UAB BUS 102 - Test 3 Questions And Answers Graded A+
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1. Marketing an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders
2. Utility the ability of goods and services to satisfy consumer "wants"
3. Marketing Con- a business philosophy that makes customer satisfaction - now and in the future -
cept the central focus of the entire organization
4. Customer Rela- the ongoing process of acquiring, maintaining, and growing profitable customer
tionship Man- relationships by delivering unmatched value
agement (CRM)
5. Value a customer perception that a product has a better relationship than its competitors
between the cost and the benefits
6. Customer Satis- when customers perceive that a good or service delivers value above and beyond
faction their expectations
7. Customer Loyalty when customers buy a product from the same supplier again and again - some-
times paying even more for it than they would for a competitive product
8. Marketing Plan A formal document that defines marketing objectives and the specific strategies
for achieving those objectives
9. Market Segmen- dividing potential customers into groups of similar people, or segments
tation
10. Target Market The group of people who are most likely to buy a particular product
11. Consumer Mar- also known as business-to-consumer or B2C; marketers who direct their efforts
keters toward people who are buying products for personal consumption
12.
, UAB BUS 102 - Test 3 Questions And Answers Graded A+
Study online at https://quizlet.com/_h66rst
Business Mar- also known as business-to-business or B2B; marketers who direct their efforts
keters toward people who are buying products to use either directly or indirectly to
produce other products
13. Demographic dividing the market into smaller groups based on measurable characteristics
Segmentation about people, such as age, income, ethnicity, and gender
14. Geographic Seg- dividing the market into smaller groups based on where consumers live. This
mentation process can incorporate countries, cities, or population density as key factors
15. Psychographic dividing the market into smaller groups based on consumer attitudes, interest,
Segmentation values, and lifestyles
16. Behavioral Seg- dividing the market based on how people behave toward various products. This
mentation category includes both the benefits that consumers seek from products and how
consumers use the products
17. Marketing Mix The blend of marketing strategies for product, price, distribution, and promotion
18. Environmental The process of continually collecting information from the external marketing
Scanning environment
19. Market Share The percentage of a market controlled by given marketer
20. Consumer Be- description of how people act when they are buying, using, and discarding
havior goods and services for their own personal consumption. Consumer behavior also
explores the reasons behind people's actions
21. Cognitive Disso- consumer discomfort with a purchase decision, typically for a higher priced item
nance
22. Business Buyer describes how people act when they are buying products to use either directly or
Behavior indirectly to produce other products
Study online at https://quizlet.com/_h66rst
1. Marketing an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders
2. Utility the ability of goods and services to satisfy consumer "wants"
3. Marketing Con- a business philosophy that makes customer satisfaction - now and in the future -
cept the central focus of the entire organization
4. Customer Rela- the ongoing process of acquiring, maintaining, and growing profitable customer
tionship Man- relationships by delivering unmatched value
agement (CRM)
5. Value a customer perception that a product has a better relationship than its competitors
between the cost and the benefits
6. Customer Satis- when customers perceive that a good or service delivers value above and beyond
faction their expectations
7. Customer Loyalty when customers buy a product from the same supplier again and again - some-
times paying even more for it than they would for a competitive product
8. Marketing Plan A formal document that defines marketing objectives and the specific strategies
for achieving those objectives
9. Market Segmen- dividing potential customers into groups of similar people, or segments
tation
10. Target Market The group of people who are most likely to buy a particular product
11. Consumer Mar- also known as business-to-consumer or B2C; marketers who direct their efforts
keters toward people who are buying products for personal consumption
12.
, UAB BUS 102 - Test 3 Questions And Answers Graded A+
Study online at https://quizlet.com/_h66rst
Business Mar- also known as business-to-business or B2B; marketers who direct their efforts
keters toward people who are buying products to use either directly or indirectly to
produce other products
13. Demographic dividing the market into smaller groups based on measurable characteristics
Segmentation about people, such as age, income, ethnicity, and gender
14. Geographic Seg- dividing the market into smaller groups based on where consumers live. This
mentation process can incorporate countries, cities, or population density as key factors
15. Psychographic dividing the market into smaller groups based on consumer attitudes, interest,
Segmentation values, and lifestyles
16. Behavioral Seg- dividing the market based on how people behave toward various products. This
mentation category includes both the benefits that consumers seek from products and how
consumers use the products
17. Marketing Mix The blend of marketing strategies for product, price, distribution, and promotion
18. Environmental The process of continually collecting information from the external marketing
Scanning environment
19. Market Share The percentage of a market controlled by given marketer
20. Consumer Be- description of how people act when they are buying, using, and discarding
havior goods and services for their own personal consumption. Consumer behavior also
explores the reasons behind people's actions
21. Cognitive Disso- consumer discomfort with a purchase decision, typically for a higher priced item
nance
22. Business Buyer describes how people act when they are buying products to use either directly or
Behavior indirectly to produce other products
