MKT 300 Exam 1 Study Guide With Correct
Solutions 2024
Term: .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. .- .correct
.answer.Marketing
What .is .the .focus .of .marketing? .(2 .things) .- .correct .answer.Customers .and .Target .Market
Term: .The .purchasers .of .organizations' .products. .Are .the .focal .point .of .all .marketing
.activities. .- .correct .answer.Customers
Term: .A .specific .group .of .customers .on .whom .an .organization .focuses .its .marketing
.efforts. .- .correct .answer.Target .Market
Term: .Marketing .deals .with .4Ps .which .are .also .known .as .the ._____ ._____. .Marketers
.combine .and .balance .four .elements .when .determining .how .to .satisfy .customers' .needs
.for .a .product. .- .correct .answer.Marketing .Mix
Term: .Part .of .the .marketing .mix. .A .variable .that .can .be .a .good, .service, .or .idea. .- .correct
.answer.Product .Variable
Term: .Part .of .the .marketing .mix. .A .variable .that .relates .to .decisions .and .actions
.associated .with .establishing .pricing .objectives .and .policies. .Relates .to .determining
.product .prices. .Determines .the .value .of .the .exchange. .- .correct .answer.Price .Variable
Term: .Part .of .the .marketing .mix. .Variable .that .used .to .be ."Place." .Makes .products
.available .in .quantities .desired. .Minimizes .costs .of .inventory, .transportation, .and .storage.
.Select/motivate .intermediaries. .Establish/maintain .inventory .control. .Develop/manage
.transportation .and .storage .systems. .- .correct .answer.Distribution .Variable
Term: .Part .of .the .marketing .mix. .Variable .that .informs .individuals .or .groups .about .the
.organization .and .its .products/services. .Advertising, .public .relations, .personal .selling,
.promotions, .street .teams, .viral .marketing. .- .correct .answer.Promotion .Variable
,Term: .The .six .forces .that .surround .the .customer .and .affect .the .marketing .mix. .Economic
.forces, .political .forces, .legal .and .regulatory .forces, .technological .forces, .sociocultural
.forces, .competitive .forces. .- .correct .answer.Marketing .Environment
Term: .a .management .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. .- .correct .answer.The .Marketing .Concept
The .marketing .concept .is .not .a .second .definition .of .______ .or ._____ .philosophy. .A .firm
.must .satisfy .its .own .objectives. .- .correct .answer.Marketing; .Philanthropic
The .Evolution .of .Marketing .Concept: .
Term: .Industrial .Revolution .improved .speed .and .efficiency. .Large .increases .in .available
.products. .- .correct .answer.Production .Orientation
The .Evolution .of .Marketing .Concept: .
Term: .Many .products .with .not .enough .demand. .Businesses .viewed .sales .and .selling .as
.the .main .means .of .increasing .profits. .- .correct .answer.Sales .Orientation
The .Evolution .of .Marketing .Concept:
Term: .An .organization-wide .commitment .to .researching .and .responding .to .customer
.needs. .Determine .what .customers .want .and .produce .those .products. .- .correct
.answer.Market .Orientation
Value-Driven .Marketing:
_____: .a .customer's .subjective .assessment .of .benefits .relative .to .costs .in .determining
.the .worth .of .a .product. ._____ .= .Customer .Benefits .- .Customer .Costs .- .correct
.answer.Value
Marketing .is .the .process .of:
A) .Promoting .products .through .personal .selling .and .advertising .to .develop .and .maintain
.favorable .relationships .with .customers .and .stakeholders. .
B) .Creating, .distributing, .promoting, .and .pricing .products .to .facilitate .satisfying .exchange
.relationships .with .customers .and .to .develop .and .maintain .favorable .relationships .with
.stakeholders .in .a .dynamic .environment. .
C) .Delivering .a .standard .of .living .to .a .society. .
D) .Creating, .distributing, .promoting, .and .pricing .goods, .services, .and .ideas .to .facilitate
.the .achievement .of .the .firm's .objectives. .
E) .Focusing .on .customers' .needs. .- .correct .answer.B
Distribution, .price, .promotion, .and .product .are .all .elements .of:
A) .Marketing .strategy. .
B) .The .marketing .mix. .
C) .A .target .market. .
D) .A .consumer .good. .
E) .A .business .strategy. .- .correct .answer.B
, Quiz .Question: .Who .is .Skinny .Cow's .target .market? .- .correct .answer.Health .Conscious
.Consumers
Quiz .Question: .Coca-Cola .is .aiming .its .Diet .Coke .Plus .at .health-conscious .customers.
.These .health-conscious .customers .represent .Coke's ._____. .- .correct .answer.Target
.Market
Quiz .Question: .An .outcome .of .marketing .in .which .people .give .up .something .to .receive
.something .they .would .rather .have .is ._____. .- .correct .answer.Exchange
Quiz .Question: .True .or .False: .Marketing .is .not .just .a .job .done .by .a .company's .marketing
.department. .- .correct .answer.True
Quiz .Question: .True .or .False: .A .course .in .marketing .is .helpful .even .when .not .pursuing .a
.marketing .career. .- .correct .answer.Yes
Term: .A .plan .of .action .for .identifying .and .analyzing .a .target .market .and .developing .a
.marketing .mix .to .meet .the .needs .of .that .market. .- .correct .answer.Marketing .Strategy
Effective .Marketing .Strategy:
Reflects .overall .direction .of ._____. .
Coordinated .with .firm's .functional ._____. .
Contributes .to .achievement .of ._____ .objectives .and ._____ .goals. .- .correct
.answer.Organization; .Areas; .Marketing; .Strategic
Term: .a .written .document .that .specifies .the .activities .to .be .performed .to .implement .and
.control .the .organization's .marketing .activities. .- .correct .answer.Marketing .Plan
Term: .the .result .of .a .company's .matching .a .core .competency .(superior .skill .or .resources)
.to .opportunities .in .the .marketplace. .E.g. .cheaper, .more .widely .available, .stronger .service
.support, .higher .quality. .Example: .Patagonia. .- .correct .answer.Competitive .Advantage
Term: .Should .support .all .corporate .activities. .Unique .symbols, .personalities, .and
.philosophies. .- .correct .answer.Corporate .Identity
Term: .a .strategy .that .determines .the .means .for .utilizing .resources .in .the .various
.functional .areas .to .reach .the .organizations .goals. .Functional .areas .include .marketing,
.production, .finance, .R&D, .and .human .resources. .- .correct .answer.Corporate .Strategy
Term: .The .process .of .putting .marketing .strategies .into .action. .- .correct .answer.Marketing
.Implementation
Term: .The .strategy .the .organization .decides .on .during .the .planning .phase .and .wants .to
.use. .- .correct .answer.Intended .Strategy
Solutions 2024
Term: .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. .- .correct
.answer.Marketing
What .is .the .focus .of .marketing? .(2 .things) .- .correct .answer.Customers .and .Target .Market
Term: .The .purchasers .of .organizations' .products. .Are .the .focal .point .of .all .marketing
.activities. .- .correct .answer.Customers
Term: .A .specific .group .of .customers .on .whom .an .organization .focuses .its .marketing
.efforts. .- .correct .answer.Target .Market
Term: .Marketing .deals .with .4Ps .which .are .also .known .as .the ._____ ._____. .Marketers
.combine .and .balance .four .elements .when .determining .how .to .satisfy .customers' .needs
.for .a .product. .- .correct .answer.Marketing .Mix
Term: .Part .of .the .marketing .mix. .A .variable .that .can .be .a .good, .service, .or .idea. .- .correct
.answer.Product .Variable
Term: .Part .of .the .marketing .mix. .A .variable .that .relates .to .decisions .and .actions
.associated .with .establishing .pricing .objectives .and .policies. .Relates .to .determining
.product .prices. .Determines .the .value .of .the .exchange. .- .correct .answer.Price .Variable
Term: .Part .of .the .marketing .mix. .Variable .that .used .to .be ."Place." .Makes .products
.available .in .quantities .desired. .Minimizes .costs .of .inventory, .transportation, .and .storage.
.Select/motivate .intermediaries. .Establish/maintain .inventory .control. .Develop/manage
.transportation .and .storage .systems. .- .correct .answer.Distribution .Variable
Term: .Part .of .the .marketing .mix. .Variable .that .informs .individuals .or .groups .about .the
.organization .and .its .products/services. .Advertising, .public .relations, .personal .selling,
.promotions, .street .teams, .viral .marketing. .- .correct .answer.Promotion .Variable
,Term: .The .six .forces .that .surround .the .customer .and .affect .the .marketing .mix. .Economic
.forces, .political .forces, .legal .and .regulatory .forces, .technological .forces, .sociocultural
.forces, .competitive .forces. .- .correct .answer.Marketing .Environment
Term: .a .management .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. .- .correct .answer.The .Marketing .Concept
The .marketing .concept .is .not .a .second .definition .of .______ .or ._____ .philosophy. .A .firm
.must .satisfy .its .own .objectives. .- .correct .answer.Marketing; .Philanthropic
The .Evolution .of .Marketing .Concept: .
Term: .Industrial .Revolution .improved .speed .and .efficiency. .Large .increases .in .available
.products. .- .correct .answer.Production .Orientation
The .Evolution .of .Marketing .Concept: .
Term: .Many .products .with .not .enough .demand. .Businesses .viewed .sales .and .selling .as
.the .main .means .of .increasing .profits. .- .correct .answer.Sales .Orientation
The .Evolution .of .Marketing .Concept:
Term: .An .organization-wide .commitment .to .researching .and .responding .to .customer
.needs. .Determine .what .customers .want .and .produce .those .products. .- .correct
.answer.Market .Orientation
Value-Driven .Marketing:
_____: .a .customer's .subjective .assessment .of .benefits .relative .to .costs .in .determining
.the .worth .of .a .product. ._____ .= .Customer .Benefits .- .Customer .Costs .- .correct
.answer.Value
Marketing .is .the .process .of:
A) .Promoting .products .through .personal .selling .and .advertising .to .develop .and .maintain
.favorable .relationships .with .customers .and .stakeholders. .
B) .Creating, .distributing, .promoting, .and .pricing .products .to .facilitate .satisfying .exchange
.relationships .with .customers .and .to .develop .and .maintain .favorable .relationships .with
.stakeholders .in .a .dynamic .environment. .
C) .Delivering .a .standard .of .living .to .a .society. .
D) .Creating, .distributing, .promoting, .and .pricing .goods, .services, .and .ideas .to .facilitate
.the .achievement .of .the .firm's .objectives. .
E) .Focusing .on .customers' .needs. .- .correct .answer.B
Distribution, .price, .promotion, .and .product .are .all .elements .of:
A) .Marketing .strategy. .
B) .The .marketing .mix. .
C) .A .target .market. .
D) .A .consumer .good. .
E) .A .business .strategy. .- .correct .answer.B
, Quiz .Question: .Who .is .Skinny .Cow's .target .market? .- .correct .answer.Health .Conscious
.Consumers
Quiz .Question: .Coca-Cola .is .aiming .its .Diet .Coke .Plus .at .health-conscious .customers.
.These .health-conscious .customers .represent .Coke's ._____. .- .correct .answer.Target
.Market
Quiz .Question: .An .outcome .of .marketing .in .which .people .give .up .something .to .receive
.something .they .would .rather .have .is ._____. .- .correct .answer.Exchange
Quiz .Question: .True .or .False: .Marketing .is .not .just .a .job .done .by .a .company's .marketing
.department. .- .correct .answer.True
Quiz .Question: .True .or .False: .A .course .in .marketing .is .helpful .even .when .not .pursuing .a
.marketing .career. .- .correct .answer.Yes
Term: .A .plan .of .action .for .identifying .and .analyzing .a .target .market .and .developing .a
.marketing .mix .to .meet .the .needs .of .that .market. .- .correct .answer.Marketing .Strategy
Effective .Marketing .Strategy:
Reflects .overall .direction .of ._____. .
Coordinated .with .firm's .functional ._____. .
Contributes .to .achievement .of ._____ .objectives .and ._____ .goals. .- .correct
.answer.Organization; .Areas; .Marketing; .Strategic
Term: .a .written .document .that .specifies .the .activities .to .be .performed .to .implement .and
.control .the .organization's .marketing .activities. .- .correct .answer.Marketing .Plan
Term: .the .result .of .a .company's .matching .a .core .competency .(superior .skill .or .resources)
.to .opportunities .in .the .marketplace. .E.g. .cheaper, .more .widely .available, .stronger .service
.support, .higher .quality. .Example: .Patagonia. .- .correct .answer.Competitive .Advantage
Term: .Should .support .all .corporate .activities. .Unique .symbols, .personalities, .and
.philosophies. .- .correct .answer.Corporate .Identity
Term: .a .strategy .that .determines .the .means .for .utilizing .resources .in .the .various
.functional .areas .to .reach .the .organizations .goals. .Functional .areas .include .marketing,
.production, .finance, .R&D, .and .human .resources. .- .correct .answer.Corporate .Strategy
Term: .The .process .of .putting .marketing .strategies .into .action. .- .correct .answer.Marketing
.Implementation
Term: .The .strategy .the .organization .decides .on .during .the .planning .phase .and .wants .to
.use. .- .correct .answer.Intended .Strategy
