MGMT 380 TEST WITH CORRECT ANSWERS NEWEST!!
utility - ANSWER want-satisfying power of a good or service
marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange process - ANSWER activity in which two or more parties give something of
value to each other to satisfy perceived needs
production orientation - ANSWER business philosophy stressing efficiency in
producing a quality product, with the attitude toward marketing that "a good product
will sell itself"
sales orientation - ANSWER belief that consumers will resist purchasing nonessential
goods and services
-belief that only creative advertising and personal selling can persuade customers to
buy
seller's market - ANSWER a market in which there are more buyers for fewer goods
and services
buyer's market - ANSWER a market in which there are ore goods and services than
people willing to buy them
consumer orientation - ANSWER first determining unmet consumer needs and then
designing a system for satisfying them
marketing concept - ANSWER companywide consumer orientation with the objective
,of achieving long-run success
relationship marketing - ANSWER development and maintenance of long-term,
cost-effective relationships with individual customers, suppliers, employees, and other
partners of mutual benefit
marketing myopia - ANSWER managements failure to recognize the scope of its
business
bottom line - ANSWER reference to overall company profitability
person marketing - ANSWER marketing efforts designed to cultivate the attention,
interest, and preferences of a target market toward a person
place marketing - ANSWER marketing efforts to attract people and organizations to a
particular geographic area
cause marketing - ANSWER identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - ANSWER marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - ANSWER marketing by mutual-benefit organizations, service
organizations, and government organizations intended to persuade others to accept
their goals, receive their services, or contribute to them in some way
transaction-based marketing - ANSWER buyer and seller exchanges characterized by
limited communications and little or no ongoing relationships between the parties
mobile marketing - ANSWER marketing messages transmitted via wireless technology
, interactive marketing - ANSWER buyer-seller communications in which the customer
controls the amount and type of information received from a marketer through channels
such as the internet and virtual reality kiosks
social marketing - ANSWER the use of online social media asa communications
channel for marketing messages
strategic alliances - ANSWER partnerships in which two or more companies combine
resources and capital to create competitive advantages in a new market
-common in international marketing
wholesalers - ANSWER intermediaries that operate between producers and resellers
exchange functions - ANSWER buying and selling
Marketing's 8 Universal Functions - ANSWER 1. buying (ensuring that product
offerings are available in sufficient quantities to meet customer demands)
2. selling (using advertising, personal selling, and sales promotion to match products to
customer needs)
3. transporting (moving products from their point of production to locations convenient
for purchasers)
4. storing (warehousing product until needed for sale)
5. standardizing and grading (ensuring that product offerings meet quality/quantity
controls)
6. financing (providing credit for channel members and consumers)
7. risk taking (dealing with uncertainty about future customer purchases)
8. securing marketing information (collecting information about consumers,
competitors, and channel members for use in making marketing decisions)
ethics - ANSWER moral standards of behavior expected by a society
utility - ANSWER want-satisfying power of a good or service
marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange process - ANSWER activity in which two or more parties give something of
value to each other to satisfy perceived needs
production orientation - ANSWER business philosophy stressing efficiency in
producing a quality product, with the attitude toward marketing that "a good product
will sell itself"
sales orientation - ANSWER belief that consumers will resist purchasing nonessential
goods and services
-belief that only creative advertising and personal selling can persuade customers to
buy
seller's market - ANSWER a market in which there are more buyers for fewer goods
and services
buyer's market - ANSWER a market in which there are ore goods and services than
people willing to buy them
consumer orientation - ANSWER first determining unmet consumer needs and then
designing a system for satisfying them
marketing concept - ANSWER companywide consumer orientation with the objective
,of achieving long-run success
relationship marketing - ANSWER development and maintenance of long-term,
cost-effective relationships with individual customers, suppliers, employees, and other
partners of mutual benefit
marketing myopia - ANSWER managements failure to recognize the scope of its
business
bottom line - ANSWER reference to overall company profitability
person marketing - ANSWER marketing efforts designed to cultivate the attention,
interest, and preferences of a target market toward a person
place marketing - ANSWER marketing efforts to attract people and organizations to a
particular geographic area
cause marketing - ANSWER identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - ANSWER marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - ANSWER marketing by mutual-benefit organizations, service
organizations, and government organizations intended to persuade others to accept
their goals, receive their services, or contribute to them in some way
transaction-based marketing - ANSWER buyer and seller exchanges characterized by
limited communications and little or no ongoing relationships between the parties
mobile marketing - ANSWER marketing messages transmitted via wireless technology
, interactive marketing - ANSWER buyer-seller communications in which the customer
controls the amount and type of information received from a marketer through channels
such as the internet and virtual reality kiosks
social marketing - ANSWER the use of online social media asa communications
channel for marketing messages
strategic alliances - ANSWER partnerships in which two or more companies combine
resources and capital to create competitive advantages in a new market
-common in international marketing
wholesalers - ANSWER intermediaries that operate between producers and resellers
exchange functions - ANSWER buying and selling
Marketing's 8 Universal Functions - ANSWER 1. buying (ensuring that product
offerings are available in sufficient quantities to meet customer demands)
2. selling (using advertising, personal selling, and sales promotion to match products to
customer needs)
3. transporting (moving products from their point of production to locations convenient
for purchasers)
4. storing (warehousing product until needed for sale)
5. standardizing and grading (ensuring that product offerings meet quality/quantity
controls)
6. financing (providing credit for channel members and consumers)
7. risk taking (dealing with uncertainty about future customer purchases)
8. securing marketing information (collecting information about consumers,
competitors, and channel members for use in making marketing decisions)
ethics - ANSWER moral standards of behavior expected by a society
