Four thing that must be present for marketing to occur correct answers 1. Two or more individuals or organizations with needs that are unsatisfied
2. Both the desire and the ability to satisfy those needs
3. A manner in which the parties can communicate
4. Something that the parties can exchange...
MAR 2023 Exam 1 || All Answers Are Correct 100%.
Four thing that must be present for marketing to occur correct answers 1. Two or more
individuals or organizations with needs that are unsatisfied
2. Both the desire and the ability to satisfy those needs
3. A manner in which the parties can communicate
4. Something that the parties can exchange
Market correct answers A group of people with both the desire and ability to buy a specific
product
Target market correct answers one or more specific groups of potential consumers toward which
the organization directs its marketing program
Marketing mix correct answers the marketing manager's controllable factors that can be used to
solve a marketing problem
4 elements of the marketing mix correct answers Product
Price
Promotion
Place
Consumer value proposition correct answers the cluster of benefits that an organization offers to
consumers to satisfy their needs
ex Walmart involves low prices, wide variety of products, and convenient locations
A forward looking marketing effort can affect some _______ _____ correct answers
environmental factors
Consumer value correct answers the unique combination of benefits received by targeted buyers
that includes quality, price, convenience, on-time delivery, and both before and after sale service
Relationship marketing correct answers involves linking the organization to its individual
customers, employees, suppliers, and other partners for their mutual long-term benefits
Marketing program correct answers a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Market segments correct answers relatively homogeneous groups of prospective buyers that have
common needs and will respond similarly to a marketing action
Four stages in manufacturing correct answers the production era (-1920s)
the sales era (1920s-60s)
, the marketing concept era (1950s-1990s)
the customer era (1990s-today)
the production era correct answers products sold themselves because goods were scarce and
customer demand was high, focus on production not marketing
the sales era correct answers competition grew and firms produced more than their consumers
could consumer, hired more salespeople to find more buyers
the marketing concept era correct answers the idea that an organization should strive to satisfy
the needs of consumers while also trying to achieve the organization;s goals
W/ this Marketing is introduced at the beginning of the production cycle and integrated into
every phase of business
the consumer era correct answers a firm with a market orientation focuses on continuously
collecting information about consumers needs, sharing this information across departments, and
using it to create customer value - firms are continuously attempting to satisfy consumers' high
expectations
Consumer relationship management (CRM) correct answers the process of identifying
prospective buyers, understanding them ,and fostering favorable long-term perceptions of the
organization and its offerings so buyers will choose them in the marketplace
Customer experience correct answers internal response customers have to all aspects of an
organization, dependents on direct contacts and indirect contacts
direct contacts correct answers occurs when the customer buys or uses the product or gets it
serviced
indirect contacts correct answers in the form of word-of-mouth from news reports, reviewers,
and customers
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
ultimate consumers correct answers the people who use the goods and services purchased for a
household
organizational buyers correct answers manufacturers, wholesalers, retailers, and gov agencies
that buy goods and services for their own use of for resale
4 different kinds of utility correct answers form, place, time, possession
form utility correct answers value from the production or alteration of a good or service
place utility correct answers value of having a good or service available where needed
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