POM Final Exam Questions and
Answers14
Time Utility - ANSWERS -exists when a company maximizes the availability of a product so that
customers can buy it during the times that are the most convenient
Place utility - ANSWERS -refers primarily to making goods or services physically available or
accessible to potential customers
Form Utility - ANSWERS -Refers to a product's being in a form that (1) can be used by the
customer and (2) is of value to the customer.
Possession Utility - ANSWERS -refers to the value or usefulness that comes from a customer
being able to take possession of a product
Market - ANSWERS -People with both the desire and the ability to buy a specific offering
Market Segment - ANSWERS -Groups of prospective buyers that:
1) have common needs
2) will respond similarly to a marketing action
Technological Forces - ANSWERS -Innovations and inventions from applied science or
engineering research
Target Market - ANSWERS -one or more specific groups of potential consumers toward which an
organization directs its marketing program
, The Marketing Mix - ANSWERS -Product, Price, Place, Promotion
Customer Value Proposition - ANSWERS -The unique combination of benefits an organization
promises to its targeted buyers
Environmental Forces - ANSWERS -Social, Economic, Technological, Competitive and Regulatory
Forces
Social Forces - ANSWERS -Trends in demographics, culture
Economic Forces - ANSWERS -The income, expenditures, and resources that affect the cost of
running a business
Competitive Forces - ANSWERS -Alternative firms that could provide a product to satisfy a
specific market's needs
Regulatory Forces - ANSWERS -Restrictions state and federal laws place on business
Evolution of the Market Orientation - ANSWERS -1. production era
2. sales era
3. marketing concept era
4. customer relationship management era
Environmental Scanning - ANSWERS -The process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
Pure Competition - ANSWERS -Many sellers and each has a similar product
Answers14
Time Utility - ANSWERS -exists when a company maximizes the availability of a product so that
customers can buy it during the times that are the most convenient
Place utility - ANSWERS -refers primarily to making goods or services physically available or
accessible to potential customers
Form Utility - ANSWERS -Refers to a product's being in a form that (1) can be used by the
customer and (2) is of value to the customer.
Possession Utility - ANSWERS -refers to the value or usefulness that comes from a customer
being able to take possession of a product
Market - ANSWERS -People with both the desire and the ability to buy a specific offering
Market Segment - ANSWERS -Groups of prospective buyers that:
1) have common needs
2) will respond similarly to a marketing action
Technological Forces - ANSWERS -Innovations and inventions from applied science or
engineering research
Target Market - ANSWERS -one or more specific groups of potential consumers toward which an
organization directs its marketing program
, The Marketing Mix - ANSWERS -Product, Price, Place, Promotion
Customer Value Proposition - ANSWERS -The unique combination of benefits an organization
promises to its targeted buyers
Environmental Forces - ANSWERS -Social, Economic, Technological, Competitive and Regulatory
Forces
Social Forces - ANSWERS -Trends in demographics, culture
Economic Forces - ANSWERS -The income, expenditures, and resources that affect the cost of
running a business
Competitive Forces - ANSWERS -Alternative firms that could provide a product to satisfy a
specific market's needs
Regulatory Forces - ANSWERS -Restrictions state and federal laws place on business
Evolution of the Market Orientation - ANSWERS -1. production era
2. sales era
3. marketing concept era
4. customer relationship management era
Environmental Scanning - ANSWERS -The process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
Pure Competition - ANSWERS -Many sellers and each has a similar product
