MKTG 3010 EXAM 1 VERIFIED STUDY GUIDE
Value - Answers - The benefit a customer receives from buying a good or service.
Marketing - Answers - 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.
Stakeholders - Answers - Buyers, sellers, and investors in a company, community
residents, and even citizens of the nations where goods and services are made or sold-
in other words, any person or organization that has a "stake" in the outcome.
Consumer - Answers - The ultimate user of goods and services.
Marketing Concept - Answers - A management orientation that focuses on identifying
and satisfying consumers needs to ensure the organization's long-term profitability.
Need - Answers - The recognition of any differences between a consumer's actual state
and some ideal or desired state.
Want - Answers - The desire to satisfy needs in a specific way that are culturally and
socially influenced.
Benefit - Answers - The outcome sought by a customer that motivates buying behavior-
that satisfies a need or want
Demand - Answers - Customer's desires for products coupled with the resources,
needed to obtain them.
Market - Answers - All the customers and potential customers who share a common
need that can be satisfied by a specific product, who have the resources to exchange
for it, who are willing to make the exchange , and who have the authority to make the
exchange.
Marketplace - Answers - Any location or medium used to conduct an exchange.
Utility - Answers - The usefulness or benefit consumers receive from a product.
Form Utility - Answers - The benefit marketing provides by transforming raw materials
into finished products by transforming raw materials into finished products, as when a
dress manufacturer combines silk, thread and zippers to create a bridesmaids gown.
Place Utility - Answers - Benefit marketing provides by making products available where
customers want them. The most sophisticated evening gowns sewn in New York's
, garment district is of little use to a bridesmaid in Kansas City if it isn't shipped to her in
time.
Time Utility - Answers - Benefit marketing provides by storing products until they are
needed. Some women rent their wedding dresses instead of buying them and wearing
them only once.
Exchange - Answers - The process by which some transfer of value occurs between the
buyer and seller.
Production Orientation - Answers - A management philosophy that emphasizes the
most efficient ways to produce and distribute products.
Selling Orientation - Answers - A managerial view of marketing as a sales function, or a
way to move products out of warehouses to reduce inventory.
Consumer Orientation - Answers - A management philosophy that focuses on ways to
satisfy customers' needs and wants.
Total Quality Management - Answers - A management philosophy that involves all
employees from the assembly line onward in continuous product quality improvement.
Instapreneur - Answers - A business person who only provides a product when it is
ordered.
Triple bottom line orientation - Answers - A business orientation that looks at financial
profits, the community in which the organization operates, and creates sustainable
business practices.
Customer Relationship Management - Answers - A strategy that involves systematic
tracking consumers' preferences and behaviors over time in order to tailor the value
proposition as closely as possible to each individual's unique wants and needs.
Social Marketing Concept - Answers - A management philosophy that marketers must
satisfy customers' needs in a way that also benefit society and also deliver profit to the
firm.
Sustainability - Answers - A product design focus that seeks to create products that
meet present consumer needs without compromising the ability of future generations to
meet their needs.
Return on Investment - Answers - The direct financial impact of a firm's expenditure of a
resource such as time or money.
Popular Culture - Answers - The music, movies, sports, books, celebrities, and other
forms of entertainment consumed by the mass market.
Value - Answers - The benefit a customer receives from buying a good or service.
Marketing - Answers - 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.
Stakeholders - Answers - Buyers, sellers, and investors in a company, community
residents, and even citizens of the nations where goods and services are made or sold-
in other words, any person or organization that has a "stake" in the outcome.
Consumer - Answers - The ultimate user of goods and services.
Marketing Concept - Answers - A management orientation that focuses on identifying
and satisfying consumers needs to ensure the organization's long-term profitability.
Need - Answers - The recognition of any differences between a consumer's actual state
and some ideal or desired state.
Want - Answers - The desire to satisfy needs in a specific way that are culturally and
socially influenced.
Benefit - Answers - The outcome sought by a customer that motivates buying behavior-
that satisfies a need or want
Demand - Answers - Customer's desires for products coupled with the resources,
needed to obtain them.
Market - Answers - All the customers and potential customers who share a common
need that can be satisfied by a specific product, who have the resources to exchange
for it, who are willing to make the exchange , and who have the authority to make the
exchange.
Marketplace - Answers - Any location or medium used to conduct an exchange.
Utility - Answers - The usefulness or benefit consumers receive from a product.
Form Utility - Answers - The benefit marketing provides by transforming raw materials
into finished products by transforming raw materials into finished products, as when a
dress manufacturer combines silk, thread and zippers to create a bridesmaids gown.
Place Utility - Answers - Benefit marketing provides by making products available where
customers want them. The most sophisticated evening gowns sewn in New York's
, garment district is of little use to a bridesmaid in Kansas City if it isn't shipped to her in
time.
Time Utility - Answers - Benefit marketing provides by storing products until they are
needed. Some women rent their wedding dresses instead of buying them and wearing
them only once.
Exchange - Answers - The process by which some transfer of value occurs between the
buyer and seller.
Production Orientation - Answers - A management philosophy that emphasizes the
most efficient ways to produce and distribute products.
Selling Orientation - Answers - A managerial view of marketing as a sales function, or a
way to move products out of warehouses to reduce inventory.
Consumer Orientation - Answers - A management philosophy that focuses on ways to
satisfy customers' needs and wants.
Total Quality Management - Answers - A management philosophy that involves all
employees from the assembly line onward in continuous product quality improvement.
Instapreneur - Answers - A business person who only provides a product when it is
ordered.
Triple bottom line orientation - Answers - A business orientation that looks at financial
profits, the community in which the organization operates, and creates sustainable
business practices.
Customer Relationship Management - Answers - A strategy that involves systematic
tracking consumers' preferences and behaviors over time in order to tailor the value
proposition as closely as possible to each individual's unique wants and needs.
Social Marketing Concept - Answers - A management philosophy that marketers must
satisfy customers' needs in a way that also benefit society and also deliver profit to the
firm.
Sustainability - Answers - A product design focus that seeks to create products that
meet present consumer needs without compromising the ability of future generations to
meet their needs.
Return on Investment - Answers - The direct financial impact of a firm's expenditure of a
resource such as time or money.
Popular Culture - Answers - The music, movies, sports, books, celebrities, and other
forms of entertainment consumed by the mass market.
