MKT 305 Test Queries and answers
graded 100%
Exchange - ANS✅✅the trade of things of value between buyer and seller so that each is better off
after the trade
Marketing - ANS✅✅the activity for creating, communicating, delivering, and exchanging offerings
that benefit the organization, its stakeholders, and society at large.
Market - ANS✅✅consists of people with both the desire and the ability to buy a specific offering
Target Market - ANS✅✅consists of one or more specific groups of potential consumers toward
which an organization directs its marketing program.
Marketing Mix - ANS✅✅consists of the marketing manager's controllable factors-product, price,
promotion, and place-that can be used to solve a marketing problem.
Mission Statement - ANS✅✅a statement of the organization's function in society that often
identifies its customers, markets, products, and technologies. The term is often used
interchangeably with vision.
Profit - ANS✅✅he money left after a business firm's total expenses are subtracted from its total
revenues and is the reward for the risk it undertakes in marketing its offerings.
Code of Ethics - ANS✅✅he moral principles and values that govern the actions and decisions of an
individual or group.
Laws - ANS✅✅society's values and standards that are enforceable in the courts.
Caveat Emptor - ANS✅✅the legal concept of "let the buyer beware" that was pervasive in the
American business culture prior to the 1960s.
Market Share - ANS✅✅the ratio of sales of revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself.
, Consumer Behavior - ANS✅✅consists of the actions a person takes in purchasing and using
products and services, including the mental and social processes that come before and after these
actions.
Evaluative Criteria - ANS✅✅the factors that represent both the objective attributes of a brand and
the subjective ones a consumer uses to compare different products and brands.
Cognitive Dissonance - ANS✅✅the feeling of post purchase psychological tension or anxiety
consumers may experience when faced with two or more highly attractive alternatives.
Brand Loyalty - ANS✅✅a favorable attitude toward and consistent purchase of a single brand over
time.
Marketing Research - ANS✅✅is the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending action.
Protectionism - ANS✅✅the practice of shielding one or more industries within a country's
economy from foreign competition through the use of tariffs or quotas.
Tarrifs - ANS✅✅government taxes on goods or services entering a country that primarily serve to
raise prices on imports.
Quota - ANS✅✅a restriction placed on the amount of a product allowed to enter (import quota) or
leave a country (export quota).
Product - ANS✅✅a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or something else
of value.
Derived Demand - ANS✅✅the demand for industrial products and services is driven by, or derived
from, demand for consumer products and services.
Product Modification - ANS✅✅a strategy that alters one or more of a product's characteristic,
such as its quality, performance, or appearance, to increase the product's value to customers and
increase sales.
graded 100%
Exchange - ANS✅✅the trade of things of value between buyer and seller so that each is better off
after the trade
Marketing - ANS✅✅the activity for creating, communicating, delivering, and exchanging offerings
that benefit the organization, its stakeholders, and society at large.
Market - ANS✅✅consists of people with both the desire and the ability to buy a specific offering
Target Market - ANS✅✅consists of one or more specific groups of potential consumers toward
which an organization directs its marketing program.
Marketing Mix - ANS✅✅consists of the marketing manager's controllable factors-product, price,
promotion, and place-that can be used to solve a marketing problem.
Mission Statement - ANS✅✅a statement of the organization's function in society that often
identifies its customers, markets, products, and technologies. The term is often used
interchangeably with vision.
Profit - ANS✅✅he money left after a business firm's total expenses are subtracted from its total
revenues and is the reward for the risk it undertakes in marketing its offerings.
Code of Ethics - ANS✅✅he moral principles and values that govern the actions and decisions of an
individual or group.
Laws - ANS✅✅society's values and standards that are enforceable in the courts.
Caveat Emptor - ANS✅✅the legal concept of "let the buyer beware" that was pervasive in the
American business culture prior to the 1960s.
Market Share - ANS✅✅the ratio of sales of revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself.
, Consumer Behavior - ANS✅✅consists of the actions a person takes in purchasing and using
products and services, including the mental and social processes that come before and after these
actions.
Evaluative Criteria - ANS✅✅the factors that represent both the objective attributes of a brand and
the subjective ones a consumer uses to compare different products and brands.
Cognitive Dissonance - ANS✅✅the feeling of post purchase psychological tension or anxiety
consumers may experience when faced with two or more highly attractive alternatives.
Brand Loyalty - ANS✅✅a favorable attitude toward and consistent purchase of a single brand over
time.
Marketing Research - ANS✅✅is the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending action.
Protectionism - ANS✅✅the practice of shielding one or more industries within a country's
economy from foreign competition through the use of tariffs or quotas.
Tarrifs - ANS✅✅government taxes on goods or services entering a country that primarily serve to
raise prices on imports.
Quota - ANS✅✅a restriction placed on the amount of a product allowed to enter (import quota) or
leave a country (export quota).
Product - ANS✅✅a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or something else
of value.
Derived Demand - ANS✅✅the demand for industrial products and services is driven by, or derived
from, demand for consumer products and services.
Product Modification - ANS✅✅a strategy that alters one or more of a product's characteristic,
such as its quality, performance, or appearance, to increase the product's value to customers and
increase sales.
