 80% of business profits come from 20% of the customers
Green marketing - ANSWER ✔✔ a strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
QUESTIONS AND ANSWERS| REVIEWED AND
VERIFIED BY EXPERT|NEWLY UPDATED 2025.
Marketing - ANSWER ✔✔ 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 - ANSWER ✔✔ the purchasers of organization's products; the focal point of all
marketing activities
Target market - ANSWER ✔✔ a specific group of customers on whom an organization focuses
its marketing efforts
Marketing mix - ANSWER ✔✔ product, pricing, distribution, and promotion are all components
of...?
Product - ANSWER ✔✔ good, service or idea
Distribution - ANSWER ✔✔ What variable?
To satisfy customers, products must be available at the right time and in convent locations
Promotion - ANSWER ✔✔ What variable?
Relates to activities used to inform individuals or groups about the organization and its
products
Price - ANSWER ✔✔ What variable?
Relates to decisions and actions associated with establishing pricing objectives and policies and
determining product prices
Distribution, promotion, price - ANSWER ✔✔ What are the three marketing variables?
Price - ANSWER ✔✔ is often used as a competitive tool, and intense competition can lead to
wars
, Economic conditions, competitive structure and governmental regulations - ANSWER ✔✔ what
three things may prevent a manager from adjusting prices frequently or significantly?
Value - ANSWER ✔✔ a customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Exchanges - ANSWER ✔✔ the provision or transfer of goods, services or ideas in return for
something of value
Stakeholders - ANSWER ✔✔ constituents who have a "stake" or claim, in some aspect of a
company's products, operations, markets, industry and outcomes
Marketing environment - ANSWER ✔✔ competitive, economic, political, legal and regulatory,
technological and sociocultural forces that surround the customer and affect the marketing mix
Marketing concept - ANSWER ✔✔ a managerial philosophy that an organization should try to
satisfy customer's needs through a coordinated set of activities that also allows the
organization to achieve its goals
Profits, market share, sales - ANSWER ✔✔ the overall objectives of a business?
Customer oriented - ANSWER ✔✔ according to the marketing strategy, how can a business best
achieve its objectives? By being...?
Market orientation - ANSWER ✔✔ organization wide commitment to researching and
responding to customer needs
Customer relationship management - ANSWER ✔✔ using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
Relationship marketing - ANSWER ✔✔ establishing long-term, mutually satisfying buyer-seller
relationships
Customer lifetime value - ANSWER ✔✔ a key measurement that forecasts a customer's lifetime
economic contribution based on continued relationship marketing efforts
80/20 rule - ANSWER ✔✔ 80% of business profits come from 20% of the customers
Green marketing - ANSWER ✔✔ a strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
