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Marketing_ Chapter One Vocabulary and Concept Review Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Marketing_ Chapter One Vocabulary and Concept Review Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 29, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • marketing chapter one vocabulary and concept revi

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Marketing: Chapter One Vocabulary and Concept
Review
Marketing - ANS-the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large.

Exchange - ANS-The trade of things of value between buyer and seller so that each is better off
after the trade.

Market - ANS-individuals with both the desire and the ability to buy a specific offering.

Target Market - ANS-one or more specific groups of potential consumers toward which an
organization directs its marketing program.

Marketing Mix (the 4Ps) - ANS-Includes the controllable factors such as product, price,
promotion, and place. These can be used by the marketing manager to solve a marketing
problem.

Environmental Forces - ANS-consists of the uncontrollable forces which include, social,
economic, technological, competitive, and regulatory forces all which effect marketing decisions.

Customer Value - ANS-the unique combination of benefits received by targeted buyers that
include quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price.

Relationship marketing - ANS-this links the organization to its individual customers, employees,
suppliers, and other partners for their mutual long-term benefit.

Marketing program - ANS-A plan that integrates the marketing mix (which is the 4Ps: product,
price, promotion, place) to provide a good, service, or idea to prospective buyers.

Market segments - ANS-the relatively homogeneous groups of prospective buyers that have
common needs and will respond similarly to a marketing action.

Marketing concept - ANS-the idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organizations goals.

Market orientation - ANS-an organization that focuses its efforts on continuously collecting
information about customers needs, sharing this information across departments, and using it to
create customer value.

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