Auburn University MKTG 3310 Exam 1 || Answered Perfectly
100%.
marketing correct answers creating, communicating, delivering, and exchanging offerings that
benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers correct answers 1) discover needs and wants of prospective
customers
2) satisfy them
exchange correct answers trade of valuable things between buyer and seller so that each is better
off after trade
4 factors needed for marketing to occur correct answers 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market correct answers people with both the desire and the ability to buy a specific offering
target market correct answers potential consumers in which an organization directs its marketing
program
the 4 P's correct 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 correct answers the marketing managers controllable factors (4 P's) that can be
used to solve a marketing problem
environmental forces (5) correct answers 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages correct 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 correct answers idea that an organization should (1) strive to satisfy the needs
of consumers (2) while trying to achieve the organizations goals
market orientation correct 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) correct 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 correct answers the internal response that customers have to all aspects of
an organization and its offering
100%.
marketing correct answers creating, communicating, delivering, and exchanging offerings that
benefit its customers, the organization, its shareholders and society
2 objectives to serve buyers/sellers correct answers 1) discover needs and wants of prospective
customers
2) satisfy them
exchange correct answers trade of valuable things between buyer and seller so that each is better
off after trade
4 factors needed for marketing to occur correct answers 1) 2+ parties with unsatisfied needs
2) their desire and ability to be satisfied
3) communication between parties
4) something to exchange
market correct answers people with both the desire and the ability to buy a specific offering
target market correct answers potential consumers in which an organization directs its marketing
program
the 4 P's correct 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 correct answers the marketing managers controllable factors (4 P's) that can be
used to solve a marketing problem
environmental forces (5) correct answers 1) social
2) economical
3) technological
4) competitive
5) regulatory forces
Evolution of market orientation- 4 stages correct 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 correct answers idea that an organization should (1) strive to satisfy the needs
of consumers (2) while trying to achieve the organizations goals
market orientation correct 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) correct 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 correct answers the internal response that customers have to all aspects of
an organization and its offering
