MKTG 3010 EXAM 1(CHAP 1-5) STUDY GUIDE
Utility - Answers - the power of a good or service to satisfy the wants of consumers
Marketing - Answers - the process for creating, communicating, and delivering value to
customers
Four types of utility - Answers - form, time, place, ownership
form - Answers - conversion of raw materials into finished goods and services
time - Answers - availability of goods and services when consumers want them
place - Answers - availability of goods and services at convenient locations
ownership - Answers - ability to transfer title products from marketer to buyer
target market - Answers - the group of people toward whom the firm aims its marketing
efforts and ultimately its merchandise
marketing mix - Answers - product, price, distribution, and promotion
product - Answers - refers to a good, service, or idea
price strategy - Answers - the method of setting profitable and justifiable prices
distribution - Answers - decision involving modes of transportation, warehousing,
inventory control, order processing, and selection of marketing channels
promotion - Answers - broadly defined as communication to a firm's buyers about their
products
production orientation - Answers - manufacturers stressed production of quality
products and then looked for people to purchase them
five eras of marketing history - Answers - production, sales, marketing, relationship,
social
sales orientation - Answers - a belief that creative advertising and personal selling will
persuade consumers to buy
sellers market - Answers - when there are more buyers for fewer products
buyers market - Answers - when there are more products than people willing to buy
them
, consumer orientation - Answers - where the focus is on satisfying the needs and wants
of consumers rather than simply producing and selling products
transaction based marketing - Answers - traditional view of marketing as a simple
exchange process
relationship marketing - Answers - refers to the development, growth, and maintenance
of long term, cost effective relationships with individual customers, suppliers,
employees, and other partners for mutual benefit
mobile marketing - Answers - marketing messages sent to wireless devices, such as
phones and tablets
social marketing - Answers - the use of online social media as a communications
channel for marketing messages
product marketing - Answers - involves efforts designed to communicate the benefits of
a good or service
person marketing - Answers - efforts designed to cultivate the attention and preference
of a target market toward a person
place marketing - Answers - efforts designed to attract visitors to a particular area,
improve consumers area, improve consumers images of a city, state, or nation; and/or
attract new business
cause marketing - Answers - identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - Answers - marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - Answers - marketing efforts of mutual benefit organizations,
service organizations, and government organizations that seek to influence others to
accept their goals, receive their services, or contribute to them in some way
buying - Answers - ensuring that product offering are available in sufficient quantities to
meet customer demands
selling - Answers - using advertising, personal selling, and sales promotion to match
products to customer needs
transporting - Answers - moving products from their point of production to locations
convenient for purchasers
Utility - Answers - the power of a good or service to satisfy the wants of consumers
Marketing - Answers - the process for creating, communicating, and delivering value to
customers
Four types of utility - Answers - form, time, place, ownership
form - Answers - conversion of raw materials into finished goods and services
time - Answers - availability of goods and services when consumers want them
place - Answers - availability of goods and services at convenient locations
ownership - Answers - ability to transfer title products from marketer to buyer
target market - Answers - the group of people toward whom the firm aims its marketing
efforts and ultimately its merchandise
marketing mix - Answers - product, price, distribution, and promotion
product - Answers - refers to a good, service, or idea
price strategy - Answers - the method of setting profitable and justifiable prices
distribution - Answers - decision involving modes of transportation, warehousing,
inventory control, order processing, and selection of marketing channels
promotion - Answers - broadly defined as communication to a firm's buyers about their
products
production orientation - Answers - manufacturers stressed production of quality
products and then looked for people to purchase them
five eras of marketing history - Answers - production, sales, marketing, relationship,
social
sales orientation - Answers - a belief that creative advertising and personal selling will
persuade consumers to buy
sellers market - Answers - when there are more buyers for fewer products
buyers market - Answers - when there are more products than people willing to buy
them
, consumer orientation - Answers - where the focus is on satisfying the needs and wants
of consumers rather than simply producing and selling products
transaction based marketing - Answers - traditional view of marketing as a simple
exchange process
relationship marketing - Answers - refers to the development, growth, and maintenance
of long term, cost effective relationships with individual customers, suppliers,
employees, and other partners for mutual benefit
mobile marketing - Answers - marketing messages sent to wireless devices, such as
phones and tablets
social marketing - Answers - the use of online social media as a communications
channel for marketing messages
product marketing - Answers - involves efforts designed to communicate the benefits of
a good or service
person marketing - Answers - efforts designed to cultivate the attention and preference
of a target market toward a person
place marketing - Answers - efforts designed to attract visitors to a particular area,
improve consumers area, improve consumers images of a city, state, or nation; and/or
attract new business
cause marketing - Answers - identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - Answers - marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - Answers - marketing efforts of mutual benefit organizations,
service organizations, and government organizations that seek to influence others to
accept their goals, receive their services, or contribute to them in some way
buying - Answers - ensuring that product offering are available in sufficient quantities to
meet customer demands
selling - Answers - using advertising, personal selling, and sales promotion to match
products to customer needs
transporting - Answers - moving products from their point of production to locations
convenient for purchasers
