MKT 352 Exam 1 Review Guide – Marketing Research Fundamentals (Grand Valley State
University)
Marketing - ANS ✔✔an organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders
Marketing Concept - ANS ✔✔the idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organization's goals
Marketing strategy - ANS ✔✔selecting a segment of the market as the company's target market
and designing the proper "mix" of product / service, price, promotion, and distribution system
to meet the wants and needs of the consumer within the target market
AMA - ANS ✔✔American Marketing association
customer value proposition - ANS ✔✔a cluster of benefits that an organization promises
customers to satisfy their needs
Old vs new view of business - ANS ✔✔
marketing mix - ANS ✔✔designing the product/ service, price, promotion and distribution
system to meet the wants and needs of the consumers within the target market
4 ps - ANS ✔✔Product, Price, Place, Promotion
information vs data - ANS ✔✔information is understandings from data. Data is raw numbers
University)
Marketing - ANS ✔✔an organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders
Marketing Concept - ANS ✔✔the idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organization's goals
Marketing strategy - ANS ✔✔selecting a segment of the market as the company's target market
and designing the proper "mix" of product / service, price, promotion, and distribution system
to meet the wants and needs of the consumer within the target market
AMA - ANS ✔✔American Marketing association
customer value proposition - ANS ✔✔a cluster of benefits that an organization promises
customers to satisfy their needs
Old vs new view of business - ANS ✔✔
marketing mix - ANS ✔✔designing the product/ service, price, promotion and distribution
system to meet the wants and needs of the consumers within the target market
4 ps - ANS ✔✔Product, Price, Place, Promotion
information vs data - ANS ✔✔information is understandings from data. Data is raw numbers
