Marketing Exam 1 - Ormsbee Cedarville
University
Market offerings - ANSWER-Some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Marketing myopia - ANSWER-Focusing only on existing wants and losing sight of
underlying consumer needs
Exchange - ANSWER-The act of obtaining a desired object from someone by offering
something in return
Market - ANSWER-Set of actual and potential buyers
Marketing - ANSWER-process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Needs - ANSWER-are states of felt deprivation
Wants - ANSWER-are the from human needs take they are shaped by culture and
individual personality
Demands - ANSWER-Are human wants that re backed by buying power
Marketing management - ANSWER-The art and science of choosing target markets and
building profitable relationships with them
Value proposition - ANSWER-The set of benefits or values it promises to deliver to
customers to satisfy their needs
Societal marketing - ANSWER-The company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests
Marketing mix - ANSWER-Product, price, promotion, place
University
Market offerings - ANSWER-Some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Marketing myopia - ANSWER-Focusing only on existing wants and losing sight of
underlying consumer needs
Exchange - ANSWER-The act of obtaining a desired object from someone by offering
something in return
Market - ANSWER-Set of actual and potential buyers
Marketing - ANSWER-process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Needs - ANSWER-are states of felt deprivation
Wants - ANSWER-are the from human needs take they are shaped by culture and
individual personality
Demands - ANSWER-Are human wants that re backed by buying power
Marketing management - ANSWER-The art and science of choosing target markets and
building profitable relationships with them
Value proposition - ANSWER-The set of benefits or values it promises to deliver to
customers to satisfy their needs
Societal marketing - ANSWER-The company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests
Marketing mix - ANSWER-Product, price, promotion, place
