marketing correct answers creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers correct answers 1) discover needs and wants of prospective customers
2) satisfy them
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MKTG 3310 Exam 1 || Already Passed.
marketing correct answers creating, communicating, delivering, and exchanging offerings that
benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers correct answers 1) discover needs and wants of prospective
customers
2) satisfy them
exchange correct answers trade of valuable things between buyer and seller so that each is better
off after trade
4 factors needed for marketing to occur correct answers 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market correct answers people with both the desire and the ability to buy a specific offering
target market correct answers potential consumers in which an organization directs its marketing
program
the 4 P's correct answers PRODUCT (good, service, or idea to satisfy customer needs)
PRICE (what is exchanged for product)
PROMOTION (communication between seller and buyer)
PLACE (getting product to consumer)
marketing mix correct answers the marketing managers controllable factors (4 P's) that can be
used to solve a marketing problem
Evolution of market orientation- 4 stages correct answers 1) Production era (1920s, scarce
goods)
2) Sales era (1920s-1960s, produced more goods than buyers could consume, competition grew,
more salespeople hired)
3) Marketing concept era (1950s, focused on satisfying consumer needs while also trying to
achieve organization's goals)
4) Customer relationship era (1980s, firms continued to satisfy high expectations of customers)
marketing concept correct answers idea that an organization should (1) strive to satisfy the needs
of consumers (2) while trying to achieve the organizations goals
, market orientation correct answers an organization that 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
customer relationship management (CRM) correct answers 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
customer experience correct answers the internal response that customers have to all aspects of
an organization and its offering
societal marketing concept correct answers the view that organizations should satisfy the needs
of consumers in a way that provides for society's well being
product correct answers a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers needs and is received in exchange for money or something else
of value
ultimate customers correct answers people who use the goods and services purchased for a
household
organizational buyers correct answers manufacturers, wholesalers, retailers and government
agencies that buy goods and services for their own use or for resale
3 groups who benefit from effective marketing correct answers 1) consumers who buy
2) organizations who sell
3) society
utility correct answers the benefits or customer value received by users of the product
environmental scanning correct answers the process of continually acquiring information on
events occurring OUTSIDE to identify potential trends
social forces correct answers -include the demographic characteristics of the population and its
values
-changes in these forces can have a dramatic impact on marketing strategy
baby boomers correct answers -born between 1946 and 1964
-wealthiest generation
-interests in health, fitness, retirement housing, financial planning and physical appearance
generation X correct answers -born between 1965 and 1976
-"baby bust" period b/c # of children born each year was declining
-self-reliant, supportive of racial/ethnic diversity, and better educated
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