MKT 291 Miami University Exam 1 Questions
With Correct Answers
marketing - CORRECT ANSWER✔✔-the activity, set of institutions, &
| | | | | | | | |
processes for creating, communication, delivering & exchanging
| | | | | | |
offerings that have value for customers, clients, partners, & society at
| | | | | | | | | | |
large
*focuses on consumer wants & needs*
| | | | |
4 factors for marketing to occur - CORRECT ANSWER✔✔-1) 2+ parties
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with unsatisfied needs
| |
2) a desire & ability on their part to be satisfied
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3) a way for the parties to communicate
| | | | | | |
4) something to exchange
| | |
5 environmental forces of marketing - CORRECT ANSWER✔✔-1) social
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(what customers want, income, age, family)
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2) economic (state of the economy)
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3) technological
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4) competitive (market position, how your competitors are doing)
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5) regulatory (expiration dates, government regulations etc.)
| | | | | |
,marketing mix (4 P's) - CORRECT ANSWER✔✔-1) product
| | | | | | |
2) price
|
3) place
|
4) promotion
|
marketing concept - CORRECT ANSWER✔✔-satisfies customer needs &
| | | | | | | |
wants & also the company's needs & wants
| | | | | | |
ultimate consumers vs. organizational buyers - CORRECT ANSWER✔✔-
| | | | | | |
ultimate consumers: us | |
organizational buyers: manufacturers, resellers, govt. entities
| | | | |
4 utilities of marketing - CORRECT ANSWER✔✔-1) form (size, quantity,
| | | | | | | | | |
color, length, etc.)
| |
2) place (where to buy or get)
| | | | | |
3) time (hours of operation, seasons, products when people wanna buy)
| | | | | | | | | |
4) possession (value customers place on goods or services and what
| | | | | | | | | | |
they decide to do with it)
| | | | |
strategy - CORRECT ANSWER✔✔-an organization's long-term course of
| | | | | | | |
action designed to deliver a unique customer experience while
| | | | | | | | |
achieving its goals | |
,3 types of organizations - CORRECT ANSWER✔✔-- for-profit
| | | | | | | |
organizations
- nonprofit organizations
| |
- government agencies
| |
organization - CORRECT ANSWER✔✔-a legal entity that consists of
| | | | | | | | |
people who share a common mission which motivates them to develop
| | | | | | | | | | |
offerings (goods, services, ideas) that create value for both the
| | | | | | | | | |
organization and is customers by satisfying their needs & wants
| | | | | | | | |
corporate level - CORRECT ANSWER✔✔-where top management directs
| | | | | | |
overall strategy for the entire organization
| | | | | |
top management - CORRECT ANSWER✔✔-the board of directors and
| | | | | | | | |
senior management officers with a variety of skills and experiences that
| | | | | | | | | | |
are invaluable in establishing the organization's overall strategy
| | | | | | |
hierarchy of an organization - CORRECT ANSWER✔✔-(from highest to
| | | | | | | | |
lowest)
board of directors, corporate level, strategic business unit level,
| | | | | | | | |
functional level |
, strategic business unit (SBU) - CORRECT ANSWER✔✔-a subsidiary,
| | | | | | | |
division, or unit of an organization that markets a set of related offerings
| | | | | | | | | | | |
to a clearly defined target market
| | | | | |
strategic business unit level - CORRECT ANSWER✔✔-where managers
| | | | | | | |
set a more specific strategic direction for their businesses to exploit
| | | | | | | | | | |
value-creating opportunities |
functional level - CORRECT ANSWER✔✔-where groups of specialists
| | | | | | | |
actually create value for the organization
| | | | |
department - CORRECT ANSWER✔✔-these specialized functions such as
| | | | | | |
marketing and finance where the organization's strategic direction
| | | | | | | | |
becomes its most specific and focused
| | | | |
cross-functional teams - CORRECT ANSWER✔✔-consist of a small | | | | | | | |
number of people from different departments who are mutually
| | | | | | | | |
accountable to accomplish a task or a common set of performance goals
| | | | | | | | | | |
core values - CORRECT ANSWER✔✔-the fundamental, passionate, and
| | | | | | | |
enduring principles that guide its conduct over time. serve to motivate
| | | | | | | | | | |
its stakeholders
|
With Correct Answers
marketing - CORRECT ANSWER✔✔-the activity, set of institutions, &
| | | | | | | | |
processes for creating, communication, delivering & exchanging
| | | | | | |
offerings that have value for customers, clients, partners, & society at
| | | | | | | | | | |
large
*focuses on consumer wants & needs*
| | | | |
4 factors for marketing to occur - CORRECT ANSWER✔✔-1) 2+ parties
| | | | | | | | | | |
with unsatisfied needs
| |
2) a desire & ability on their part to be satisfied
| | | | | | | | | |
3) a way for the parties to communicate
| | | | | | |
4) something to exchange
| | |
5 environmental forces of marketing - CORRECT ANSWER✔✔-1) social
| | | | | | | | |
(what customers want, income, age, family)
| | | | |
2) economic (state of the economy)
| | | | |
3) technological
|
4) competitive (market position, how your competitors are doing)
| | | | | | | |
5) regulatory (expiration dates, government regulations etc.)
| | | | | |
,marketing mix (4 P's) - CORRECT ANSWER✔✔-1) product
| | | | | | |
2) price
|
3) place
|
4) promotion
|
marketing concept - CORRECT ANSWER✔✔-satisfies customer needs &
| | | | | | | |
wants & also the company's needs & wants
| | | | | | |
ultimate consumers vs. organizational buyers - CORRECT ANSWER✔✔-
| | | | | | |
ultimate consumers: us | |
organizational buyers: manufacturers, resellers, govt. entities
| | | | |
4 utilities of marketing - CORRECT ANSWER✔✔-1) form (size, quantity,
| | | | | | | | | |
color, length, etc.)
| |
2) place (where to buy or get)
| | | | | |
3) time (hours of operation, seasons, products when people wanna buy)
| | | | | | | | | |
4) possession (value customers place on goods or services and what
| | | | | | | | | | |
they decide to do with it)
| | | | |
strategy - CORRECT ANSWER✔✔-an organization's long-term course of
| | | | | | | |
action designed to deliver a unique customer experience while
| | | | | | | | |
achieving its goals | |
,3 types of organizations - CORRECT ANSWER✔✔-- for-profit
| | | | | | | |
organizations
- nonprofit organizations
| |
- government agencies
| |
organization - CORRECT ANSWER✔✔-a legal entity that consists of
| | | | | | | | |
people who share a common mission which motivates them to develop
| | | | | | | | | | |
offerings (goods, services, ideas) that create value for both the
| | | | | | | | | |
organization and is customers by satisfying their needs & wants
| | | | | | | | |
corporate level - CORRECT ANSWER✔✔-where top management directs
| | | | | | |
overall strategy for the entire organization
| | | | | |
top management - CORRECT ANSWER✔✔-the board of directors and
| | | | | | | | |
senior management officers with a variety of skills and experiences that
| | | | | | | | | | |
are invaluable in establishing the organization's overall strategy
| | | | | | |
hierarchy of an organization - CORRECT ANSWER✔✔-(from highest to
| | | | | | | | |
lowest)
board of directors, corporate level, strategic business unit level,
| | | | | | | | |
functional level |
, strategic business unit (SBU) - CORRECT ANSWER✔✔-a subsidiary,
| | | | | | | |
division, or unit of an organization that markets a set of related offerings
| | | | | | | | | | | |
to a clearly defined target market
| | | | | |
strategic business unit level - CORRECT ANSWER✔✔-where managers
| | | | | | | |
set a more specific strategic direction for their businesses to exploit
| | | | | | | | | | |
value-creating opportunities |
functional level - CORRECT ANSWER✔✔-where groups of specialists
| | | | | | | |
actually create value for the organization
| | | | |
department - CORRECT ANSWER✔✔-these specialized functions such as
| | | | | | |
marketing and finance where the organization's strategic direction
| | | | | | | | |
becomes its most specific and focused
| | | | |
cross-functional teams - CORRECT ANSWER✔✔-consist of a small | | | | | | | |
number of people from different departments who are mutually
| | | | | | | | |
accountable to accomplish a task or a common set of performance goals
| | | | | | | | | | |
core values - CORRECT ANSWER✔✔-the fundamental, passionate, and
| | | | | | | |
enduring principles that guide its conduct over time. serve to motivate
| | | | | | | | | | |
its stakeholders
|
