MKT 3301 Exam 1 || with 100% Error-free Solutions.
marketing correct answers Marketing is 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.1
consumer correct answers The ultimate user of a good or service.
marketing mix correct answers A combination of the product itself, the price of the product, the
promotional activities that introduce it, and the places where it is made available that together
create a desired response among a set of predefined consumers.
four Ps correct answers Product, price, promotion, and place
product correct answers A tangible good, service, idea, or some combination of these that
satisfies consumer or business customer needs through the exchange process; a bundle of
attributes including features, functions, benefits, and uses.
promotion correct answers The coordination of a marketer's communication efforts to influence
attitudes or behavior
place correct answers The availability of the product to the customer at the desired time and
location.
price correct answers The assignment of value, or the amount the consumer must exchange to
receive the offerin
channel of distribution correct answers The series of firms or individuals that facilitates the
movement of a product from the producer to the final customer
exchange correct answers The process by which some transfer of value occurs between a buyer
and a seller.
consumer goods correct answers The goods individual consumers purchase for personal or
family use.
services correct answers Intangible products that are exchanged directly between the producer
and the customer.
business-to-business marketing (B2B) correct answers The marketing of goods and services from
one organization to another.
industrial goods correct answers Goods that individuals or organizations buy for further
processing or for their own use when they do business.
,e-commerce correct answers The buying or selling of goods and services electronically, usually
over the Internet.
not-for-profit organizations, or nongovernmental organizations (NGOs) correct answers
Organizations with charitable, educational, community, and other public service goals that buy
goods and services to support their functions and to attract and serve their members.
marketing concept correct answers A management orientation that focuses on identifying and
satisfying consumer needs to ensure the organization's long-term profitability
need correct answers The recognition of any difference between a consumer's actual state and
some ideal or desired state.
want correct answers The desire to satisfy needs in specific ways that are culturally and socially
influenced.
benefit correct answers The outcome sought by a customer that motivates buying behavior that
satisfies a need or want
demand correct answers Customers' desires for products coupled with the resources needed to
obtain them.
market correct answers All the customers and potential customers who share a common need that
can be satisfied by a specific product, who have the resources to exchange for it, who are willing
to make the exchange, and who have the authority to make the exchange
marketplace correct answers Any location or medium used to conduct an exchange.
rentrepreneurs correct answers Enterprising consumers who make money by renting out their
possessions when they aren't using them
utility correct answers The usefulness or benefit that consumers receive from a product.
stakeholders correct answers Buyers, sellers, or investors in a company; community residents;
and even citizens of the nations where goods and services are made or sold—in other words, any
person or organization that has a "stake" in the outcome
product orientation correct answers A management philosophy that emphasizes the most
efficient ways to produce and distribute products
selling orientation correct answers A managerial view of marketing as a sales function, or a way
to move products out of warehouses to reduce inventor
consumer orientation correct answers A business approach that prioritizes the satisfaction of
customers' needs and wants
, Total Quality Management (TQM) correct answers A management philosophy that focuses on
satisfying customers through empowering employees to be an active part of continuous quality
improvement
tripple bottom line orientation correct answers A business orientation that looks at financial
profits, the community in which the organization operates, and creating sustainable business
practices.
societal marketing concept correct answers A management philosophy that marketers must
satisfy customers' needs in ways that also benefit society and deliver profit to the firm
sustainability correct answers A product design focus that seeks to create products that meet
present consumer needs without compromising the ability of future generations to meet their
need
green marketing correct answers A marketing strategy that supports environmental stewardship,
thus creating a differential benefit in the minds of consu
accountability correct answers A process of determining just how much value an organization's
marketing activities create and their impact on the bottom line.
Return on Investment (ROI) correct answers The direct financial impact of a firm's expenditure
of a resource, such as time or money.
consumer-generated content correct answers Marketing content and activities created by
consumers and users of a brand such as advertisements, online reviews, blogs, social media,
input to new product development, or serving as wholesalers or retailers.
branded content correct answers Marketing communication developed by a brand to provide
educational or entertainment value rather than to sell the brand in order to develop a relationship
with consumers; may indicate the brand is the sponsor
corporate citizenship, or corporate social responsibility correct answers Refers to a firm's
responsibility to the community in which they operate and to society in general
value proposition correct answers A marketplace offering that fairly and accurately sums up the
value that will be realized if the good or service is purchase
brandfests correct answers Events that companies host to thank customers for their loyalty.
lifetime value of a customer correct answers The potential profit a single customer's purchase of
a firm's products generates over the customer's lifetime.
competitive advantage correct answers A firm's edge over its competitors that allows it to have
higher sales, higher profits, and more customers and enjoy greater success year after year
