MIE 201 Exam 4 (11,12,13) Makanui Questions & Answers 100% Correct!

marketing - ANSWERSa group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas exchange - ANSWERSthe act of giving up one thing ($, credit, labor, goods) in return for something else (goods, services, or ideas) marketing activities - ANSWERSbuying, selling, transporting, storing, grading, financing, marketing, research, risk-taking value - ANSWERSA customer's subjective assessment of benefits relative to costs in determining the worth of a product marketing concept - ANSWERSthe idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals market orientation - ANSWERSrequires organizations to gather information about customer needs, share the information throughout the entire firm, and sue it to help build long-term relationships with customers marketing strategy - ANSWERSa plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers market - ANSWERSa group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas target market - ANSWERSa more specific group of consumers on whose needs and wants a company focuses its marketing efforts total-market approach - ANSWERSthey try to appeal to everyone and assume that all buyers have similar needs and wants market segmentation - ANSWERSdivides the total market into groups of people market segment - ANSWERSa collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires The four bases for segmenting markets - ANSWERSDemographic (age, sex, race, income, education, religion, social class), Geographic (climate, terrain), Psychographic (personality, lifestyle), Behavioristic (consumer's behavior towards product) marketing mix - ANSWERSfour marketing activities (product, price, distribution, promotion) that the firm can control to achieve specific goals with in a dynamic marketing environment price - ANSWERSa value based on an object exchanged between a buyer and seller distribution - ANSWERSmaking products available to customer in the quantities desired promotion - ANSWERSa persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas