MKT 300 - Exam 1 - UKY Hapke complete solution easy to internalize

MKT 300 - Exam 1 - UKY Hapke complete solution easy to internalize Marketing Enviroment - The competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix. Marketing - The process of creating, distributing, promoting and pricing goods, services and ideas that facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. Exchanges - The provision or transfer of goods, services or ideas in return for something of value. Value - A customers subjective assessment of benefits relative to costs in determining the worth of a product. Marketing Mix - Four marketing activities - product, pricing, distribution and promotion - that a firm can control to meet the needs of customers within it's target market Marketing Concept - A management 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. Customer Relationship Management (CRM) - Using information about customers to create marketing strategies that develop and sustain desirable customer relationships. Relationship Marketing - Establishing long-term, mutually satisfying buyer-seller relationships. Corporate Strategy - A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals Marketing Objective - A statement of what is to be accomplished through marketing activities Market - 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 Strategic Marketing Management - The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently Market Growth/Market Share Matrix - 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 Marketing Plan - A written document that specifies the activities to be performed to implement and control the organization's marketing strategies Strategic Windows - Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market Mission Statement - A long-term view, or vision, of what the organization wants to become Strategic Planning - The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy Marketing Strategy - A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market Marketing Implementation - The process of putting marketing strategies into action Marketing Cost Analysis - Analysis of costs to determine which are associated with specific marketing efforts Competitive Advantage - The result of a company matching a core competency to opportunities it has discovered in the marketplace Strategic Business Unit (SBU) - A division, product line, or other profit center within the parent company Performance Standard - An expected level of performance against which actual performance can be compared Corporate Identity - A corporate identity is the manner which a corporation, firm or business pre