MIE 201 Exam 4 question n answers graded A+ 2023/2024

MIE 201 Exam 4marketing - correct answer group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas functions of marketing - correct answer buying, selling, transporting, storing, grading, financing, market research, risk taking exchange - correct answer the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) value - correct answer customer's subjective assessment of benefits relative to costs in determining the worth of a product customer value = customer benefits - customer costs customer costs - correct answer include anything a buyer must give up to obtain the benefits the product provides including cost, time, effort, and risk marketing concept - correct answer the idea that an organization should try to satisfy customer needs coordinated activities that also allow it to achieve its own goals market orientation - correct answer requires organizations to gather information about customer needs, share that information throughout the entire firm, and use it to help build long-term relationships with customers must first determine what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them production orientation - correct answer New technologies, such as electricity, railroads, internal combustion engines, and mass-production techniques, made it possible to manufacture goods with ever increasing efficiency