COB 300D Atav Exam 1 ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
marketing the process of creating, distributing, promoting, and pricing goods, services, and
ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment.
, customers The purchasers of organizations' products; the focal point of all marketing
activities
target market A specific group of customers on whom an organization focuses its marketing
efforts
marketing mix Four marketing activities—product, distribution, promotion, and pricing—that a firm
can control to meet the needs of customers within its target market
product A good, a service, or an idea
value A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
benefits-costs=
marketing environment The competitive, economic, political, legal and regulatory, technological, and
sociocultural forces that surround the customer and affect the marketing mix
marketing concept A managerial philosophy that an organization should try to satisfy customers'
needs through a coordinated set of activities that also allows the organization to
achieve its goals
market orientation An organization-wide commitment to researching and responding to customer
needs
-production orientation
-sales orientation
-the market orientation
Customer Relationship Management (CRM) Using information about customers to create marketing strategies that develop
and sustain desirable customer relationships
At the most basic level, profits can be obtained through by acquiring new customers,
relationships in the following ways:
by enhancing the profitability of existing customers, and
by extending the duration of customer relationships.
relationship marketing Establishing long-term, mutually satisfying buyer-seller relationships
marketing the process of creating, distributing, promoting, and pricing goods, services, and
ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment.
, customers The purchasers of organizations' products; the focal point of all marketing
activities
target market A specific group of customers on whom an organization focuses its marketing
efforts
marketing mix Four marketing activities—product, distribution, promotion, and pricing—that a firm
can control to meet the needs of customers within its target market
product A good, a service, or an idea
value A customer's subjective assessment of benefits relative to costs in determining the
worth of a product
benefits-costs=
marketing environment The competitive, economic, political, legal and regulatory, technological, and
sociocultural forces that surround the customer and affect the marketing mix
marketing concept A managerial philosophy that an organization should try to satisfy customers'
needs through a coordinated set of activities that also allows the organization to
achieve its goals
market orientation An organization-wide commitment to researching and responding to customer
needs
-production orientation
-sales orientation
-the market orientation
Customer Relationship Management (CRM) Using information about customers to create marketing strategies that develop
and sustain desirable customer relationships
At the most basic level, profits can be obtained through by acquiring new customers,
relationships in the following ways:
by enhancing the profitability of existing customers, and
by extending the duration of customer relationships.
relationship marketing Establishing long-term, mutually satisfying buyer-seller relationships
