Marketing 341 (Exam 1) – Study Guide, Practice Questions & Exam Review
Marketing - ANS ✔✔A social and managerial process by which individuals and groups obtain
what they need and want through creating and exchanging products and value with others
Point of Attraction - ANS ✔✔Where product, service, and idea come together with customers
Need - ANS ✔✔The difference between a consumer's actual state and some ideal or desired
state
Want - ANS ✔✔Desire for a particular product used to satisfy a need
Demand - ANS ✔✔The ability to purchase a want
Benefits - ANS ✔✔What a product or services delivers when it satisfies a need
Value - ANS ✔✔The result of what you benefit
Satisfaction - ANS ✔✔The value you received compared to what you expected to receive
Market - ANS ✔✔All available buyers who share common needs satisfied by specific products
and have resources, and a willingness to make an exchange
Marketplace - ANS ✔✔Where buyers and sellers come together
Market Offerings - ANS ✔✔Combination of products, services, information, or experience.
Offered to a market to satisfy a need or want
, Marketing Management - ANS ✔✔The art and science of choosing target markets and building
profitable relationships with them
Marketing Mix - ANS ✔✔Set of marketing tools the firm uses to implement its marketing
strategy. (Four P's)
Customer Relationship Management (CRM) - ANS ✔✔The overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction
Customer Lifetime Value - ANS ✔✔Value of the entire stream of purchases a customer makes
over a lifetime of patronage
Strategic Planning - ANS ✔✔The process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Mission Statements should: - ANS ✔✔- Serve as a guide for what the organization wants to
accomplish
- Be "market-oriented"
- Be neither too narrow, nor too broad
- Form with the market environment
- Be motivating
Business Portfolio - ANS ✔✔The collection of businesses and products that make up the
company
Market Penetration - ANS ✔✔Increasing sales to current buyers without changing the products
being sold
Marketing - ANS ✔✔A social and managerial process by which individuals and groups obtain
what they need and want through creating and exchanging products and value with others
Point of Attraction - ANS ✔✔Where product, service, and idea come together with customers
Need - ANS ✔✔The difference between a consumer's actual state and some ideal or desired
state
Want - ANS ✔✔Desire for a particular product used to satisfy a need
Demand - ANS ✔✔The ability to purchase a want
Benefits - ANS ✔✔What a product or services delivers when it satisfies a need
Value - ANS ✔✔The result of what you benefit
Satisfaction - ANS ✔✔The value you received compared to what you expected to receive
Market - ANS ✔✔All available buyers who share common needs satisfied by specific products
and have resources, and a willingness to make an exchange
Marketplace - ANS ✔✔Where buyers and sellers come together
Market Offerings - ANS ✔✔Combination of products, services, information, or experience.
Offered to a market to satisfy a need or want
, Marketing Management - ANS ✔✔The art and science of choosing target markets and building
profitable relationships with them
Marketing Mix - ANS ✔✔Set of marketing tools the firm uses to implement its marketing
strategy. (Four P's)
Customer Relationship Management (CRM) - ANS ✔✔The overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction
Customer Lifetime Value - ANS ✔✔Value of the entire stream of purchases a customer makes
over a lifetime of patronage
Strategic Planning - ANS ✔✔The process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Mission Statements should: - ANS ✔✔- Serve as a guide for what the organization wants to
accomplish
- Be "market-oriented"
- Be neither too narrow, nor too broad
- Form with the market environment
- Be motivating
Business Portfolio - ANS ✔✔The collection of businesses and products that make up the
company
Market Penetration - ANS ✔✔Increasing sales to current buyers without changing the products
being sold
