SEVI FINAL EXAM: uark questions and
answers graded A+
Marketing - correct answer ✔✔the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Importance of managing customer relationships - correct answer ✔✔Establishing long-term,
mutually satisfying buyer-seller relationships. (CRM) Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships.
Managing customer relationships requires identifying patterns of buying behavior to focus on
the most promising and profitable customers.
Utility - correct answer ✔✔Ability or capacity of a good or service to be useful and give
satisfaction to someone.
Types of Utility - correct answer ✔✔form, place, time, possession
Marketing concept - correct answer ✔✔A business philosophy that a firm should provide goods
and services that satisfy customers' needs through a coordinated set of activities that allow the
firm to achieve its objectives
Target Market - correct answer ✔✔A group of individuals or organizations, or both, for which a
firm develops and maintains a marketing mix suitable for the specific needs and preferences of
that group
Marketing mix - correct answer ✔✔A combination of product, price, distribution, and
promotion developed to satisfy a particular target market
, How the marketing environment affects strategic market planning. - correct answer
✔✔Economic Forces, Sociocultural Forces, Political Forces, Competitive Forces,
Legal/Regulatory Forces, and Technological Forces
major components of a marketing plan - correct answer ✔✔Executive summary, Environmental
analysis, SWOT analysis, Marketing objectives, Marketing strategies, Marketing implementation,
& performance evaluation.
how market measurement are used - correct answer ✔✔helps a firm to determine the
feasibility of entering new segments and how best to allocate marketing resources and activities
among market segments in which it is already active. EX: Sales forecast!
how are sales forecasting used - correct answer ✔✔Managers may rely on sales forecasts when
they purchase raw materials, schedule production, secure financial resources, consider plant or
equipment purchases, hire personnel, and plan inventory levels.
Marketing Information System (MIS) - correct answer ✔✔
Marketing Research - correct answer ✔✔The process of systematically gathering, recording, and
analyzing data concerning a particular marketing problem
Major steps in the consumer buying decision process - correct answer ✔✔
Sets of factors that may influence the consumer buying decision process - correct answer
✔✔situational factors (physical surroundings, social surroundings, time, purchase reason, and
buyer's mood and condition), psychological factors (perception, motivation, learning, attitudes,
personality, and lifestyle), and social factors (family, roles, reference groups, digital influences,
social class, culture, and subculture).
product - correct answer ✔✔Everything one receives in an exchange, including all tangible and
intangible attributes and experienced benefits; it may be a good, a service, or an idea
answers graded A+
Marketing - correct answer ✔✔the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Importance of managing customer relationships - correct answer ✔✔Establishing long-term,
mutually satisfying buyer-seller relationships. (CRM) Using information about customers to
create marketing strategies that develop and sustain desirable customer relationships.
Managing customer relationships requires identifying patterns of buying behavior to focus on
the most promising and profitable customers.
Utility - correct answer ✔✔Ability or capacity of a good or service to be useful and give
satisfaction to someone.
Types of Utility - correct answer ✔✔form, place, time, possession
Marketing concept - correct answer ✔✔A business philosophy that a firm should provide goods
and services that satisfy customers' needs through a coordinated set of activities that allow the
firm to achieve its objectives
Target Market - correct answer ✔✔A group of individuals or organizations, or both, for which a
firm develops and maintains a marketing mix suitable for the specific needs and preferences of
that group
Marketing mix - correct answer ✔✔A combination of product, price, distribution, and
promotion developed to satisfy a particular target market
, How the marketing environment affects strategic market planning. - correct answer
✔✔Economic Forces, Sociocultural Forces, Political Forces, Competitive Forces,
Legal/Regulatory Forces, and Technological Forces
major components of a marketing plan - correct answer ✔✔Executive summary, Environmental
analysis, SWOT analysis, Marketing objectives, Marketing strategies, Marketing implementation,
& performance evaluation.
how market measurement are used - correct answer ✔✔helps a firm to determine the
feasibility of entering new segments and how best to allocate marketing resources and activities
among market segments in which it is already active. EX: Sales forecast!
how are sales forecasting used - correct answer ✔✔Managers may rely on sales forecasts when
they purchase raw materials, schedule production, secure financial resources, consider plant or
equipment purchases, hire personnel, and plan inventory levels.
Marketing Information System (MIS) - correct answer ✔✔
Marketing Research - correct answer ✔✔The process of systematically gathering, recording, and
analyzing data concerning a particular marketing problem
Major steps in the consumer buying decision process - correct answer ✔✔
Sets of factors that may influence the consumer buying decision process - correct answer
✔✔situational factors (physical surroundings, social surroundings, time, purchase reason, and
buyer's mood and condition), psychological factors (perception, motivation, learning, attitudes,
personality, and lifestyle), and social factors (family, roles, reference groups, digital influences,
social class, culture, and subculture).
product - correct answer ✔✔Everything one receives in an exchange, including all tangible and
intangible attributes and experienced benefits; it may be a good, a service, or an idea
