Principles Of Marketing Kerin Chapter 1, 2, 3, 5, 8, 9
Exam Fully Solved 2025 #6
Activity for creating, communicating, delivering and exchanging offerings that benefit its
customers, the organization, its stakeholders and society at large
(chapter 1) - correct answer definition of marketing
1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for parties to communicate
4. Something to exchange
(chapter 1) - correct answer what are the 4 key things needed for marketing to occur?
Target market
(chapter 1) - correct answer one or more specific groups of potential consumers toward
which an organization directs its marketing program
1. Product: good/service/idea to satisfy consumer's needs
2. Price: what is exchanged for the product
3. Promotion: a way to communicate b/w seller and buyer
4. Place: a way to get product to consumer
(chapter 1) - correct answer name the 4 controllable marketing mix factors
Social, economic, technological, competitive, regulatory
(chapter 1) - correct answer what are some uncontrollable, environmental forces?
Customer value
(chapter 1) - correct answer the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price; usually given through best price, best product or
best service
Relationship marketing
(chapter 1) - correct answer links organization to its individual customers, suppliers,
employees, and other partners for mutual long-term benefit; involves personal, ongoing
relationship, and begins before and continues after sale
Marketing concept
(chapter 1) - correct answer organization should 1. Strive to satisfy the needs of
consumers while 2. Also trying to achieve organization's goals
Market orientation
, (chapter 1) - correct answer involves:
1. Continuously collecting info about customers' needs
2. Sharing this info across departments
3. Using it to create customer value
Customer relationship management (crm)
(chapter 1) - correct answer the 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
Societal marketing concept
(chapter 1) - correct answer view that organizations should satisfy the needs of
consumers in a way that provides for society's well-being
Ultimate consumers
(chapter 1) - correct answer people who use products and services for a household
Form
Place
Time
Possession
(chapter 1) - correct answer 4 types of utility
Organization definition
(chapter 2) - correct answer a legal entity of people who have a common mission or
goal
Business firm
(chapter 2) - correct answer a privately owned organization that serves customers to
earn profit so it can survive
Nonprofit organization
(chapter 2) - correct answer a nongovernmental organization that serves customers and
goal isn't profit, rather it's operational efficiency or client satisfaction
Industry
(2) - correct answer a group of organizations that develop similar offerings
Strategy
(chapter 2) - correct answer an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
Corporate level
Strategic business unit
Functional level
(chapter 2) - correct answer 3 key levels of corporate structure
Exam Fully Solved 2025 #6
Activity for creating, communicating, delivering and exchanging offerings that benefit its
customers, the organization, its stakeholders and society at large
(chapter 1) - correct answer definition of marketing
1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for parties to communicate
4. Something to exchange
(chapter 1) - correct answer what are the 4 key things needed for marketing to occur?
Target market
(chapter 1) - correct answer one or more specific groups of potential consumers toward
which an organization directs its marketing program
1. Product: good/service/idea to satisfy consumer's needs
2. Price: what is exchanged for the product
3. Promotion: a way to communicate b/w seller and buyer
4. Place: a way to get product to consumer
(chapter 1) - correct answer name the 4 controllable marketing mix factors
Social, economic, technological, competitive, regulatory
(chapter 1) - correct answer what are some uncontrollable, environmental forces?
Customer value
(chapter 1) - correct answer the unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price; usually given through best price, best product or
best service
Relationship marketing
(chapter 1) - correct answer links organization to its individual customers, suppliers,
employees, and other partners for mutual long-term benefit; involves personal, ongoing
relationship, and begins before and continues after sale
Marketing concept
(chapter 1) - correct answer organization should 1. Strive to satisfy the needs of
consumers while 2. Also trying to achieve organization's goals
Market orientation
, (chapter 1) - correct answer involves:
1. Continuously collecting info about customers' needs
2. Sharing this info across departments
3. Using it to create customer value
Customer relationship management (crm)
(chapter 1) - correct answer the 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
Societal marketing concept
(chapter 1) - correct answer view that organizations should satisfy the needs of
consumers in a way that provides for society's well-being
Ultimate consumers
(chapter 1) - correct answer people who use products and services for a household
Form
Place
Time
Possession
(chapter 1) - correct answer 4 types of utility
Organization definition
(chapter 2) - correct answer a legal entity of people who have a common mission or
goal
Business firm
(chapter 2) - correct answer a privately owned organization that serves customers to
earn profit so it can survive
Nonprofit organization
(chapter 2) - correct answer a nongovernmental organization that serves customers and
goal isn't profit, rather it's operational efficiency or client satisfaction
Industry
(2) - correct answer a group of organizations that develop similar offerings
Strategy
(chapter 2) - correct answer an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
Corporate level
Strategic business unit
Functional level
(chapter 2) - correct answer 3 key levels of corporate structure
