UARK MKTG 3433 EXAM 1 QUESTIONS AND
ANSWERS 100 % CORRECT
Marketing - ANSWER the activity for creating, communicating, delivering, and exchanging
offerings that benefit its customers, the organization, its stakeholders, and society.
Exchange - ANSWER the trade of things
of value between a buyer and a seller so that each is better off
Market - ANSWER consists of people with both the desire and the ability to buy a specific
offering.
Target Market - ANSWER consists of
one or more specific groups of potential consumers toward
which an organization directs its marketing program.
Marketing Mix - ANSWER consists of the marketing manager's controllable factors—product,
price, promotion, and place—that can be used to solve a marketing problem.
Customer Value Proposition - ANSWER the cluster of benefits that an organization promises
customers to satisfy their needs.
Environmental Forces - ANSWER consist of the uncontrollable forces of social, economic,
,technological, competitive, and regulatory forces that affect the results of a marketing
decision.
Customer Value - ANSWER the unique combination of benefits received by buyers, including
quality, convenience, on-time delivery, and before- and after-sale service at a
specific price.
Relationship Marketing - ANSWER links
the organization to its individual customers, employees, suppliers, and other partners for their
mutual long-term benefit.
Marketing Program - ANSWER a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers.
Market Segments - ANSWER the relatively homogeneous groups
of prospective buyers that
(1) have common needs and
(2) will respond similarly to a marketing action.
Marketing Concept - ANSWER the
idea that an organization should (1) strive to satisfy the needs of consumers (2) while also
trying to achieve the organization's goals
Market Orientation - ANSWER occurs when an organization focuses its efforts to collect and
use information about customers' needs to create customer value.
, Societal Marketing Concept - ANSWER the view that organizations should satisfy the needs of
consumers in a way that also provides for society's well-being.
Product - ANSWER 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.
Ultimate Consumers - ANSWER consist of the people who use the products
and services purchased for a household. (Also called consumers, buyers, or customers.)
Organizational Buyers - ANSWER manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale.
Utility - ANSWER consists of the benefits or customer value received by users of the product.
Profit - ANSWER the money left after a
for-profit organization subtracts its total expenses from its total revenues and is the reward
for the risk it undertakes in marketing its offerings.
Strategy - ANSWER an organization's
long-term course of action designed to deliver a unique customer experience while achieving
its goals
ANSWERS 100 % CORRECT
Marketing - ANSWER the activity for creating, communicating, delivering, and exchanging
offerings that benefit its customers, the organization, its stakeholders, and society.
Exchange - ANSWER the trade of things
of value between a buyer and a seller so that each is better off
Market - ANSWER consists of people with both the desire and the ability to buy a specific
offering.
Target Market - ANSWER consists of
one or more specific groups of potential consumers toward
which an organization directs its marketing program.
Marketing Mix - ANSWER consists of the marketing manager's controllable factors—product,
price, promotion, and place—that can be used to solve a marketing problem.
Customer Value Proposition - ANSWER the cluster of benefits that an organization promises
customers to satisfy their needs.
Environmental Forces - ANSWER consist of the uncontrollable forces of social, economic,
,technological, competitive, and regulatory forces that affect the results of a marketing
decision.
Customer Value - ANSWER the unique combination of benefits received by buyers, including
quality, convenience, on-time delivery, and before- and after-sale service at a
specific price.
Relationship Marketing - ANSWER links
the organization to its individual customers, employees, suppliers, and other partners for their
mutual long-term benefit.
Marketing Program - ANSWER a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers.
Market Segments - ANSWER the relatively homogeneous groups
of prospective buyers that
(1) have common needs and
(2) will respond similarly to a marketing action.
Marketing Concept - ANSWER the
idea that an organization should (1) strive to satisfy the needs of consumers (2) while also
trying to achieve the organization's goals
Market Orientation - ANSWER occurs when an organization focuses its efforts to collect and
use information about customers' needs to create customer value.
, Societal Marketing Concept - ANSWER the view that organizations should satisfy the needs of
consumers in a way that also provides for society's well-being.
Product - ANSWER 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.
Ultimate Consumers - ANSWER consist of the people who use the products
and services purchased for a household. (Also called consumers, buyers, or customers.)
Organizational Buyers - ANSWER manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale.
Utility - ANSWER consists of the benefits or customer value received by users of the product.
Profit - ANSWER the money left after a
for-profit organization subtracts its total expenses from its total revenues and is the reward
for the risk it undertakes in marketing its offerings.
Strategy - ANSWER an organization's
long-term course of action designed to deliver a unique customer experience while achieving
its goals
