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WGU C212 Marketing chp 1, With Complete Solution, 2024.
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WGU C212 Marketing chp 1, With Complete Solution, 2024. Stakeholders Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes target market A specific group of customers on whom an organization focuses its marketing efforts...

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  • February 10, 2024
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  • 2023/2024
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WGU C212 Marketing chp 1, With
Complete Solution, 2024.
Stakeholders
Constituents who have a "stake," or claim, in some aspect of a company's products,
operations, markets, industry, and outcomes
target market
A specific group of customers on whom an organization focuses its marketing efforts
relationship marketing
Establishing long-term, mutually satisfying buyer-seller relationships
marketing environment
The competitive, economic, political, legal and regulatory, technological, and
sociocultural forces that surround the customer and affect the marketing mix
marketing
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
value
A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
product
A good, a service, or an idea
marketing concept
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
green marketing
A strategic process involving stakeholder assessment to create meaningful long-term
relationships with customers while maintaining, supporting, and enhancing the natural
environment
Customer relationship management (CRM)
Using information about customers to create marketing strategies that develop and
sustain desirable customer relationships
marketing mix
Four marketing activities—product, pricing, distribution, and promotion— that a firm can
control to meet the needs of customers within its target market
market orientation
An organizationwide commitment to researching and responding to customer needs
customers
The purchasers of organizations' products; the focal point of all marketing activities
exchange
The provision or transfer of goods, services, or ideas in return for something of value
_______ are the focal point of all marketing activities.

, Customers
The specific group of customers on whom an organization focuses its marketing
efforts is the organization's ________
target market
The four marketing activities-product, pricing, promotion and distribution-that a
firm can control to meet the needs of its customers are known as the firm's
________.
marketing mix
In which of the following situations is the marketer selling an idea, rather than a
service or a good?
The Green Party holds a press conference to let the public know its views on capital
punishment.
Which of the following forms a part of the product variable decisions in a firm's
marketing mix?
Researching customer needs and designing a service that satisfies them
Which of the following forms a part of distribution decisions for a firm?
Making products available in the quantities desired to as many target market customers
as possible
The ________ variable of the marketing mix relates to activities used to inform
individuals or groups about the organization and its products.
promotion
Which of the following is most likely part of the promotion activities in a firm's
marketing mix?
Increasing public awareness of the organization and of new or existing products
The marketing department of 'Fashion week' magazine decided to make its
subsequent editions available at a discounted rate to new subscribers to
encourage them to buy the magazine. This is an example of a marketing activity
related to the ________ variable of the marketing mix.
price
________ refers to a customer's subjective assessments of benefits to costs in
determining the worth of a product.
Value
Which of the following is an example of an exchange?
Jennifer gave Peter $20 for painting her room.
Which of the following is true of exchanges?
Marketing activities can occur even without an actual exchange.
Which of the following best describes the stakeholders of a firm?
Entities that have a claim in some aspect of a company's products, operations, markets,
industry and outcomes
Which of the following is true of the marketing environment?
the marketing environment forces can fluctuate quickly and dramatically
According to the marketing concept, an organization should:
try to provide products that satisfy customers' needs through a coordinated set of
activities that also allows the organization to achieve its goals.
U.S. companies with a production orientation were most likely to believe that:
they must produce as many products as possible, as cheaply as possible.

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