Marketing 3010 Exam 1 UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Value - CORRECT ANSWER The benefit a customer receives from buying a good or service.
Marketing - CORRECT ANSWER 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.
Stakeholders - CORRECT ANSWER Buyers, sellers, and investors in a company, community
residents, and even citizens of the nations where goods and services are made or sold-in other words,
any person or organization that has a "stake" in the outcome.
Consumer - CORRECT ANSWER The ultimate user of goods and services.
Marketing Concept - CORRECT ANSWER A management orientation that focuses on
identifying and satisfying consumers needs to ensure the organization's long-term profitability.
Need - CORRECT ANSWER The recognition of any differences between a consumer's actual
state and some ideal or desired state.
Want - CORRECT ANSWER The desire to satisfy needs in a specific way that are culturally
and socially influenced.
Benefit - CORRECT ANSWER The outcome sought by a customer that motivates buying
behavior-that satisfies a need or want
Demand - CORRECT ANSWER Customer's desires for products coupled with the resources,
needed to obtain them.
, Market - CORRECT ANSWER All the customers and potential customers who share a
common need that can be satisfied by a specific product, who have the resources to exchange for it,
who are willing to make the exchange , and who have the authority to make the exchange.
Marketplace - CORRECT ANSWER Any location or medium used to conduct an exchange.
Utility - CORRECT ANSWER The usefulness or benefit consumers receive from a product.
Form Utility - CORRECT ANSWER The benefit marketing provides by transforming raw
materials into finished products by transforming raw materials into finished products, as when a dress
manufacturer combines silk, thread and zippers to create a bridesmaids gown.
Place Utility - CORRECT ANSWER Benefit marketing provides by making products available
where customers want them. The most sophisticated evening gowns sewn in New York's garment
district is of little use to a bridesmaid in Kansas City if it isn't shipped to her in time.
Time Utility - CORRECT ANSWER Benefit marketing provides by storing products until they
are needed. Some women rent their wedding dresses instead of buying them and wearing them only
once.
Exchange - CORRECT ANSWER The process by which some transfer of value occurs between
the buyer and seller.
Production Orientation - CORRECT ANSWER A management philosophy that emphasizes the
most efficient ways to produce and distribute products.
Selling Orientation - CORRECT ANSWER A managerial view of marketing as a sales function,
or a way to move products out of warehouses to reduce inventory.
Consumer Orientation - CORRECT ANSWER A management philosophy that focuses on ways
to satisfy customers' needs and wants.
Total Quality Management - CORRECT ANSWER A management philosophy that involves all
employees from the assembly line onward in continuous product quality improvement.
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Value - CORRECT ANSWER The benefit a customer receives from buying a good or service.
Marketing - CORRECT ANSWER 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.
Stakeholders - CORRECT ANSWER Buyers, sellers, and investors in a company, community
residents, and even citizens of the nations where goods and services are made or sold-in other words,
any person or organization that has a "stake" in the outcome.
Consumer - CORRECT ANSWER The ultimate user of goods and services.
Marketing Concept - CORRECT ANSWER A management orientation that focuses on
identifying and satisfying consumers needs to ensure the organization's long-term profitability.
Need - CORRECT ANSWER The recognition of any differences between a consumer's actual
state and some ideal or desired state.
Want - CORRECT ANSWER The desire to satisfy needs in a specific way that are culturally
and socially influenced.
Benefit - CORRECT ANSWER The outcome sought by a customer that motivates buying
behavior-that satisfies a need or want
Demand - CORRECT ANSWER Customer's desires for products coupled with the resources,
needed to obtain them.
, Market - CORRECT ANSWER All the customers and potential customers who share a
common need that can be satisfied by a specific product, who have the resources to exchange for it,
who are willing to make the exchange , and who have the authority to make the exchange.
Marketplace - CORRECT ANSWER Any location or medium used to conduct an exchange.
Utility - CORRECT ANSWER The usefulness or benefit consumers receive from a product.
Form Utility - CORRECT ANSWER The benefit marketing provides by transforming raw
materials into finished products by transforming raw materials into finished products, as when a dress
manufacturer combines silk, thread and zippers to create a bridesmaids gown.
Place Utility - CORRECT ANSWER Benefit marketing provides by making products available
where customers want them. The most sophisticated evening gowns sewn in New York's garment
district is of little use to a bridesmaid in Kansas City if it isn't shipped to her in time.
Time Utility - CORRECT ANSWER Benefit marketing provides by storing products until they
are needed. Some women rent their wedding dresses instead of buying them and wearing them only
once.
Exchange - CORRECT ANSWER The process by which some transfer of value occurs between
the buyer and seller.
Production Orientation - CORRECT ANSWER A management philosophy that emphasizes the
most efficient ways to produce and distribute products.
Selling Orientation - CORRECT ANSWER A managerial view of marketing as a sales function,
or a way to move products out of warehouses to reduce inventory.
Consumer Orientation - CORRECT ANSWER A management philosophy that focuses on ways
to satisfy customers' needs and wants.
Total Quality Management - CORRECT ANSWER A management philosophy that involves all
employees from the assembly line onward in continuous product quality improvement.
