MKTG 311 EXAM 1 QUESTIONS &
VERIFIED CORRECT ANSWERS
PASSED 100%
Marketing - Correct Answer ✔✔ the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its stakeholders, and
society at large
Exchange - Correct Answer ✔✔ the trade of things of value between buyer and seller
so that each is better off after the trade
market - Correct Answer ✔✔ consists of people with both the desire and the ability to
buy a specific offering
target market - Correct Answer ✔✔ one or more specific groups of potential consumers
toward which and organization directs its marketing program
marketing mix - Correct Answer ✔✔ The marketing manager's controllable factors—
product, price, promotion, and place—that can be used to solve a marketing problem.
customer value proposition - Correct Answer ✔✔ the cluster of benefits that an
organization promises customers to satisfy their needs
environmental forces - Correct Answer ✔✔ The uncontrollable forces in a marketing
decision involving social, economic, technological, competitive, and regulatory forces.
customer value - Correct Answer ✔✔ the unique combination of benefits received by
targeted buyers that includes quality, convenience, on-time delivery, and both before-
sale and after-sale service at a specific price
relationship marketing - Correct Answer ✔✔ links the organization to its individual
customers, employees, suppliers and other partners for their mutual long-term benefits
marketing program - Correct Answer ✔✔ a plan that integrates the marketing mix to
provide a good, service or idea to prospective buyers
marketing concept - Correct Answer ✔✔ the idea that an organization should (1) strive
to satisfy the needed of consumers (2) while also trying to achieve the organization's
goals
, market orientation - Correct Answer ✔✔ when an organization focuses its efforts on (1)
continuously collecting information about customers' needs, (2) sharing this information
across departments, and (3) using it to create customer value.
customer relationship management (CRM) - Correct Answer ✔✔ the process of
identifying prospective buyers, understanding them intimately and developing favorable
long-term perceptions of the organization and its offerings so that buyers will choose
them in the marketplace
customer experience - Correct Answer ✔✔ the internal response that customers have
to all aspects of an organization and its offering
societal marketing concept - Correct Answer ✔✔ the view that organizations should
satisfy the needs of consumers in a way that provides for society's well-being
product - Correct Answer ✔✔ a good, service, or idea consisting of a bundle of tangible
and intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
ultimate consumers - Correct Answer ✔✔ the people who use the goods and services
purchased for a household, also called consumers, buyers or customers
organizational buyers - Correct Answer ✔✔ those manufacturers, wholesalers, retailers
and government agencies that buy goods and services for their own use or for resale
utility - Correct Answer ✔✔ benefits or customer value received by users of the product
profit - Correct Answer ✔✔ money left after a business firm's total expenses are
subtracted from its total revenues and is the reward for the risk it undertakes in
marketing its offerings
strategy - Correct Answer ✔✔ an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
corporate level - Correct Answer ✔✔ the level in an organization where top
management directs overall strategy for the organization
strategic business unit (SBU) - Correct Answer ✔✔ subsidiary, division, or unit of an
organization that markets a set of related offerings to a clearly defined group of
customers
functional level - Correct Answer ✔✔ the level in an organization where groups of
specialists actually create value for the organization
VERIFIED CORRECT ANSWERS
PASSED 100%
Marketing - Correct Answer ✔✔ the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its stakeholders, and
society at large
Exchange - Correct Answer ✔✔ the trade of things of value between buyer and seller
so that each is better off after the trade
market - Correct Answer ✔✔ consists of people with both the desire and the ability to
buy a specific offering
target market - Correct Answer ✔✔ one or more specific groups of potential consumers
toward which and organization directs its marketing program
marketing mix - Correct Answer ✔✔ The marketing manager's controllable factors—
product, price, promotion, and place—that can be used to solve a marketing problem.
customer value proposition - Correct Answer ✔✔ the cluster of benefits that an
organization promises customers to satisfy their needs
environmental forces - Correct Answer ✔✔ The uncontrollable forces in a marketing
decision involving social, economic, technological, competitive, and regulatory forces.
customer value - Correct Answer ✔✔ the unique combination of benefits received by
targeted buyers that includes quality, convenience, on-time delivery, and both before-
sale and after-sale service at a specific price
relationship marketing - Correct Answer ✔✔ links the organization to its individual
customers, employees, suppliers and other partners for their mutual long-term benefits
marketing program - Correct Answer ✔✔ a plan that integrates the marketing mix to
provide a good, service or idea to prospective buyers
marketing concept - Correct Answer ✔✔ the idea that an organization should (1) strive
to satisfy the needed of consumers (2) while also trying to achieve the organization's
goals
, market orientation - Correct Answer ✔✔ when an organization focuses its efforts on (1)
continuously collecting information about customers' needs, (2) sharing this information
across departments, and (3) using it to create customer value.
customer relationship management (CRM) - Correct Answer ✔✔ the process of
identifying prospective buyers, understanding them intimately and developing favorable
long-term perceptions of the organization and its offerings so that buyers will choose
them in the marketplace
customer experience - Correct Answer ✔✔ the internal response that customers have
to all aspects of an organization and its offering
societal marketing concept - Correct Answer ✔✔ the view that organizations should
satisfy the needs of consumers in a way that provides for society's well-being
product - Correct Answer ✔✔ a good, service, or idea consisting of a bundle of tangible
and intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
ultimate consumers - Correct Answer ✔✔ the people who use the goods and services
purchased for a household, also called consumers, buyers or customers
organizational buyers - Correct Answer ✔✔ those manufacturers, wholesalers, retailers
and government agencies that buy goods and services for their own use or for resale
utility - Correct Answer ✔✔ benefits or customer value received by users of the product
profit - Correct Answer ✔✔ money left after a business firm's total expenses are
subtracted from its total revenues and is the reward for the risk it undertakes in
marketing its offerings
strategy - Correct Answer ✔✔ an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
corporate level - Correct Answer ✔✔ the level in an organization where top
management directs overall strategy for the organization
strategic business unit (SBU) - Correct Answer ✔✔ subsidiary, division, or unit of an
organization that markets a set of related offerings to a clearly defined group of
customers
functional level - Correct Answer ✔✔ the level in an organization where groups of
specialists actually create value for the organization
