MKT 300 Exam 1

a specific group of customers on whom an organization focuses its marketing efforts

Marketers combine and balance four elements when determining how to satisfy customers needs for a product. Product, price, distribution, promotion

The provision or transfer of goods, service, or ideas in return for something of value

The six forces that surround the customer and affect the marketing mix. Economic, political, legal and regulatory, technological, socio-cultural, competitive

The process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customer and develop and maintain favorable relationships with stakeholders in a dynamic environment

A management philosophy that an organization should try to provide products that satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals

Product orientation (1850-1920), Sales orientation (1920-1960) market orientation (1960-current)

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

A plan of action of identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

A written document that specifies the activities to be performed to implement and control the organization’s marketing actives

The result of a company’s matching a core competency to opportunities in the market place

Should support all corporate activities, unique symbols, personalities, philosophies.

A strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals

The process of putting marketing strategies into action