MARK 3000 Grantham Final Exam
Questions and Answers Verified
Solutions Latest Update (2026/2027)
Question:
Terms in this set (460)
An organizational function and set of process for
Marketing
creating, capturing, communicating, and delivering
value to customers, and for managing customer
relationships in ways that benefit the organization
and its stakeholders
A written document composed of an analysis of
Marketing Plan
the current marketing situation, opportunities, and
threats for the firm, marketing objectives and
strategy specified in terms of four P's, action
programs, and projected or pro forma income (and
other financial) statements
Exchange
The trade of things of value between the buyer and
the seller so that each is better off as a result
Marketing Mix
Product, price, place, and promotion-the
controllable set of activities that a firm uses to
respond to the wants of its target markets
Goods
Items that can be physically touched
Any intangible offering that involves a deed,
Services
performance, or effect that cannot be physically
possessed; intangible customer benefits that are
, produced by people or machines and cannot be
separated from the producer
Ideas
Intellectual concepts-thoughts, opinions, and
philosophies
B2C (Business-to-consumers)
The process in which businesses sell to consumers
B2B (Business-to-business)
The process of selling merchandise, or services
from one business to another
C2C (consumer-to-consumer)
The process in which consumers sell to other
consumers
Production Oriented Era
Turn of the 20th century when most firms were
production oriented and believed a good product
would sell itself
Between 1920-1950, With overproduction they
Sales Oriented Era
depended on heavy doses of personal selling and
advertising
After WWII(1945), buyers market
Market Oriented Era
Most successful firms are this today. Discover and
Value-Based Era
give the customer what they want.
Reflects the relationship of benefits to costs, or
Value
what the consumer gets for what he or she gives
Customers act as collaborators with a manufacturer
Value Cocreation
or retailer to create the product or service
A method of building a relationship with customers
Relation Orientation
based on the philosophy that buyers and sellers
should develop a long-term relationship
Questions and Answers Verified
Solutions Latest Update (2026/2027)
Question:
Terms in this set (460)
An organizational function and set of process for
Marketing
creating, capturing, communicating, and delivering
value to customers, and for managing customer
relationships in ways that benefit the organization
and its stakeholders
A written document composed of an analysis of
Marketing Plan
the current marketing situation, opportunities, and
threats for the firm, marketing objectives and
strategy specified in terms of four P's, action
programs, and projected or pro forma income (and
other financial) statements
Exchange
The trade of things of value between the buyer and
the seller so that each is better off as a result
Marketing Mix
Product, price, place, and promotion-the
controllable set of activities that a firm uses to
respond to the wants of its target markets
Goods
Items that can be physically touched
Any intangible offering that involves a deed,
Services
performance, or effect that cannot be physically
possessed; intangible customer benefits that are
, produced by people or machines and cannot be
separated from the producer
Ideas
Intellectual concepts-thoughts, opinions, and
philosophies
B2C (Business-to-consumers)
The process in which businesses sell to consumers
B2B (Business-to-business)
The process of selling merchandise, or services
from one business to another
C2C (consumer-to-consumer)
The process in which consumers sell to other
consumers
Production Oriented Era
Turn of the 20th century when most firms were
production oriented and believed a good product
would sell itself
Between 1920-1950, With overproduction they
Sales Oriented Era
depended on heavy doses of personal selling and
advertising
After WWII(1945), buyers market
Market Oriented Era
Most successful firms are this today. Discover and
Value-Based Era
give the customer what they want.
Reflects the relationship of benefits to costs, or
Value
what the consumer gets for what he or she gives
Customers act as collaborators with a manufacturer
Value Cocreation
or retailer to create the product or service
A method of building a relationship with customers
Relation Orientation
based on the philosophy that buyers and sellers
should develop a long-term relationship
