MIE 201 Exam 4 NCSU Questions & Answers 100% Correct!

marketing -ANSWERS a group of activities designed to expedite transactions, by creating, distributing, pricing, and promoting goods, services, and ideas exchange -ANSWERS act of giving up one thing in return for something else functions of marketing -ANSWERS buying, selling, transporting, storing, grading, financing, marketing research, risk taking time utility -ANSWERS ability to satisfy demand in a timely manner grading -ANSWERS standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality value -ANSWERS a customers' subjective assessment of benefits relative to costs in determining the worth of a product marketing concept -ANSWERS the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its ow goals production orientation -ANSWERS second half of 19th century where new management ideas, lots of efficiency, and a strong demand for manufactured goods sprouted market orientation -ANSWERS 1950s when suppliers realized they must know what customers want before they produce anything sales orientation -ANSWERS first half of 20th century where supply surpassed demand so suppliers had to sell products. market -ANSWERS a group of people who have a need, purchasing power, and desire and authority to spend money on goods, services, and ideas target market -ANSWERS a more specific group of consumers on whose needs and wants a company focuses its marketing efforts