Marketing EOC Exam
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 organizations' 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 - answerFour marketing activities--product, pricing, distribution, and
promotion--that a firm can control to meet the needs of customers within a target market
Product - answerA a good, a service, or an idea
Exchanges - answerThe provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders - answerConstituents who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Marketing Environment - answerThe competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect
the marketing mix
Marketing Concept - answerA 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 - answerAn organization-wide commitment to researching and
responding to customer needs
Relationship Marketing - answerEstablishing long-term, mutually satisfying buyer-seller
relationships
Customer Relationship Management (CRM) - answerUsing information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
, Value - answerA customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Green Marketing - answerA strategic process involving stakeholder assessment to
create meaningful long-term relationships with customers while maintaining, supporting,
and enhancing the natural environment
Strategic Planning - answerThe process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
Marketing Strategy - answerA plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
Marketing Plan - answerA written document that specifies the activities to be performed
to implement and control an organization's marketing activities
Core Competencies - answerThings a firm does extremely well, which sometimes give it
an advantage over its competition
Market Opportunity - answerA combination of circumstances and timing that permits an
organization to take action to reach a target market
Strategic Windows - answerTemporary periods of optimal fit between the key
requirements of a market and a firm's capabilities
Competitive Advantage - answerThe result of a company's matching a core competency
to opportunities in the marketplace
SWOT Analysis - answerA tool that marketers use to assess an organization's
strengths, weaknesses, opportunities, and threats
Mission Statement - answerA long-term view of what the organization wants to become
Marketing Objective - answerA statement of what is to be accomplished through
marketing activities
Corporate Strategy - answerA strategy that determines the means for using resources
in the various functional areas to reach the organization's goals
Strategic Business Unit (SBU) - answerA division, product line, or other profit center
within a parent company
Market - answerA group of individuals and/or organizations that have needs for
products in a product class and have the ability, willingness, and authority to purchase
those products
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 organizations' 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 - answerFour marketing activities--product, pricing, distribution, and
promotion--that a firm can control to meet the needs of customers within a target market
Product - answerA a good, a service, or an idea
Exchanges - answerThe provision or transfer of goods, services, or ideas in return for
something of value
Stakeholders - answerConstituents who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes
Marketing Environment - answerThe competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect
the marketing mix
Marketing Concept - answerA 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 - answerAn organization-wide commitment to researching and
responding to customer needs
Relationship Marketing - answerEstablishing long-term, mutually satisfying buyer-seller
relationships
Customer Relationship Management (CRM) - answerUsing information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
, Value - answerA customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Green Marketing - answerA strategic process involving stakeholder assessment to
create meaningful long-term relationships with customers while maintaining, supporting,
and enhancing the natural environment
Strategic Planning - answerThe process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
Marketing Strategy - answerA plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
Marketing Plan - answerA written document that specifies the activities to be performed
to implement and control an organization's marketing activities
Core Competencies - answerThings a firm does extremely well, which sometimes give it
an advantage over its competition
Market Opportunity - answerA combination of circumstances and timing that permits an
organization to take action to reach a target market
Strategic Windows - answerTemporary periods of optimal fit between the key
requirements of a market and a firm's capabilities
Competitive Advantage - answerThe result of a company's matching a core competency
to opportunities in the marketplace
SWOT Analysis - answerA tool that marketers use to assess an organization's
strengths, weaknesses, opportunities, and threats
Mission Statement - answerA long-term view of what the organization wants to become
Marketing Objective - answerA statement of what is to be accomplished through
marketing activities
Corporate Strategy - answerA strategy that determines the means for using resources
in the various functional areas to reach the organization's goals
Strategic Business Unit (SBU) - answerA division, product line, or other profit center
within a parent company
Market - answerA group of individuals and/or organizations that have needs for
products in a product class and have the ability, willingness, and authority to purchase
those products
