Exam (elaborations)
Marketing Test 1 With Complete Solutions Latest Update
Marketing Test 1 With Complete Solutions Latest Update
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Marketing Test 1 With Complete Solutions LatestUpdate
Marketing Mix - correct answers product, price, distribution (place), and
promotion - that a firm can control to meet the needs and wants of a specific
target market.
Target Market - correct answers The group of customers on which marketing
efforts are focused.
Exchange - correct answers the provision or transfer of goods, services, or ideas in
return for something of value. Exchange is a process, not an event.
Marketing Environment - correct answers external forces that affect the firm and
its marketing mix variables.
4 eras in Marketing - correct answers Production, sales, Marketing, Relationship
Production Era - correct answers "If we make it, they will buy it" Focused on
internal capabilities of firm rather than the customer. Goods were new and scarce.
Sales Era - correct answers "Sell what we make" Focus was on selling. Production
improved, output grew and become harder to reach markets.
, Marketing Era - correct answers "Make what will sell" Focus on learning customer
needs, and satisfying these needs by offering superior value.
Relationship Era - correct answers Building a long term relationship over time with
customers and suppliers.
Marketing Concept - correct answers A philosophy that an organization should try
to provide products that satisfy customers needs through a coordinated set of
activities that benefit them as well.
Value - correct answers The customers subjective assessment of benefits to costs
in determining the worth of a product. Value= Customer Benefit- Customer Cost.
Utility - correct answers The want satisfying power of a good or service.
4 Types of Utility - correct answers Time Place Form Ownership
Corporate Strategy - correct answers A strategy that determines the means for
utilizing resources in the various functional areas to reach the organization's goals.
Marketing Management - correct answers The process of planning, organizing,
implementing, and controlling marketing activities to facilitate exchanges
effectively and efficiently.
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