Mktg. 351 Exam 1 (Ch's 1-5) with Complete Solutions.

marketing correct answers 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 customers correct answers The purchasers of organizations' products; the focal point of all marketing activities target market correct answers A specific group of customers on whom an organization focuses its marketing efforts marketing mix correct answers Four marketing activities--product, pricing, distribution, and promotion--that a firm can control to meet the needs of customers within its target market product correct answers good, service, or an idea *The product variable also involves creating or modifying brand names and packaging and may include decisions regarding warranty and repair services. value correct answers A customer's subjective assessment of benefits relative to costs in determining the worth of a product exchanges correct answers The provision or transfer of goods, services, or ideas in return for something of value stakeholders correct answers Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes marketing environment correct answers The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the consumer and affect the marketing mix marketing concept correct answers 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 correct answers An organizationwide commitment to researching and responding to customer needs customer relationship management (CRM) correct answers Using information about customers to create marketing strategies that develop and sustain desirable customer relationships relationship marketing correct answers Establishing long-term, mutually satisfying buyer-seller relationships