MKT 301 UNIVERSITY OF DAYTON EXAM #1 UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. market
Answer:
people with both the desire and the ability to buy a specific offering
Question:
2. target market
Answer:
one or more specific groups of potential consumers towards toward which an organization marketing
program
Question:
3. marketing mix
Answer:
the controllable factors-promotion, price, product, and place-that can be used by the marketing manager to
solve a marketing problem
Question:
4. customer value
Answer:
the unique combination of benefits received by targeted convenience, on-time delivery, and both
before-sale and after-sale service at specific price
Question:
5. relationship marketing
Answer:
links the organization to its individual customers, employees, suppliers, and other partners for their mutual
long-term benefit
Question:
6. customer value propostition
Answer:
the cluster of benefits that an organization promises customers to satisfy their needs
Question:
7. environmental forces
Answer:
the uncontrollable forces that affect a marketing decision and consist of social, economic, technological,
competitive, and regulatory forces
Question:
8. marketing program
, Answer:
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Question:
9. market segments
Answer:
the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond
similarly to a marketing action
Question:
10. marketing concept
Answer:
the idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to
achieve the organization's goals
Question:
11. market orientation
Answer:
an organization with a market orientation focuses its efforts on (1) continuously collecting information
about customer's needs, (2) sharing this information across departments, and (3) using it to create customer
value
Question:
12. societal marketing concept
Answer:
the view that organizations should satisfy the needs of consumers in a way that provides for society's
well-being
Question:
13. product
Answer:
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers'
needs and is received in exchange for money or something else of value
Question:
14. ultimate consumers
Answer:
the people who use the products and services purchased for a household (also called consumers, customers,
and buyers)
Question:
15. organizational buyers
Answer:
those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and
governmental agencies that buy products and services for their own use or for resale
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. market
Answer:
people with both the desire and the ability to buy a specific offering
Question:
2. target market
Answer:
one or more specific groups of potential consumers towards toward which an organization marketing
program
Question:
3. marketing mix
Answer:
the controllable factors-promotion, price, product, and place-that can be used by the marketing manager to
solve a marketing problem
Question:
4. customer value
Answer:
the unique combination of benefits received by targeted convenience, on-time delivery, and both
before-sale and after-sale service at specific price
Question:
5. relationship marketing
Answer:
links the organization to its individual customers, employees, suppliers, and other partners for their mutual
long-term benefit
Question:
6. customer value propostition
Answer:
the cluster of benefits that an organization promises customers to satisfy their needs
Question:
7. environmental forces
Answer:
the uncontrollable forces that affect a marketing decision and consist of social, economic, technological,
competitive, and regulatory forces
Question:
8. marketing program
, Answer:
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Question:
9. market segments
Answer:
the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond
similarly to a marketing action
Question:
10. marketing concept
Answer:
the idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to
achieve the organization's goals
Question:
11. market orientation
Answer:
an organization with a market orientation focuses its efforts on (1) continuously collecting information
about customer's needs, (2) sharing this information across departments, and (3) using it to create customer
value
Question:
12. societal marketing concept
Answer:
the view that organizations should satisfy the needs of consumers in a way that provides for society's
well-being
Question:
13. product
Answer:
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers'
needs and is received in exchange for money or something else of value
Question:
14. ultimate consumers
Answer:
the people who use the products and services purchased for a household (also called consumers, customers,
and buyers)
Question:
15. organizational buyers
Answer:
those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and
governmental agencies that buy products and services for their own use or for resale
