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BUSML 3250 Exam 1 Ch 1 Questions and Answers
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BUSML 3250 Exam 1 Ch 1 Questions and Answers
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BUSML 3250 Exam 1 Ch 1 Questions andAnswers
Marketing - Answer-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
Market - Answer-people with both the desire and the ability to buy a specific offering
Market Orientation - Answer-an organization with a market orientation 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.
Market segments - Answer-the relatively homogeneous groups of prospective buyers
who (1) have common needs and (2) will respond similarly to a marketing action
Marketing Concept - Answer-the idea that an organization should (1) strive to satisfy the
needs of consumers while also (2) trying to achieve the organization's goals
Marketing Mix - Answer-the controllable factors—product, price, promotion, and place—
that can be used by the marketing manager to solve a marketing problem
Marketing program - Answer-a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Customer experience - Answer-the internal response that customers have to all aspects
of an organization and its offering
Customer Relationship Management (CRM) - Answer-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 and become advocates after their purchase
Customer value - Answer-the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price
Environmental forces - Answer-the uncontrollable forces that affect a marketing decision
and consist of social, economic, technological, competitive, and regulatory forces.
Exchange - Answer-the trade of things of value between the buyer and the seller so that
each is better off as a result
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