UT Dallas Marketing Management (MKT
6301) Exam 1
Marketing - CORRECT ANSWER-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
Exchange Process - CORRECT ANSWER-Process by which one or more parties
give something of value to each other to satisfy perceived needs
Needs - CORRECT ANSWER-States of felt deprivation
Wants - CORRECT ANSWER-The form taken by human needs as they are
shaped by culture and individual personality
Demands - CORRECT ANSWER-Human wants that are backed by buying power
Production Era - CORRECT ANSWER-Orientation: "A good product will sell
itself"
Time Period: Prior to the 1920s
Sales Era - CORRECT ANSWER-Orientation: "Creative advertising and selling
will convince them."
Time Period: Prior to the 1950s
Marketing Era - CORRECT ANSWER-Orientation: "The consumer is king! Find a
need and fill it."
Time Period: Last half of 20th century
Relationship Marketing Era - CORRECT ANSWER-Orientation: "Long-Term
relationships lead to success."
Time Period: Last decade of 20th century
Target Market - CORRECT ANSWER-A group of persons for whom a firm
creates and maintains a marketing mix that specifically fits that group's needs
and preferences
,Product - CORRECT ANSWER-Anything that can be offered to a market for
attention, acquisition, use, or consumption that may satisfy a want or need
Utility - CORRECT ANSWER-Want satisfying power of a good/service
Form Utility - CORRECT ANSWER-Transformation of raw materials and/or labor
into a finished good and/or service that the consumer desires
Place Utility - CORRECT ANSWER-Availability of a good and/or service where
the consumer wants or needs it
Ownership Utility - CORRECT ANSWER-Enabling ownership
Time Utility - CORRECT ANSWER-Availability of a good and/or service when
consumer wants/needs it
Relationship Marketing - CORRECT ANSWER-The process of creating,
maintaining, and enhancing strong, value-laden relationships with customers and
other stake holders
The Marketing Concept - CORRECT ANSWER-Company wide consumer
orientation that creates, delivers, and communicates superior value to target
markets
Marketing Myopia - CORRECT ANSWER-Short-sightedness by business firms
causing management to define their business too narrowly
Seller's Market - CORRECT ANSWER-Marketplace characterized by a shortage
of goods and/or services
Buyer's Market - CORRECT ANSWER-Marketplace characterized by an
abundance of goods and/or services
Marketing Management - CORRECT ANSWER--The art and science of choosing
target markets and getting, keeping, and growing customers through creating,
delivering, and communicating superior customer value.
, - The analysis, planning, implementation, and control of programs designed to
create, build, and maintain beneficial exchanges with target buyers for the
purpose of achieving organizational objectives.
Marketing Strategy - CORRECT ANSWER-Selecting and analyzing a target
market and creating and maintaining a marketing mix that will satisfy that market.
Brand Competitors - CORRECT ANSWER-Firms that market products with
similar features and benefits to the same customers at similar prices
Product Competitors - CORRECT ANSWER-Compete in the same product class
but market products with different features, benefits, and prices
Example: Different types of bikes-mountain bikes, tandem bikes, Olympic speed
bike, etc.
Generic Competitors - CORRECT ANSWER-Provide very different products that
solve the same problem or satisfy the same basic customer need
Example: Car, bus pass, bike, skateboard, etc.
Budget Competitors - CORRECT ANSWER-Compete for the limited financial
resources of the same customers
Example: Customer has only $100 to spend on anything.
Pure Competition - CORRECT ANSWER-Many firms selling the same basic
products
Monopolistic Competition - CORRECT ANSWER-A large number of sellers
producing and selling products that are differentiated (i.e. think different brands of
shampoo)
Oligopoly - CORRECT ANSWER-A few firms controlling the majority of the
industry's sales
6301) Exam 1
Marketing - CORRECT ANSWER-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
Exchange Process - CORRECT ANSWER-Process by which one or more parties
give something of value to each other to satisfy perceived needs
Needs - CORRECT ANSWER-States of felt deprivation
Wants - CORRECT ANSWER-The form taken by human needs as they are
shaped by culture and individual personality
Demands - CORRECT ANSWER-Human wants that are backed by buying power
Production Era - CORRECT ANSWER-Orientation: "A good product will sell
itself"
Time Period: Prior to the 1920s
Sales Era - CORRECT ANSWER-Orientation: "Creative advertising and selling
will convince them."
Time Period: Prior to the 1950s
Marketing Era - CORRECT ANSWER-Orientation: "The consumer is king! Find a
need and fill it."
Time Period: Last half of 20th century
Relationship Marketing Era - CORRECT ANSWER-Orientation: "Long-Term
relationships lead to success."
Time Period: Last decade of 20th century
Target Market - CORRECT ANSWER-A group of persons for whom a firm
creates and maintains a marketing mix that specifically fits that group's needs
and preferences
,Product - CORRECT ANSWER-Anything that can be offered to a market for
attention, acquisition, use, or consumption that may satisfy a want or need
Utility - CORRECT ANSWER-Want satisfying power of a good/service
Form Utility - CORRECT ANSWER-Transformation of raw materials and/or labor
into a finished good and/or service that the consumer desires
Place Utility - CORRECT ANSWER-Availability of a good and/or service where
the consumer wants or needs it
Ownership Utility - CORRECT ANSWER-Enabling ownership
Time Utility - CORRECT ANSWER-Availability of a good and/or service when
consumer wants/needs it
Relationship Marketing - CORRECT ANSWER-The process of creating,
maintaining, and enhancing strong, value-laden relationships with customers and
other stake holders
The Marketing Concept - CORRECT ANSWER-Company wide consumer
orientation that creates, delivers, and communicates superior value to target
markets
Marketing Myopia - CORRECT ANSWER-Short-sightedness by business firms
causing management to define their business too narrowly
Seller's Market - CORRECT ANSWER-Marketplace characterized by a shortage
of goods and/or services
Buyer's Market - CORRECT ANSWER-Marketplace characterized by an
abundance of goods and/or services
Marketing Management - CORRECT ANSWER--The art and science of choosing
target markets and getting, keeping, and growing customers through creating,
delivering, and communicating superior customer value.
, - The analysis, planning, implementation, and control of programs designed to
create, build, and maintain beneficial exchanges with target buyers for the
purpose of achieving organizational objectives.
Marketing Strategy - CORRECT ANSWER-Selecting and analyzing a target
market and creating and maintaining a marketing mix that will satisfy that market.
Brand Competitors - CORRECT ANSWER-Firms that market products with
similar features and benefits to the same customers at similar prices
Product Competitors - CORRECT ANSWER-Compete in the same product class
but market products with different features, benefits, and prices
Example: Different types of bikes-mountain bikes, tandem bikes, Olympic speed
bike, etc.
Generic Competitors - CORRECT ANSWER-Provide very different products that
solve the same problem or satisfy the same basic customer need
Example: Car, bus pass, bike, skateboard, etc.
Budget Competitors - CORRECT ANSWER-Compete for the limited financial
resources of the same customers
Example: Customer has only $100 to spend on anything.
Pure Competition - CORRECT ANSWER-Many firms selling the same basic
products
Monopolistic Competition - CORRECT ANSWER-A large number of sellers
producing and selling products that are differentiated (i.e. think different brands of
shampoo)
Oligopoly - CORRECT ANSWER-A few firms controlling the majority of the
industry's sales
