Exchange - Answer Trade of things of value between buyer and seller so that each is better off after the trade.
Marketing - Answer Activity of creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders, and society at large.
Environmenta...
UF MAR3023 Midterm Exam 1 Questions
Solved Correctly.
Exchange - Answer Trade of things of value between buyer and seller so that each is better off after the
trade.
Marketing - Answer Activity of creating, communicating, delivering and exchanging offerings that
benefit the organization, its stakeholders, and society at large.
Environmental Forces - Answer Uncontrollable forces in a marketing decision involving social,
economic, technological, competitive, and regulatory forces.
Market - Answer People with the ability and desire to buy a specific offering.
Marketing Mix - Answer Factors that the marketing manager can control, such as price, product,
promotion, and place, that can be used to solve a marketing problem.
Target Market - Answer Specific group(s) of potential consumers toward which an organization directs
its marketing program.
Customer Value - Answer Unique combination of benefits received by targeted buyers that includes
quality, convenience, on-time delivery, and before/after-sale service at specific price.
Marketing Program - Answer Plan that integrates the marketing mix to provide goods, services, or ideas
to prospective buyers.
Relationship Marketing - Answer Links organization to its individual customers, employees, suppliers
and other partners for mutual long-term benefits.
, Customer Relationship Management (CRM) - Answer 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.
Market Orientation - Answer Organization that focuses its efforts on:
1. Continuously collecting information about customer's needs
2. Sharing this info across all departments
3. Using info to create customer value
(Organization wide)
Marketing Concept - Answer Idea that organization should strive to satisfy needs of customers while
trying to achieve the organization's goals.
Customer Experience - Answer Internal response that customers have to all aspects of an organization
and its offering.
Societal Marketing Concept - Answer View that organizations should satisfy the needs of consumers in
a way that provides for society's well-being.
Organizational Buyers - Answer Manufacturers, wholesalers, retailers, and government agencies that
buy goods and services for own use or resale.
Ultimate Consumers - Answer People who use goods and services purchased for a household (AKA
consumers, buyers, customers)
Utility - Answer Benefits or customer value received by users of the product
Environment Scanning - Answer Process of continually acquiring information on events occurring
outside the organization to identify and interpret potential trends.
Demographics - Answer Describing population according to selected characteristics such as age,
gender, ethnicity, income, and occupation
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