TAMU MKTG 409 Exam 1 MindTap Study Guide (Ch. 1–5) – Marketing Fundamentals,
Environment & Consumer Behavior Review
What is Marketing? - ANS ✔✔The process of:
-Creating, distributing, promoting, and pricing goods, services, and ideas
-To facilitate satisfying exchange relationships with customers
-To develop and maintain favorable relationships with stakeholders in a dynamic environment
Components of Strategic marketing - ANS ✔✔
Marketing focuses on what? - ANS ✔✔Customers
Customers - ANS ✔✔-Purchasers of the products that organizations develop, promote,
distribute, and price
-Focal point of all marketing activities
Target Market - ANS ✔✔A specific group of customers on whom an organization focuses its
marketing efforts
Marketing Mix Variables - ANS ✔✔Marketing is more than simply advertising or selling a
product it involves:
-Developing and managing a product
-Making the product available in the right place
-Pricing the product at an acceptable level for buyers
-Communicating information to help customers determine if the product will satisfy their needs
Marketing mix - ANS ✔✔Four marketing activities that a firm can control to meet the needs of
customers within its target market
, -There is a limit to how much these variables can be controlled
The 4 Marketing activities - ANS ✔✔1. Product
2. Distribution
3. Promotion
4. Price
Marketers must: - ANS ✔✔Aim to create and maintain the right mix of elements to satisfy
customers in the target market
-Collect detailed and up-to-date information on:
Their target market
Consumer preferences
Competitors in order to develop the marketing mix
Product can be: - ANS ✔✔-Good—a physical entity that you can touch
-Service—the application of human and mechanical efforts to people or objects to provide
intangible benefits to customers
-Idea—concept, philosophy, image, or issue
PRODUCT VARIABLE
Product Variable - ANS ✔✔Includes the creation or modification of brand names and packaging
-May also include decisions regarding warranty and repair services
Product variable decisions and activities directly impact the creation of products that meet
customers' needs and wants
Environment & Consumer Behavior Review
What is Marketing? - ANS ✔✔The process of:
-Creating, distributing, promoting, and pricing goods, services, and ideas
-To facilitate satisfying exchange relationships with customers
-To develop and maintain favorable relationships with stakeholders in a dynamic environment
Components of Strategic marketing - ANS ✔✔
Marketing focuses on what? - ANS ✔✔Customers
Customers - ANS ✔✔-Purchasers of the products that organizations develop, promote,
distribute, and price
-Focal point of all marketing activities
Target Market - ANS ✔✔A specific group of customers on whom an organization focuses its
marketing efforts
Marketing Mix Variables - ANS ✔✔Marketing is more than simply advertising or selling a
product it involves:
-Developing and managing a product
-Making the product available in the right place
-Pricing the product at an acceptable level for buyers
-Communicating information to help customers determine if the product will satisfy their needs
Marketing mix - ANS ✔✔Four marketing activities that a firm can control to meet the needs of
customers within its target market
, -There is a limit to how much these variables can be controlled
The 4 Marketing activities - ANS ✔✔1. Product
2. Distribution
3. Promotion
4. Price
Marketers must: - ANS ✔✔Aim to create and maintain the right mix of elements to satisfy
customers in the target market
-Collect detailed and up-to-date information on:
Their target market
Consumer preferences
Competitors in order to develop the marketing mix
Product can be: - ANS ✔✔-Good—a physical entity that you can touch
-Service—the application of human and mechanical efforts to people or objects to provide
intangible benefits to customers
-Idea—concept, philosophy, image, or issue
PRODUCT VARIABLE
Product Variable - ANS ✔✔Includes the creation or modification of brand names and packaging
-May also include decisions regarding warranty and repair services
Product variable decisions and activities directly impact the creation of products that meet
customers' needs and wants
