MIE 201 EXAM 4 Questions & Answers 100% Correct(GRADED A)

marketing - ANSWERSa group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. These activities create value by allowing individuals and organizations to obtain what they need and want exchange - ANSWERSthe act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas). exchange relationship - ANSWERSBusinesses exchange their goods, services, or ideas for money or credit supplied by customers in a voluntary ________________________ buying, selling, transporting, storing, grading, financing, marketing research, and risk taking - ANSWERSMarketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. These activities include ________________________________________ Buying - ANSWERSEveryone who shops for products (consumers, stores, businesses, governments) decides whether and what to buy. A marketer must understand buyers' needs and desires to determine what products to make available. Selling - ANSWERSThe exchange process is expedited through selling. Marketers usually view this as a persuasive activity that is accomplished through promotion (advertising, personal selling, sales promotion, publicity, and packaging). Transporting - ANSWERSthe process of moving products from the seller to the buyer. Marketers focus on transportation costs and services. storing - ANSWERSis part of the physical distribution of products and includes warehousing goods. Warehouses hold some products for lengthy periods in order to create time utility. Time utility has to do with being able to satisfy demand in a timely manner. Grading - ANSWERSrefers to standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality. Many products, such as meat, steel, and fruit, are graded according to a set of standards that often are established by the state or federal government. Financing - ANSWERSFor many products, especially large items such as automobiles, refrigerators, and new homes, the marketer arranges credit to expedite the purchase. Marketing Research - ANSWERSThrough this, marketers ascertain the need for new goods and services. By gathering information regularly, marketers can detect new trends and changes in consumer tastes Marketing Risk - ANSWERSis the chance of loss associated with marketing decisions. Developing a new product creates a chance of loss if consumers do not like it enough to buy it. Spending money to hire a sales force or to conduct marketing research also involves risk. The implication of risk is that most marketing decisions result in either success or failure. value - ANSWERSa customer's subjective assessment of benefits relative to costs in determining the worth of a product (customer value = customer benefits — customer costs)