MKT 304 MIDTERM EXAM: CHAPTERS 1, 4,
5, 6, 8 & 9 REVIEW GUIDE
What is marketing?
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.
What is exchange?
The trade of things of value between a buyer and a seller so that each is better off.
What is a market?
People with both the desire and the ability to buy a specific offering.
What is a target market?
A specific group of potential consumers toward which an organization directs its marketing program.
What is the marketing mix?
The controllable factors—product, price, promotion, and place—used by marketing managers to solve a
marketing problem.
What are environmental forces?
Uncontrollable forces that affect marketing decisions, including social, economic, technological,
competitive, and regulatory factors.
What is customer value?
The combination of benefits received by targeted buyers including quality, convenience, delivery, and
service at a given price.
What is relationship marketing?
Connecting an organization with customers, employees, suppliers, and partners for long-term mutual
benefit.
What is a marketing program?
, A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
What are market segments?
Groups of prospective buyers with common needs who respond similarly to marketing actions.
What is the marketing concept?
The idea that an organization should satisfy the needs of consumers while achieving organizational
goals.
What is market orientation?
Collecting information about customer needs, sharing it across departments, and using it to create
customer value.
What is Customer Relationship Management (CRM)?
The process of identifying prospective buyers, understanding them, and developing long-term positive
perceptions to build loyalty.
What is customer experience?
The internal response customers have to all aspects of an organization and its offerings.
What is the societal marketing concept?
The view that organizations should satisfy consumer needs in ways that improve society's well-being.
Who are ultimate consumers?
Individuals who use products and services purchased for a household.
Who are organizational buyers?
Manufacturers, wholesalers, retailers, service companies, nonprofits, and government agencies that buy
goods and services for use or resale.
What is utility?
The benefits or value received by users of a product.
What are the four different utilities?
Form, Place, Time, and Possession
What is a need?
A state of felt deprivation of basic necessities.
What is a want?
A need shaped by a person's knowledge, culture, and personality.
What is the mission of marketing?
5, 6, 8 & 9 REVIEW GUIDE
What is marketing?
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.
What is exchange?
The trade of things of value between a buyer and a seller so that each is better off.
What is a market?
People with both the desire and the ability to buy a specific offering.
What is a target market?
A specific group of potential consumers toward which an organization directs its marketing program.
What is the marketing mix?
The controllable factors—product, price, promotion, and place—used by marketing managers to solve a
marketing problem.
What are environmental forces?
Uncontrollable forces that affect marketing decisions, including social, economic, technological,
competitive, and regulatory factors.
What is customer value?
The combination of benefits received by targeted buyers including quality, convenience, delivery, and
service at a given price.
What is relationship marketing?
Connecting an organization with customers, employees, suppliers, and partners for long-term mutual
benefit.
What is a marketing program?
, A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
What are market segments?
Groups of prospective buyers with common needs who respond similarly to marketing actions.
What is the marketing concept?
The idea that an organization should satisfy the needs of consumers while achieving organizational
goals.
What is market orientation?
Collecting information about customer needs, sharing it across departments, and using it to create
customer value.
What is Customer Relationship Management (CRM)?
The process of identifying prospective buyers, understanding them, and developing long-term positive
perceptions to build loyalty.
What is customer experience?
The internal response customers have to all aspects of an organization and its offerings.
What is the societal marketing concept?
The view that organizations should satisfy consumer needs in ways that improve society's well-being.
Who are ultimate consumers?
Individuals who use products and services purchased for a household.
Who are organizational buyers?
Manufacturers, wholesalers, retailers, service companies, nonprofits, and government agencies that buy
goods and services for use or resale.
What is utility?
The benefits or value received by users of a product.
What are the four different utilities?
Form, Place, Time, and Possession
What is a need?
A state of felt deprivation of basic necessities.
What is a want?
A need shaped by a person's knowledge, culture, and personality.
What is the mission of marketing?
