MKT 300 Exam 1 Guaranteed Success
Product, Price, Place (distribution), Promotion ️4 P's of the Marketing Mix
Price ️what is the most flexible, easy-to-change part of the marketing mix?
value ️A customer's subjective assessment of benefits relative to costs in determining the worth of a...
MKT 300 Exam 1 Guaranteed Success
Product, Price, Place (distribution), Promotion ✔️4 P's of the Marketing Mix
Price ✔️what is the most flexible, easy-to-change part of the marketing mix?
value ✔️A customer's subjective assessment of benefits relative to costs in determining the worth of a
product
stakeholders ✔️all of the constituents who have a claim in some aspect of a company's products,
operations, markets, industry, and outcomes
satisfy customers ✔️companies define their products as what they do to ______ ________, not what
they make or produce
mesolimbic dopamine pathway ✔️plays a major role in the experience of pleasurable emotions
associated with rewarding events
Customer Focus ✔️A measure of the extent to which a company puts effort into servicing its
customers' needs, based on an understanding of each customer's profitability.
Competition, economy, Laws and Regulations, Politics, Sociocultural changes, and Technology ✔️6
external forces that affect marketing (alphabetical order)
mission statement ✔️A long-term view, or vision, of what the organization wants to become
BCG grid ✔️a means of evaluating strategic business units on the basis of (1) their business growth
rates and (2) their share of the market
, marketing ✔️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 Environment ✔️The competitive, economic, political, legal and regulatory, technological,
and sociocultural forces that surround the customer and affect the marketing mix
Marketing Concept ✔️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 Orientation ✔️an organization wide commitment to researching and responding to customer
needs
Customer Relationship Management (CRM) ✔️using information about customers to create marketing
strategies that develop and sustain desirable customer relationships
green marketing ✔️A strategic process involving stakeholder assessment to create meaningful long-
term relationships with customers while maintaining, supporting, and enhancing the natural
environment
product orientation ✔️Which business orientation best characterizes the period of time when
businesses began utilizing technology and production techniques, such as assembly lines, to
manufacture products in a more efficient manner
buying behavior ✔️Managing customer relationships requires identifying patterns of _______ _______
and then using that information to focus on the most promising and profitable customers.
Strategic Marketing Management ✔️The process of planning, implementing, and evaluating the
performance of marketing activities and strategies, both effectively and efficiently
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