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BUSML 3250 CHAPTER 1-2 EXAM QUESTIONS AND ANSWERS
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BUSML 3250 CHAPTER 1-2 EXAM QUESTIONS AND ANSWERS
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BUSML 3250 CHAPTER 1-2 EXAMQUESTIONS AND ANSWERS
Customer Experience - Answer-The internal response that customers have to all
aspects of an organization and its offering
Customer Relationship Management (CRM) - Answer-The process of identifying
prospective buyers, understanding them intimately, and developing favorable long-term
perceptions of the organization and its offerings so that buyers will choose them in the
marketplace and become advocates after their purchase.
Customer Value - Answer-The unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price
Environmental Forces - Answer-The uncontrollable forces that affect a marketing
decision and consist of social, economic, technological, competitive, and regulatory
forces.
Exchange - Answer-The trade of things of value between the buyer and the seller so
that each is better off as a result.
Market - Answer-People with both the desire and the ability to buy a specific offering
Market Orientation - Answer-An organization with a market orientation focuses its efforts
on (1) continuously collecting information about customers' needs, (2) sharing this
information across departments, and
(3) using it to create customer value.
Market Segments - Answer-The relatively homogeneous groups of prospective buyers
that result from the market segmentation process (Demographic, Geographic, etc...)
Marketing - Answer-The process of discovering and satisfying consumer needs
Marketing Concept - Answer-The idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Marketing Mix - Answer-Product, Price, Place, Promotion
Marketing Program - Answer-A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Organizational Buyers - Answer-Manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale
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