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MKTG. 351 EXAM 1 (CH'S 1-5) |116 QUESTIONS AND ANSWERS
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MKTG. 351 EXAM 1 (CH'S 1-5) |116 QUESTIONS AND ANSWERS
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MKTG. 351 EXAM 1 (CH'S 1-5) 116QUESTIONS AND ANSWERS
marketing - answer The process of creating, distributing, promoting, and pricing goods, services
and ideas to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment
customers - answer The purchasers of organizations' products; the focal point of all marketing
activities
target market - answer A specific group of customers on whom an organization focuses its
marketing efforts
marketing mix - answer Four marketing activities--product, pricing, distribution, and
promotion--that a firm can control to meet the needs of customers within its target market
product - answer good, service, or an idea
*The product variable also involves creating or modifying brand names and packaging and may
include decisions regarding warranty and repair services.
value - answer A customer's subjective assessment of benefits relative to costs in determining
the worth of a product
exchanges - answer The provision or transfer of goods, services, or ideas in return for something
of value
stakeholders - answer Constituents who have a "stake," or claim, in some aspect of a company's
products, operations, markets, industry, and outcomes
, marketing environment - answer The competitive, economic, political, legal and regulatory,
technological, and sociocultural forces that surround the consumer and affect the marketing
mix
marketing concept - answer A managerial philosophy that an organization should try to satisfy
customers' needs through a coordinated set of activities that also allows the organization to
achieve its goals
market orientation - answer An organizationwide commitment to researching and responding to
customer needs
customer relationship management (CRM) - answer Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships
relationship marketing - answer Establishing long-term, mutually satisfying buyer-seller
relationships
customer lifetime value - answer A key measurement that forecasts a customer's lifetime
economic contribution based on continued relationship marketing efforts
green marketing - answer A strategic process involving stakeholder assessment to create
meaningful long-term relationships with customers while maintaining, supporting, and
enhancing the natural environment
For an exchange to take place, four conditions must exist: - answer First, two or more
individuals, groups, or organizations must participate, and each must possess something of
value that the other party desires
Second, the exchange should provide a benefit or satisfaction to both parties involved in the
transaction.
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