MKT 300 Exam 1 Homework Review
Time utility
A want-satisfying value that is created when goods and services are made available when they are
wanted
Sustainability
The steps and processes organizations undertake to manage growth without detrimentally affecting the
resources of biological...
A want-satisfying value that is created when goods and services are made available when they are
wanted
Sustainability
The steps and processes organizations undertake to manage growth without detrimentally affecting the
resources of biological systems of the earth
Agility
The flexibility and speed with which organizations can identify or create new wants and take action to
satisfy them
Consumer orientation
An organizational philosophy that focuses on satisfying consumer needs and wants
Positioning
The process of creating an image, reputation, or perception of the company or its goods and services in
the consumer's mind
Sales orientation
Historical marketing period that emphasized that consumers must be convinced to buy
Market
All the individuals and organizations with potential desire and ability to acquire a particular good or
service
Marketing
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
Buyer's market
The marketing environment that exists when an abundance of product lets the buyer control the market
Ethnic background
Subculture membership usually determined by birth and related to one or more of four elements:
country of origin, native language, race, and religion
Business-To-Business marketing
When a business purchases goods or services to produce other goods, to support daily operations or to
resell at a profit
, Consumer marketing
When organizations sell to individuals or households that buy, consume, and dispose of products
Mass marketing
The mass production, mass distribution, and mass promotion of a product to all buyers
Ethnicity
The amount of identification an individual feels with a particular ethnic group
Relationship marketing
The development and maintenance of successful relational exchanges; it involves interactive, ongoing,
two-way connections among customers, organizations, suppliers, and other parties for mutual benefit
Want
A specific form of consumption desired to satisfy need
Place utility
A want-satisfying value that is created by making goods and services conveniently available
Marketplace
A physical arena where marketing exchanges take place
The marketing strategy process is a series of steps the organization takes to interface with the rest of
the world. Drag and drop the steps below to complete the marketing strategy process diagram:
_________________ _________________ occurs when knowledge and materials are converted into
finished goods and services
Form Utility
_________________ refers to the consumer's overall rating of his or her experience with a company and
its products
Satifaction
_________________ _________________ makes goods and services available when they are wanted
Time Utility
_________________ is a measure of how often, when selecting from a product class, a customer
purchases a particular brand
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