MKT 305 Exam questions with
answers graded A+
value - ANS✅✅the benefits a customer receives from buying a good or service
marketing - ANS✅✅an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
stakeholders - ANS✅✅buyers, sellers, or investors in a company, community, community
residents, and even citizens of the nations where goods and services are made or sold. in other
words, any person or organization that has a "stake" in the outcome
consumer - ANS✅✅the ultimate user of a good or service
marketing concept - ANS✅✅a management orientation that focuses on identifying and satisfying
consumer needs to ensure the organization's long-term profitability
need - ANS✅✅the recognition of any difference between a consumer's actual state and some
ideal or desired state
want - ANS✅✅the desire to satisfy needs in specific ways that are culturally and socially influenced
benefit - ANS✅✅the outcome sought by a customer that motivates buying behavior - that satisfies
a need or want
demand - ANS✅✅customers' desires for products coupled with the resources needed to obtain
them
market - ANS✅✅all the customers and potential customers who share a common need that can be
satisfied by a specific product, who have the resources to exchange for it, who are willing to make
the exchange, and who have the authority to make an exchange
marketplace - ANS✅✅any location or medium used to conduct an exchange
,utility - ANS✅✅the usefulness or benefit consumers receive from a product
exchange - ANS✅✅the process by which some transfer of value occurs between a buyer and a
seller
product orientation - ANS✅✅a management philosophy that emphasizes the most efficient ways
to produce and distribute products
selling orientation - ANS✅✅a managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
consumer orientation - ANS✅✅a management philosophy that focuses on ways to satisfy
customers' needs and wants
total quality management (TQM) - ANS✅✅a management philosophy that involves all employees
from the assembly line onward in continuous quality improvement
instapreneur - ANS✅✅a business person who only produces a product when it is ordered
triple bottom line orientation - ANS✅✅a business orientation that looks at financial profits, the
community in which the organization operates, and creating sustainable business practices
customer relationship management (CRM) - ANS✅✅a strategy that involves systematically
tracking consumers' preferences and behaviors over time in order to tailor the value proposition as
closely as possible to each individual's unique wants and needs
social marketing concept - ANS✅✅a mangement philosophy that marketers must satisfy
customer's needs in ways that also benefit society and also deliver profit to the firm
sustainability - ANS✅✅a product design focus that seeks to create products that meet present
consumer needs without compromising the ability of future generations to meet their needs
return on investment (ROI) - ANS✅✅the direct financial impact of a firm's expenditure of a
resource such as time or money
, popular culture - ANS✅✅the music, movies, sports, books, celebrities, and other forms of
entertainment consumed by the mass market
myths - ANS✅✅stories containing symbolic elements that express the shared emotions and ideals
of a culture
product - ANS✅✅a tangible good, service, idea, or some combination of these that satisfies
consumer or business a customer needs through the exchange process; a bundle of attributes
including features, functions, benefits, and uses
consumer goods - ANS✅✅the goods individual consumers purchase for personal or family use
services - ANS✅✅intangible products that are exchanged directly between the producer and the
consumer
business to business marketing - ANS✅✅the marketing of those goods and services that business
and organizational customers need to produce other goods and services, for resale or support their
operations
industrial goods - ANS✅✅goods individuals or organizations buy for further processing or for their
own use when they do business
e-commerce - ANS✅✅the buying or selling of goods and services electronically, usually over the
internet
non-for-profit organizations - ANS✅✅organizations with charitable, educational, community, and
other public service goals that buy goods and services to support their functions and to attract and
serve their members
target market - ANS✅✅the market segments on which an organization focuses its marketing plan
and toward it which it directs its marketing efforts
value proposition - ANS✅✅a marketplace offering that fairly and accurately sums up the value
that will be realized if the good or service is purchased
answers graded A+
value - ANS✅✅the benefits a customer receives from buying a good or service
marketing - ANS✅✅an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
stakeholders - ANS✅✅buyers, sellers, or investors in a company, community, community
residents, and even citizens of the nations where goods and services are made or sold. in other
words, any person or organization that has a "stake" in the outcome
consumer - ANS✅✅the ultimate user of a good or service
marketing concept - ANS✅✅a management orientation that focuses on identifying and satisfying
consumer needs to ensure the organization's long-term profitability
need - ANS✅✅the recognition of any difference between a consumer's actual state and some
ideal or desired state
want - ANS✅✅the desire to satisfy needs in specific ways that are culturally and socially influenced
benefit - ANS✅✅the outcome sought by a customer that motivates buying behavior - that satisfies
a need or want
demand - ANS✅✅customers' desires for products coupled with the resources needed to obtain
them
market - ANS✅✅all the customers and potential customers who share a common need that can be
satisfied by a specific product, who have the resources to exchange for it, who are willing to make
the exchange, and who have the authority to make an exchange
marketplace - ANS✅✅any location or medium used to conduct an exchange
,utility - ANS✅✅the usefulness or benefit consumers receive from a product
exchange - ANS✅✅the process by which some transfer of value occurs between a buyer and a
seller
product orientation - ANS✅✅a management philosophy that emphasizes the most efficient ways
to produce and distribute products
selling orientation - ANS✅✅a managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
consumer orientation - ANS✅✅a management philosophy that focuses on ways to satisfy
customers' needs and wants
total quality management (TQM) - ANS✅✅a management philosophy that involves all employees
from the assembly line onward in continuous quality improvement
instapreneur - ANS✅✅a business person who only produces a product when it is ordered
triple bottom line orientation - ANS✅✅a business orientation that looks at financial profits, the
community in which the organization operates, and creating sustainable business practices
customer relationship management (CRM) - ANS✅✅a strategy that involves systematically
tracking consumers' preferences and behaviors over time in order to tailor the value proposition as
closely as possible to each individual's unique wants and needs
social marketing concept - ANS✅✅a mangement philosophy that marketers must satisfy
customer's needs in ways that also benefit society and also deliver profit to the firm
sustainability - ANS✅✅a product design focus that seeks to create products that meet present
consumer needs without compromising the ability of future generations to meet their needs
return on investment (ROI) - ANS✅✅the direct financial impact of a firm's expenditure of a
resource such as time or money
, popular culture - ANS✅✅the music, movies, sports, books, celebrities, and other forms of
entertainment consumed by the mass market
myths - ANS✅✅stories containing symbolic elements that express the shared emotions and ideals
of a culture
product - ANS✅✅a tangible good, service, idea, or some combination of these that satisfies
consumer or business a customer needs through the exchange process; a bundle of attributes
including features, functions, benefits, and uses
consumer goods - ANS✅✅the goods individual consumers purchase for personal or family use
services - ANS✅✅intangible products that are exchanged directly between the producer and the
consumer
business to business marketing - ANS✅✅the marketing of those goods and services that business
and organizational customers need to produce other goods and services, for resale or support their
operations
industrial goods - ANS✅✅goods individuals or organizations buy for further processing or for their
own use when they do business
e-commerce - ANS✅✅the buying or selling of goods and services electronically, usually over the
internet
non-for-profit organizations - ANS✅✅organizations with charitable, educational, community, and
other public service goals that buy goods and services to support their functions and to attract and
serve their members
target market - ANS✅✅the market segments on which an organization focuses its marketing plan
and toward it which it directs its marketing efforts
value proposition - ANS✅✅a marketplace offering that fairly and accurately sums up the value
that will be realized if the good or service is purchased
