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Marketing 350 Worsham Exam 1 || All Questions Answered Correctly.
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  • Mktg 350
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  • Mktg 350

Target Market correct answers A specific group of customers on whom an organization focuses its marketing efforts customers correct answers The purchasers of organizations' products; the focal point of all marketing activities Marketing correct answers The process of creating, distributing, p...

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  • August 28, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • target market

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  • Mktg 350
  • Mktg 350

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Marketing 350 Worsham Exam 1 || All Questions Answered
Correctly.
Target Market correct answers A specific group of customers on whom an organization focuses
its marketing efforts

customers correct answers The purchasers of organizations' products; the focal point of all
marketing activities

Marketing correct answers 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

marketing mix correct answers Four marketing activities—product, distribution, promotion, and
pricing—that a firm can control to meet the needs of customers within its target market

product correct answers a good, service, or idea

value correct answers A customer's subjective assessment of benefits relative to costs in
determining the worth of a product

Stakeholders correct answers Constituents who have a "stake," or claim, in some aspect of a
company's products, operations, markets, industry, and outcomes

exchanges correct answers The provision or transfer of goods, services, or ideas in return for
something of value

Marketing Environment correct answers The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the customer and affect the
marketing mix

Customer Relationship Management (CRM) correct answers using information about customers
to create marketing strategies that develop and sustain desirable customer relationships

marketing concept correct answers 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

market oreintation correct answers An organization-wide commitment to researching and
responding to customer needs

relationship marketing correct answers establishing long-term, mutually satisfying buyer-seller
relationships

, green marketing correct answers A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment

Customer Lifetime Value (CLV) correct answers A key measurement that forecasts a customer's
lifetime economic contribution based on continued relationship marketing efforts

Strategic Marketing Management correct answers The process of planning, implementing, and
evaluating the performance of marketing activities and strategies, both effectively and efficiently

Corporate Strategy correct answers A strategy that determines the means for utilizing resources
in the various functional areas to reach the organization's goals

Strategic Planning correct answers The process of establishing an organizational mission and
formulating goals, a corporate strategy, marketing objectives, and marketing strategy

Mission Statement correct answers A long-term view, or vision, of what the organization wants
to become

market correct answers A 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

market growth/market share matrix correct answers A helpful business tool, based on the
philosophy that a product's market growth rate and its market share are important considerations
in determining its marketing strategy

market share correct answers the percentage of a market that actually buys a specific product
from a particular company

Strategic Business Unit (SBU) correct answers a division, product line, or other profit center
within the parent company

core copetencies correct answers things a company does extremely well, which sometimes gives
it an advantage over its competition

market opportunity correct answers a combination of circumstances and timing that permits an
organization to take action to reach a particular target market

strategic windows correct answers temporary periods of optimal fit between the key
requirements of a market and the particular capabilities of a company competing in that market

competitive advantage correct answers the result of a company matching a core competency to
opportunities it has discovered in the marketplace

first-mover advantage correct answers The ability of an innovative company to achieve long-
term competitive advantages by being the first to offer a certain product in the marketplace

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