MAR3023 UF Exam 2024 with Guaranteed Correct Answers

Exchange - correct answer Trade of things of value between buyer and seller so that each is better off after the trade. Marketing - correct answer Activity of creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders, and society at large. Environmental Forces - correct answer Uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. Market - correct answer People with the ability and desire to buy a specific offering. Marketing Mix - correct answer Factors that the marketing manager can control, such as price, product, promotion, and place, that can be used to solve a marketing problem. Target Market - correct answer Specific group(s) of potential consumers toward which an organization directs its marketing program. Customer Value - correct answer Unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before/after-sale service at specific price. Marketing Program - correct answer Plan that integrates the marketing mix to provide goods, services, or ideas to prospective buyers. Relationship Marketing - correct answer Links organization to its individual customers, employees, suppliers and other partners for mutual long-term benefits. Customer Relationship Management (CRM) - correct answer Process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. Market Orientation - correct answer Organization that focuses its efforts on: 1. Continuously collecting information about customer's needs 2. Sharing this info across all departments 3. Using info to create customer value (Organization wide) Marketing Concept - correct answer Idea that organization should strive to satisfy needs of customers while trying to achieve the organization's goals. Customer Experience - correct answer Internal response that customers have to all aspects of an organization and its offering. Societal Marketing Concept - correct answer View that organizations should satisfy the needs of consumers in a way that provides for society's well-being. Organizational Buyers - correct answer Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for own use or resale. Ultimate Consumers - correct answer People who use goods and services purchased for a household (AKA consumers, buyers, customers) Utility - correct answer Benefits or customer value received by users of the product Environment Scanning - correct answer Process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. Demographics - correct answer Describing population according to selected characteristics such as age, gender, ethnicity, income, and occupation Social Forces - correct answer Demographic characteristics of the population and its values. Baby Boomers - correct answer Generation born between 1946 & 1964 Generation X - correct answer 15% of population; born between 1965 & 1976. Also called "the baby bust". Blended Family - correct answer Family formed by merging two preciously separated units into a single household. Generation Y - correct answer 72 million Americans; born between 1977 & 1994. Also called echo-boom or the baby boomlet. Multicultural Marketing - correct answer Combinations of marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races.