MAR 2023 Exam 1 Questions & Answers 100% CORRECT
Four thing that must be present for marketing to occur - ANSWERS1. Two or more individuals or organizations with needs that are unsatisfied
2. Both the desire and the ability to satisfy those needs
3. A manner in which the parties can communic...
, A forward looking marketing effort can affect some _______ _____ - ANSWERSenvironmental factors
Consumer value - ANSWERSthe unique combination of benefits received by targeted buyers that
includes quality, price, convenience, on-time delivery, and both before and after sale service
Relationship marketing - ANSWERSinvolves linking the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefits
Marketing program - ANSWERSa plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers
Market segments - ANSWERSrelatively homogeneous groups of prospective buyers that have common
needs and will respond similarly to a marketing action
Four stages in manufacturing - ANSWERSthe production era (-1920s)
the sales era (1920s-60s)
the marketing concept era (1950s-1990s)
the customer era (1990s-today)
the production era - ANSWERSproducts sold themselves because goods were scarce and customer
demand was high, focus on production not marketing
the sales era - ANSWERScompetition grew and firms produced more than their consumers could
consumer, hired more salespeople to find more buyers
the marketing concept era - ANSWERSthe idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organization;s goals
W/ this Marketing is introduced at the beginning of the production cycle and integrated into every phase
of business
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