MKT 300 - Exam 1 - UKY Hapke Marketing Enviroment Answer - The competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix.Marketing Answer - 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 Answer - The provision or transfer of goods, services or ideas in return for something of value.Value Answer - A customers subjective assessment of benefits relative to costs in determining the worth of a product.Marketing Mix Answer - 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 Answer - 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) Answer - Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.Relationship Marketing Answer - Establishing long-term, mutually satisfying buyer- seller relationships.Corporate Strategy Answer - A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals Marketing Objective Answer - A statement of what is to be accomplished through marketing activities Market Answer - 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 Answer - The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently 1 / 2
Market Growth/Market Share Matrix Answer - 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 Answer - A written document that specifies the activities to be performed to implement and control the organization's marketing strategies Strategic Windows Answer - 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 Answer - A long-term view, or vision, of what the organization wants to become Strategic Planning Answer - The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy Marketing Strategy Answer - 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 Answer - The process of putting marketing strategies into action Marketing Cost Analysis Answer - Analysis of costs to determine which are associated with specific marketing efforts Competitive Advantage Answer - The result of a company matching a core competency to opportunities it has discovered in the marketplace Strategic Business Unit (SBU) Answer - A division, product line, or other profit center within the parent company Performance Standard Answer - An expected level of performance against which actual performance can be compared Corporate Identity Answer - A corporate identity is the manner which a corporation, firm or business presents themselves to the public, such as customers and investors as well as employees.Disposable Income Answer - After-tax income.Environmental Analysis Answer - The process of assessing and interpreting the information gathered through environmental scanning Environmental Scanning Answer - The process of collecting information about forces in the marketing environment
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