MKT 3305 - Principles of Marketing - Exam 1 || Questions and
Correct Detailed Answers
consumer correct answers the ultimate user of a good
key to marketing correct answers marketing is first and foremost about satisfying consumer
needs
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 (marketing is all about delivering value to everyone whom a
transaction affects)
marketing mix correct answers a combination of the product itself
four P's 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
supply chain correct answers the set of firms that work together to get a product from a producer
to a consumer
, price correct answers the assignment of value, or the amount the consumer must exchange to
receive the offering
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 correct answers the marketing of goods and services form one
organization to another
industrial goods correct answers good 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 organization 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
nongovernmental organizations (NGOs) correct answers another name for not-for-profit
organizations
marketing concept correct answers a management orientation that focuses on identifying and
satisfying consumer needs to ensure the organization's long-term profitability
Correct Detailed Answers
consumer correct answers the ultimate user of a good
key to marketing correct answers marketing is first and foremost about satisfying consumer
needs
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 (marketing is all about delivering value to everyone whom a
transaction affects)
marketing mix correct answers a combination of the product itself
four P's 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
supply chain correct answers the set of firms that work together to get a product from a producer
to a consumer
, price correct answers the assignment of value, or the amount the consumer must exchange to
receive the offering
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 correct answers the marketing of goods and services form one
organization to another
industrial goods correct answers good 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 organization 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
nongovernmental organizations (NGOs) correct answers another name for not-for-profit
organizations
marketing concept correct answers a management orientation that focuses on identifying and
satisfying consumer needs to ensure the organization's long-term profitability
