UF MAR3023 EXAM 1 {LATEST 2026 -2027
update} QUESTIONS AND ANSWERS 100%
CORRECT
Marketing - correct answer - the activity of creating, communicating, delivering and
exchanging offerings that have value for customers, clients, partners, and society at
large.
- heart of marketing is in making sure exchanges between people and orgs satisfy the
objectives of both sides of the exchange.
- seeks to serve both buyers and sellers by discovering and satisfying the needs and
wants of prospective customers, as well as society overall.
,Customer value - correct answer -the unique combo of benefits received by targeted
buyers that includes quality, price, convenience, on-tome delivery, and before/after-
sale service.
-synonyms are utility and satisfaction
-the ratio of perceived benefits to price
Value= (perceived benefits)/price
Utility - correct answer the benefit of satisfaction, or customer value, received by
users of a product.
-4 types: time, place, form, and possession
,Time utility - correct answer -created by getting the product to the customer when he
or she wants it.
-when they want it, as quickly as they want it.
-speed of delivery (fast food companies)
-availability (vid game release, want it first day)
Place utility - correct answer -created by having th product where the consumer
wants it and providing the product in a positive atmosphere
-conveneint locations (arms everywhere)
-atmospherics: ambiance of the place where u buy the product adds value. (eating
hamburger at rainforest cafe is an experience, consuming an experience, which
justifies the high prices)
, Form utility - correct answer -created by having the product tin the form that is most
useful to the consumer
-think tide pods
Possession utility - correct answer -created by allowing customers to physically get
hold of a product.
-primary way marketers create possession utility is through credit, which allows
people to possess a product now and pay for it later.
-credit cards, student loans
update} QUESTIONS AND ANSWERS 100%
CORRECT
Marketing - correct answer - the activity of creating, communicating, delivering and
exchanging offerings that have value for customers, clients, partners, and society at
large.
- heart of marketing is in making sure exchanges between people and orgs satisfy the
objectives of both sides of the exchange.
- seeks to serve both buyers and sellers by discovering and satisfying the needs and
wants of prospective customers, as well as society overall.
,Customer value - correct answer -the unique combo of benefits received by targeted
buyers that includes quality, price, convenience, on-tome delivery, and before/after-
sale service.
-synonyms are utility and satisfaction
-the ratio of perceived benefits to price
Value= (perceived benefits)/price
Utility - correct answer the benefit of satisfaction, or customer value, received by
users of a product.
-4 types: time, place, form, and possession
,Time utility - correct answer -created by getting the product to the customer when he
or she wants it.
-when they want it, as quickly as they want it.
-speed of delivery (fast food companies)
-availability (vid game release, want it first day)
Place utility - correct answer -created by having th product where the consumer
wants it and providing the product in a positive atmosphere
-conveneint locations (arms everywhere)
-atmospherics: ambiance of the place where u buy the product adds value. (eating
hamburger at rainforest cafe is an experience, consuming an experience, which
justifies the high prices)
, Form utility - correct answer -created by having the product tin the form that is most
useful to the consumer
-think tide pods
Possession utility - correct answer -created by allowing customers to physically get
hold of a product.
-primary way marketers create possession utility is through credit, which allows
people to possess a product now and pay for it later.
-credit cards, student loans
