Marketing 3010 Chapter 1 Exam
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
What are the 4 P's - CORRECT ANSWER 1. Price 2. Product 3. Promotion 4. Place
What is marketing? - CORRECT ANSWER An organizational function and a set of processes
for creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
Consumer - CORRECT ANSWER the ultimate user of a good or service.
Market Concept - CORRECT ANSWER a management orientation that focuses on identifying
and satisfying consumer needs to ensure the organization's long-term profitability
need - CORRECT ANSWER the recognition of any difference between a consumer's actual
state and some ideal or desired state
want - CORRECT ANSWER the desire to satisfy needs in specific ways 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 customers' 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.
value - CORRECT ANSWER Refers to the benefit a customers receives from buying a good or
service.
, Utility - CORRECT ANSWER Refers to the sum of the benefits we receive when we use a
good or service.
Marketplace - CORRECT ANSWER any location or medium used to conduct an exchange
virtual goods - CORRECT ANSWER digital products consumers buy for use in online contexts
exchange - CORRECT ANSWER the process by which some transfer of value occurs between
a buyer and a seller
product - CORRECT ANSWER 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.
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 business approach that prioritizes the
satisfaction of customers' needs and wants
Total Quality Management (TQM) - CORRECT ANSWER A businessperson who only
produces a product when it is ordered.
instapreneur - CORRECT ANSWER a businessperson who only produces a product when it is
ordered
triple bottom line orientation - CORRECT ANSWER a business orientation that looks at
financial profits, the community in which the organization operates, and creating sustainable business
practices
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
What are the 4 P's - CORRECT ANSWER 1. Price 2. Product 3. Promotion 4. Place
What is marketing? - CORRECT ANSWER An organizational function and a set of processes
for creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders.
Consumer - CORRECT ANSWER the ultimate user of a good or service.
Market Concept - CORRECT ANSWER a management orientation that focuses on identifying
and satisfying consumer needs to ensure the organization's long-term profitability
need - CORRECT ANSWER the recognition of any difference between a consumer's actual
state and some ideal or desired state
want - CORRECT ANSWER the desire to satisfy needs in specific ways 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 customers' 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.
value - CORRECT ANSWER Refers to the benefit a customers receives from buying a good or
service.
, Utility - CORRECT ANSWER Refers to the sum of the benefits we receive when we use a
good or service.
Marketplace - CORRECT ANSWER any location or medium used to conduct an exchange
virtual goods - CORRECT ANSWER digital products consumers buy for use in online contexts
exchange - CORRECT ANSWER the process by which some transfer of value occurs between
a buyer and a seller
product - CORRECT ANSWER 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.
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 business approach that prioritizes the
satisfaction of customers' needs and wants
Total Quality Management (TQM) - CORRECT ANSWER A businessperson who only
produces a product when it is ordered.
instapreneur - CORRECT ANSWER a businessperson who only produces a product when it is
ordered
triple bottom line orientation - CORRECT ANSWER a business orientation that looks at
financial profits, the community in which the organization operates, and creating sustainable business
practices
