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UHD MKT 3301 Final Exam Questions And 100% Correct Answers
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UHD MKT 3301 Final Exam Questions And100% Correct Answers
Production - ANSWER The making of goods or performing of services.
Customer satisfaction - ANSWER The degree to which a firm satisfies a customer's
needs, wants, and expectations.
Innovation - ANSWER The process by which new ideas, goods, and services are
developed and spread.
Marketing - ANSWER the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing a flow
of need satisfying goods and services from producer to customer or client.
Pure subsistence economy - ANSWER when each family unit produces everything it
consumes—there is no need to exchange goods and services and no marketing is
involved.
Macro-marketing - ANSWER a social process that directs an economy's flow of goods
and services from producers to consumers in a way that efficiently allocates supply and
demand and accomplishes the goals of society.
Economies of scale - ANSWER as a firm produces larger quantities of a certain product,
the cost of each unit of the product decreases.
Universal functions of marketing - ANS. buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information.
,Buying function - ANS. finding out and evaluating goods and services.
Selling function - ANS. promoting the product.
Transporting function - ANS. transferring of goods from one place to another.
Storing function - ANS. holding goods until customers need them.
Standardization and grading - ANS. sorting products by their size and quality.
Financing - PROVIDE the necessary cash and credit to make, transport, warehouse,
promote, sell and purchase goods.
Risk taking - ACCEPT the uncertainties which are inherent in the marketing process.
Market information function - PROVIDE the collection, analysis and distribution of all the
information needed to plan, implement and control marketing activities whether in the
firm's own neighborhood or in a market overseas.
Middleman - ANSWER a person who specializes in trade rather than production—serves
as an intermediary in the exchange process.
Agents - ANSWER companies that make it easier for or supply one or more of the
marketing functions other than buying or selling.
Electronic commerce - ANSWER exchanges between individuals or organizations—and
activities that support these exchanges—based on applications of information
technology.
Economic system - ANSWER the method by which an economy organizes to utilize
,scarce resources for the production of goods and services and to distribute them for
consumption by various people and groups in the society.
Command economy - ANSWER government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and why.
Market-directed economy - ANSWER the individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy.
Simple trade era - ANSWER a time when families traded or sold their "surplus" output to
local distributors.
Production era - ANSWER a time when a company focuses on production of a few
specific products—perhaps because few of these products are available in the market.
Sales era - ANSWER a period when a firm stresses selling because of increased
competition.
Marketing department era - ANSWER a period when all marketing activities are brought
under the control of one department to improve short-run policy planning and to try to
integrate the firm's activities.
Marketing company era - ANSWER a time when, in addition to short-run marketing
planning, marketing people develop long-range plans—sometimes five or more years
ahead—and the whole company effort is guided by the marketing concept.
Marketing concept - ANSWER means an organization aims all its efforts at satisfying its
customers—at a profit.
Production orientation - ANSWER when managers make whatever products are easy to
produce and then try to sell them.
, Marketing orientation - ANSWER means trying to carry out the marketing concept (try to
offer customers what they need).
Marketing metrics - ANSWER numeric data that allow marketing managers to evaluate
performance, often against a set target or goal.
Triple bottom line - ANSWER measures an organization's economic, social, and
environmental outcomes
Customer value - ANSWER the difference between the benefits a customer sees from a
market offering and the costs of obtaining these benefits.
Micro-macro dilemma - ANSWER what is "good" for some firms and consumers may not
be good for society as a whole.
Social responsibility - ANSWER a firm's obligation to improve its positive effects on
society and reduce its negative effects.
Marketing ethics - ANSWER the moral principles that guide marketing decisions and
actions.
Marketing management process - ANSWER the process of (1) planning marketing
activities, (2) directing the implementation of the plans, and (3) controlling these plans.
Strategic (management) planning - ANSWER the managerial process of developing and
maintaining a match between an organization's resources and its market opportunities.
Marketing strategy - ANSWER specifies a target market and a related marketing mix.
target market ANSWER a fairly homogeneous (similar) group of customers to whom a
company wishes to appeal.
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