Marketing 351 (A+ Graded Already)

Marketing correct answers The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment. Customers correct answers The purchasers of organizations' products; the focal point of all marketing elements Target market correct answers the group of customers on which marketing efforts are focused marketing mix correct answers four marketing elements- Product, distribution, promotion, and pricing- that a firm can control to meet the needs of customers within its target markets Product correct answers A good, service, or idea Exchanges correct answers The provision or transfer of goods, services, or ideas in return for something of value Stakeholders correct answers Constituents who have a "stake," or claim , in some aspect of a company's products, operations, markets, industry, and outcomes marketing environment correct answers the competitive, economical, political, legal and regulatory, technological, and sociocultural forces that surround the costumer and affect the marketing mix Marketing Concept correct answers A philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals Market Orientation correct answers An organization wide commitment to researching and responding to customer needs Relationship Marketing correct answers Establishing long-term, mutually satisfying buyer-seller relationships Customer-centric marketing correct answers Developing collaborative relationships with customers based on focusing on their individual needs and concerns Customer relationship management (CRM) correct answers Using information about customers to create marketing strategies that develop and sustain desirable customer relationships Value correct answers A customer's subjective assessment of benefits relative to costs in determining the worth of a product