MKT 301 University of Dayton Exam #1 Questions With 100% Correct Answers.

market - Answer-people with both the desire and the ability to buy a specific offering target market - Answer-one or more specific groups of potential consumers towards toward which an organization marketing program marketing mix - Answer-the controllable factors-promotion, price, product, and place-that can be used by the marketing manager to solve a marketing problem customer value - Answer-the unique combination of benefits received by targeted convenience, on-time delivery, and both before-sale and after-sale service at specific price relationship marketing - Answer-links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit customer value propostition - Answer-the cluster of benefits that an organization promises customers to satisfy their needs environmental forces - Answer-the uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces marketing program - Answer-a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers market segments - Answer-the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action marketing concept - Answer-the idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goalsmarket orientation - Answer-an organization with a market orientation focuses its efforts on (1) continuously collecting information about customer's needs, (2) sharing this information across departments, and (3) using it to create customer value societal marketing concept - Answer-the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being product - Answer-a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value ultimate consumers - Answer-the people who use the products and services purchased for a household (also called consumers, customers, and buyers) organizational buyers - Answer-those manufacturers, wholesalers, retailers, service companies, not-forprofit organizations, and governmental agencies that buy products and services for their own use or for resale utility - Answer-the benefits or customer value received by users of the product What is marketing? - Answer-marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large Marketing focuses on ______ and _____ consumer needs - Answer-discovering; satisfying What four factors are needed for marketing to occur? - Answer-the four factors are (1) two or more parties with unsatisfied needs (2) a desire and ability on their part to have their needs satisfied (3) a way for the parties to communicate (4) something to exchange