MIE 201 Exam 4 Questions and Answers 100% Pass

MIE 201 Exam 4 Questions and Answers 100% Pass marketing - Correct Answer ️️ -group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas functions of marketing - Correct Answer ️️ -buying, selling, transporting, storing, grading, financing, market research, risk taking exchange - Correct Answer ️️ -the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) value - Correct Answer ️️ -customer's subjective assessment of benefits relative to costs in determining the worth of a product customer value = customer benefits - customer costs customer costs - Correct Answer ️️ -include anything a buyer must give up to obtain the benefits the product provides including cost, time, effort, and risk marketing concept - Correct Answer ️️ -the idea that an organization should try to satisfy customer needs coordinated activities that also allow it to achieve its own goals market orientation - Correct Answer ️️ -requires organizations to gather information about customer needs, share that information throughout the entire firm, and use it to help build long-term relationships with customers must first determine what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them production orientation - Correct Answer ️️ -New technologies, such as electricity, railroads, internal combustion engines, and mass-production techniques, made it possible to manufacture goods with ever increasing efficiency Together with new management ideas and ways of using labor, products poured into the marketplace, where demand for manufactured goods was strong. sales orientation - Correct Answer ️️ -businesspeople viewed sales as the primary means of increasing profits those who adopted the sales orientation perspective believed the most important marketing activities were personal selling and advertising marketing strategy - Correct Answer ️️ -a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers market - Correct Answer ️️ -a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas target market - Correct Answer ️️ -more specific group of consumers on whose needs and wants a company focuses its marketing efforts. Target markets can be further segmented into business markets and consumer markets Business-to-business (B2B) - Correct Answer ️️ -involves marketing products to customers who will use the product for resale, direct use in daily operations, or direct use in making other products Business-to-consumer (B2C) - Correct Answer ️️ -marketing directly to the end consumer total-market approach - Correct Answer ️️ -firms try to appeal to everyone and assume that all buyers have similar needs and wants market segmentation - Correct Answer ️️ -divide the total market into groups of people market segment - Correct Answer ️️ -collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires concentration approach - Correct Answer ️️ -a company develops one marketing strategy for a single market segment the concentration approach allows a firm to specialize, focusing all its eff