MKT 300 EXAM 1 MINDTAP
Stakeholders ✔️Constituents who have a "stake," or claim, in some aspect of a company's products
operations, markets, industry, and outcomes.
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.
Good ✔️A tangible physical entity.
Exchange ✔️The provision or transfer of goods, services, or ideas in return for something of value.
Target Market ✔️A specific group of customers on whom an organization focuses its marketing efforts.
Customer Relationship Management ✔️(CRM)
Using info about customers to create marketing strategies that develop and sustain desirable customer
relationships.
Product ✔️A good, a service, or an idea.
Customer Lifetime Value ✔️(CLV)
A key measurement that forecasts a customer's lifetime economic contribution based on continues
relationship marketing efforts.
Value ✔️A customer's subjective assessment of benefits relative to cost in determining the worth of a
product.
Green Marketing ✔️A strategic process involving stakeholder assessment to create meaningful long-
term relationships with customers while maintaining, supporting, and enhancing the natural
environment.
,Customers ✔️The purchasers of organizations' products; the focal point of all marketing activities.
Marketing Environment ✔️The competitive *economic*, *political*, *legal* and *regulatory*,
*technological*, and *sociocultural* forces that surround the customer and affect the marketing mix.
Marketing Mix ✔️4 Marketing Activities — product, pricing, distribution, and promotion — that a firm
can control to meet the needs of customers within its target market.
Market Orientation ✔️An organization-wide commitment to researching and responding to customer
needs.
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.
Relationship Marketing ✔️Establishing *long-term*, *mutually* satisfying *buyer-seller* relationships.
Market Opportunity ✔️A combination of circumstances and timing that permits an organization to take
action to reach a particular target market.
Core Competencies ✔️Things a company does extremely well, which sometimes give it an advantage
over its competition.
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*.
Market Share ✔️The % of a market that actually buys a specific product from a particular company.
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 business unit ✔️(SBU)
A division, product line, or other profit center within the parent company.
Corporate strategy ✔️A strategy that determines the means for utilizing resources in the various
functional areas to reach the organization's goals.
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 *obj*, and *marketing strategy*.
Strategic Marketing Management ✔️The process of planning, implementing, and evaluating the
performance of marketing activities and strategies, both effectively and efficiently.
Marketing Plan ✔️A written doc. that specifies the activities to be performed to implement and control
the organization's marketing strategies.
Marketing Cost Analysis ✔️Analysis of costs to determine which are associated with specific marketing
efforts.
Sales Analysis ✔️Analysis of sales figures to evaluate a firm's performance.
Performance Standard ✔️An expected level of performance against which actual performance can be
compared.
Strategic Performance Evaluation ✔️*Establishing performance standards*, *measuring actual*
performance, *actual performance V.S established standards*, and *modifying* the marketing strategy,
*if needed*.
Decentralized Organization ✔️A structure in which decision-making authority is delegated as far down
the chain of command as possible.
