MRKT 345 EXAM ONE TIM MCCOY ULL
Marketing - Answers -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
To discover the needs and wants of prospective customers and to satisfy them -
Answers -What does marketing seek to do?
Exchange - Answers -the trade of things of value between the buyer and the seller so
that each is better off as a result
- is a key to achieving what marketing seeks to do
1. two or more parties with unsatisfied needs
2. desire and ability to satisfy these needs
3. A way for the parties to communicate
4. something to exchange - Answers -what is needed for marketing to occur?
(LISTING)
Need - Answers -occurs when a person feels deprived of basic necessities such as
food, clothing, and shelter
Want - Answers -a need that is shaped by a person's knowledge, culture, and
personality
Market - Answers -people with both the desire and the ability to buy a specific offering
-ability refers to authority, time, money
Target Market - Answers -one or more specific groups of potential consumers toward
which an organization directs its marketing program
product, price, promotion, place - Answers -What are the elements of the marketing
mix? (controllable)
Product - Answers -A good, service, or idea that satisfies a consumer's want or need
Price - Answers -what is exchanged for the product
Promotion - Answers -means of communicating between buyer and seller
Place - Answers -a means of getting the product to the consumer
, Controllable factors - Answers -under the control of the marketing department in an
organization
Customer Value Proposition - Answers -a cluster of benefits that an organization
promises customers to satisfy their needs
social, economic, technological, competitive, and regulatory forces - Answers -What
are the five environmental forces? (uncontrollable)
Customer Value - Answers -the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price
Relationship Marketing - Answers -links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefit
Relationship Marketing - Answers -the hallmark of developing and maintaining effective
customer relationships
Relationship Marketing - Answers -involves a personal, ongoing relationship between
the organization and its individual that begins before the sale and may evolve through
different types of relationships after the sale
Marketing Program - Answers -a plan that integrates the marketing mix to provide a
good, service, or idea to prospective buyers
Marketing Segments - Answers -relatively homogeneous groups of prospective buyers
that have common needs and will respond similarly to a marketing action
Marketing Concept - Answers -the idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Market Orientation - Answers -focuses its efforts on continuously collecting information
about customers' needs, sharing this information across departments, and using it to
create customer value
Customer Relationship Management (CRM) - Answers -the 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
"understanding your customers"
Customer Experience - Answers -the internal response that customers have to all
aspects of an organization and its offering
Marketing - Answers -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
To discover the needs and wants of prospective customers and to satisfy them -
Answers -What does marketing seek to do?
Exchange - Answers -the trade of things of value between the buyer and the seller so
that each is better off as a result
- is a key to achieving what marketing seeks to do
1. two or more parties with unsatisfied needs
2. desire and ability to satisfy these needs
3. A way for the parties to communicate
4. something to exchange - Answers -what is needed for marketing to occur?
(LISTING)
Need - Answers -occurs when a person feels deprived of basic necessities such as
food, clothing, and shelter
Want - Answers -a need that is shaped by a person's knowledge, culture, and
personality
Market - Answers -people with both the desire and the ability to buy a specific offering
-ability refers to authority, time, money
Target Market - Answers -one or more specific groups of potential consumers toward
which an organization directs its marketing program
product, price, promotion, place - Answers -What are the elements of the marketing
mix? (controllable)
Product - Answers -A good, service, or idea that satisfies a consumer's want or need
Price - Answers -what is exchanged for the product
Promotion - Answers -means of communicating between buyer and seller
Place - Answers -a means of getting the product to the consumer
, Controllable factors - Answers -under the control of the marketing department in an
organization
Customer Value Proposition - Answers -a cluster of benefits that an organization
promises customers to satisfy their needs
social, economic, technological, competitive, and regulatory forces - Answers -What
are the five environmental forces? (uncontrollable)
Customer Value - Answers -the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price
Relationship Marketing - Answers -links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefit
Relationship Marketing - Answers -the hallmark of developing and maintaining effective
customer relationships
Relationship Marketing - Answers -involves a personal, ongoing relationship between
the organization and its individual that begins before the sale and may evolve through
different types of relationships after the sale
Marketing Program - Answers -a plan that integrates the marketing mix to provide a
good, service, or idea to prospective buyers
Marketing Segments - Answers -relatively homogeneous groups of prospective buyers
that have common needs and will respond similarly to a marketing action
Marketing Concept - Answers -the idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Market Orientation - Answers -focuses its efforts on continuously collecting information
about customers' needs, sharing this information across departments, and using it to
create customer value
Customer Relationship Management (CRM) - Answers -the 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
"understanding your customers"
Customer Experience - Answers -the internal response that customers have to all
aspects of an organization and its offering
