Marketing 400 Exam 1 Study Guide Questions With
Correct Answers
Marketing |- |CORRECT |ANSWER✔✔-is |the |activity |for |creating, |communicating, |delivering, |and |
exchanging |offerings |that |benefit |its |customers, |the |organization, |its |stakeholders, |and |society |
at |large.
Needs |- |CORRECT |ANSWER✔✔-Basic |Necessities
Wants |- |CORRECT |ANSWER✔✔-shaped |by |knowledge, |personality, |culture
Exchange |- |CORRECT |ANSWER✔✔-is |the |trade |of |things |of |value |between |a |buyer |and |a |seller
|so |that |each |is |better |off |after |the |trade
Target |Market |- |CORRECT |ANSWER✔✔-consists |of |one |or |more |specific |groups |of |potential |
consumers |toward |which |an |organization |directs |its |marketing |program
Market |- |CORRECT |ANSWER✔✔-consists |of |people |with |both |the |desire |and |the |ability |to |buy
|a |specific |offering
4 |P's |of |Marketing |- |CORRECT |ANSWER✔✔-Product, |Price, |Promotion, |Place
Product |- |CORRECT |ANSWER✔✔-good, |service, |idea
Price |- |CORRECT |ANSWER✔✔-what |is |exchanged |for |product
, Promotion |- |CORRECT |ANSWER✔✔-communication |between |sellers |and |buyers
Place |- |CORRECT |ANSWER✔✔-means |of |getting |product |to |consumers
Customer |Value |- |CORRECT |ANSWER✔✔-is |the |unique |combination |of |benefits |received |by |
target |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 |benefit
Marketing |Program |- |CORRECT |ANSWER✔✔-is |a |plan |that |integrates |the |marketing |mix |to |
provide |a |good, |service, |or |idea |to |prospective |buyers.
Marketing |Segment |- |CORRECT |ANSWER✔✔-are |the |relatively |homogeneous |groups |of |
prospective |buyers |that |(1) |have |common |needs |and |(2) |will |respond |similarly |to |a |marketing |
action.
Marketing |Orentation |- |CORRECT |ANSWER✔✔-focuses |on |effects |on |(1) |continuously |
collecting |info |about |customers |needs |(2) |sharing |this |info |across |departments |and |(3) |using |it
|to |create |customer |value
Marketing |Mix |- |CORRECT |ANSWER✔✔-consists |of |the |marketing |manager's |controllable |
factors—product, |price, |promotion, |and |place—that |can |be |used |to |solve |a |marketing |
problem.
How |many |levels |of |management |are |there? |- |CORRECT |ANSWER✔✔-3
Correct Answers
Marketing |- |CORRECT |ANSWER✔✔-is |the |activity |for |creating, |communicating, |delivering, |and |
exchanging |offerings |that |benefit |its |customers, |the |organization, |its |stakeholders, |and |society |
at |large.
Needs |- |CORRECT |ANSWER✔✔-Basic |Necessities
Wants |- |CORRECT |ANSWER✔✔-shaped |by |knowledge, |personality, |culture
Exchange |- |CORRECT |ANSWER✔✔-is |the |trade |of |things |of |value |between |a |buyer |and |a |seller
|so |that |each |is |better |off |after |the |trade
Target |Market |- |CORRECT |ANSWER✔✔-consists |of |one |or |more |specific |groups |of |potential |
consumers |toward |which |an |organization |directs |its |marketing |program
Market |- |CORRECT |ANSWER✔✔-consists |of |people |with |both |the |desire |and |the |ability |to |buy
|a |specific |offering
4 |P's |of |Marketing |- |CORRECT |ANSWER✔✔-Product, |Price, |Promotion, |Place
Product |- |CORRECT |ANSWER✔✔-good, |service, |idea
Price |- |CORRECT |ANSWER✔✔-what |is |exchanged |for |product
, Promotion |- |CORRECT |ANSWER✔✔-communication |between |sellers |and |buyers
Place |- |CORRECT |ANSWER✔✔-means |of |getting |product |to |consumers
Customer |Value |- |CORRECT |ANSWER✔✔-is |the |unique |combination |of |benefits |received |by |
target |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 |benefit
Marketing |Program |- |CORRECT |ANSWER✔✔-is |a |plan |that |integrates |the |marketing |mix |to |
provide |a |good, |service, |or |idea |to |prospective |buyers.
Marketing |Segment |- |CORRECT |ANSWER✔✔-are |the |relatively |homogeneous |groups |of |
prospective |buyers |that |(1) |have |common |needs |and |(2) |will |respond |similarly |to |a |marketing |
action.
Marketing |Orentation |- |CORRECT |ANSWER✔✔-focuses |on |effects |on |(1) |continuously |
collecting |info |about |customers |needs |(2) |sharing |this |info |across |departments |and |(3) |using |it
|to |create |customer |value
Marketing |Mix |- |CORRECT |ANSWER✔✔-consists |of |the |marketing |manager's |controllable |
factors—product, |price, |promotion, |and |place—that |can |be |used |to |solve |a |marketing |
problem.
How |many |levels |of |management |are |there? |- |CORRECT |ANSWER✔✔-3
