MKTG 3310 EXAM 1 STUDY GUIDE
marketing - Answers - creating, communicating, delivering, and exchanging offerings
that benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers - Answers - 1) discover needs and wants of
prospective customers
2) satisfy them
exchange - Answers - trade of valuable things between buyer and seller so that each is
better off after trade
4 factors needed for marketing to occur - Answers - 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market - Answers - people with both the desire and the ability to buy a specific offering
target market - Answers - potential consumers in which an organization directs its
marketing program
the 4 P's - Answers - PRODUCT (good, service, or idea to satisfy customer needs)
PRICE (what is exchanged for product)
PROMOTION (communication between seller and buyer)
PLACE (getting product to consumer)
marketing mix - Answers - the marketing managers controllable factors (4 P's) that can
be used to solve a marketing problem
environmental forces (5) - Answers - 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages - Answers - 1) Production era (1920s, scarce
goods)
2) Sales era (1920s-1960s, produced more goods than buyers could consume,
competition grew, more salespeople hired)
3) Marketing concept era (1950s, focused on satisfying consumer needs while also
trying to achieve organization's goals)
, 4) Customer relationship era (1980s, firms continued to satisfy high expectations of
customers)
marketing concept - Answers - idea that an organization should (1) strive to satisfy the
needs of consumers (2) while trying to achieve the organizations goals
market orientation - Answers - an organization that focuses its efforts on (1)
continuously collecting information about customers' needs, (2) sharing this information
across departments, and (3) using it to create customer value
customer relationship management (CRM) - Answers - the process of identifying
prospective buyers, understanding them intimately, and developing favorable long-term
perceptions of the organization and its offerings so that buyers will choose them in the
marketplace
customer experience - Answers - the internal response that customers have to all
aspects of an organization and its offering
societal marketing concept - Answers - the view that organizations should satisfy the
needs of consumers in a way that provides for society's well being
product - Answers - 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
ultimate customers - Answers - people who use the goods and services purchased for a
household
organizational buyers - Answers - manufacturers, wholesalers, retailers and government
agencies that buy goods and services for their own use or for resale
3 groups who benefit from effective marketing - Answers - 1) consumers who buy
2) organizations who sell
3) society
utility - Answers - the benefits or customer value received by users of the product
environmental scanning - Answers - the process of continually acquiring information on
events occurring OUTSIDE to identify potential trends
social forces - Answers - -include the demographic characteristics of the population and
its values
-changes in these forces can have a dramatic impact on marketing strategy
baby boomers - Answers - -born between 1946 and 1964
-wealthiest generation
marketing - Answers - creating, communicating, delivering, and exchanging offerings
that benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers - Answers - 1) discover needs and wants of
prospective customers
2) satisfy them
exchange - Answers - trade of valuable things between buyer and seller so that each is
better off after trade
4 factors needed for marketing to occur - Answers - 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market - Answers - people with both the desire and the ability to buy a specific offering
target market - Answers - potential consumers in which an organization directs its
marketing program
the 4 P's - Answers - PRODUCT (good, service, or idea to satisfy customer needs)
PRICE (what is exchanged for product)
PROMOTION (communication between seller and buyer)
PLACE (getting product to consumer)
marketing mix - Answers - the marketing managers controllable factors (4 P's) that can
be used to solve a marketing problem
environmental forces (5) - Answers - 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages - Answers - 1) Production era (1920s, scarce
goods)
2) Sales era (1920s-1960s, produced more goods than buyers could consume,
competition grew, more salespeople hired)
3) Marketing concept era (1950s, focused on satisfying consumer needs while also
trying to achieve organization's goals)
, 4) Customer relationship era (1980s, firms continued to satisfy high expectations of
customers)
marketing concept - Answers - idea that an organization should (1) strive to satisfy the
needs of consumers (2) while trying to achieve the organizations goals
market orientation - Answers - an organization that focuses its efforts on (1)
continuously collecting information about customers' needs, (2) sharing this information
across departments, and (3) using it to create customer value
customer relationship management (CRM) - Answers - the process of identifying
prospective buyers, understanding them intimately, and developing favorable long-term
perceptions of the organization and its offerings so that buyers will choose them in the
marketplace
customer experience - Answers - the internal response that customers have to all
aspects of an organization and its offering
societal marketing concept - Answers - the view that organizations should satisfy the
needs of consumers in a way that provides for society's well being
product - Answers - 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
ultimate customers - Answers - people who use the goods and services purchased for a
household
organizational buyers - Answers - manufacturers, wholesalers, retailers and government
agencies that buy goods and services for their own use or for resale
3 groups who benefit from effective marketing - Answers - 1) consumers who buy
2) organizations who sell
3) society
utility - Answers - the benefits or customer value received by users of the product
environmental scanning - Answers - the process of continually acquiring information on
events occurring OUTSIDE to identify potential trends
social forces - Answers - -include the demographic characteristics of the population and
its values
-changes in these forces can have a dramatic impact on marketing strategy
baby boomers - Answers - -born between 1946 and 1964
-wealthiest generation
