Business Foundations University of Arkansas Exam 3
Halvorsen-Ganepola Questions and Answers with Verified
Solutions | Latest Update
QUESTION
marketing-
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
QUESTION
Value-
Answer:
a customer's estimation of the worth of a product based on a comparison of its costs and benefits,
including quality, relative to other
QUESTION
products-
Answer:
relationship marketing; establishing long-term, mutually satisfying buyer-seller relationships
QUESTION
Customer relationship management (CRM)-
Answer:
using information about customers to create marketing strategies that develop and sustain
desirable customer relationships
QUESTION
customer lifetime value (CLV)-
Answer:
a measure of a customer's worth (sales minus costs) to a business over one's lifetime
,QUESTION
Place utility-
Answer:
utility created by making a product available at a location where customers wish to purchase it
QUESTION
Time utility-
Answer:
utility created by making a product available when customers wish to purchase it
QUESTION
Possession utility-
Answer:
utility created by transferring title (or ownership) of a product to a buyer
QUESTION
marketing concept-
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
QUESTION
market-
Answer:
a group of individuals or organizations, or both, that need products in a given category and that
have the ability, willingness, and authority to purchase them
QUESTION
marketing strategy-
Answer:
a plan that will enable an organization to make the best use of its resources and advantages to
meet its objectives
QUESTION
marketing mix-
Answer:
a combination of product, price, distribution, and promotion developed to satisfy a particular
target market
, QUESTION
target market-
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
QUESTION
undifferentiated approach-
Answer:
directing a single marketing mix at the entire market for a particular product
QUESTION
market segment-
Answer:
a group of individuals or organizations within a market that share one or more common
characteristics
QUESTION
market segmentation-
Answer:
the process of dividing a market into segments and directing a marketing mix at a particular
segment or segments rather than at the total market
QUESTION
marketing plan-
Answer:
a written document that specifies an organization's resources, objectives, strategy, and
implementation and control efforts to be used in marketing a specific product or product group
QUESTION
sales forecast-
Answer:
an estimate of the amount of a product that an organization expects to sell during a certain period
of time based on a specified level of marketing effort
Halvorsen-Ganepola Questions and Answers with Verified
Solutions | Latest Update
QUESTION
marketing-
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
QUESTION
Value-
Answer:
a customer's estimation of the worth of a product based on a comparison of its costs and benefits,
including quality, relative to other
QUESTION
products-
Answer:
relationship marketing; establishing long-term, mutually satisfying buyer-seller relationships
QUESTION
Customer relationship management (CRM)-
Answer:
using information about customers to create marketing strategies that develop and sustain
desirable customer relationships
QUESTION
customer lifetime value (CLV)-
Answer:
a measure of a customer's worth (sales minus costs) to a business over one's lifetime
,QUESTION
Place utility-
Answer:
utility created by making a product available at a location where customers wish to purchase it
QUESTION
Time utility-
Answer:
utility created by making a product available when customers wish to purchase it
QUESTION
Possession utility-
Answer:
utility created by transferring title (or ownership) of a product to a buyer
QUESTION
marketing concept-
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
QUESTION
market-
Answer:
a group of individuals or organizations, or both, that need products in a given category and that
have the ability, willingness, and authority to purchase them
QUESTION
marketing strategy-
Answer:
a plan that will enable an organization to make the best use of its resources and advantages to
meet its objectives
QUESTION
marketing mix-
Answer:
a combination of product, price, distribution, and promotion developed to satisfy a particular
target market
, QUESTION
target market-
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
QUESTION
undifferentiated approach-
Answer:
directing a single marketing mix at the entire market for a particular product
QUESTION
market segment-
Answer:
a group of individuals or organizations within a market that share one or more common
characteristics
QUESTION
market segmentation-
Answer:
the process of dividing a market into segments and directing a marketing mix at a particular
segment or segments rather than at the total market
QUESTION
marketing plan-
Answer:
a written document that specifies an organization's resources, objectives, strategy, and
implementation and control efforts to be used in marketing a specific product or product group
QUESTION
sales forecast-
Answer:
an estimate of the amount of a product that an organization expects to sell during a certain period
of time based on a specified level of marketing effort
