MARK 3321 UTA EXAM 1 | EVERY QUESTION SOLVED
| EVERY SCORE SECURED!
Marketing - Answer: the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Exchange - Answer: people giving up something in order to receive something else they
would rather have
Customer value - Answer: the relationship between benefits and the sacrifice necessary
to obtain those benefits
Customer satisfaction - Answer: customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
Relationship marketing - Answer: a strategy that focuses on keeping and improving
relationships with current customers
Empowerment - Answer: delegation of authority to solve customers' problems quickly—
usually by the first person the customer notifies regarding a problem
Customer relationship management (CRM) - Answer: a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
On-demand marketing - Answer: delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying
process
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
, Strategic planning - Answer: the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic business unit (SBU) - Answer: a subgroup of a single business or collection of
related businesses within the larger organization
Mission statement - Answer: a statement of the firm's business based on a careful
analysis of benefits sought by present and potential customers and an analysis of
existing and anticipated environmental conditions
Environmental scanning - Answer: collection and interpretation of information about
forces, events, and relationships in the external environment that may affect the future
of the organization or the implementation of the marketing plan
Competitive advantage - Answer: a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of
the competition
Experience curve - Answer: curves that show costs declining at a predictable rate as
experience with a product increases
Marketing strategy - Answer: the activities of selecting and describing one or more
target markets and developing and maintaining a marketing mix that will produce
mutually satisfying exchanges with target markets
Marketing mix (four Ps) - Answer: a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying exchanges
with a target market
Marketing audit - Answer: a thorough, systematic, periodic evaluation of the objectives,
strategies, structure, and performance of the marketing organization
2
APPHIA - Crafted with Care and Precision for Academic Excellence.
| EVERY SCORE SECURED!
Marketing - Answer: the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Exchange - Answer: people giving up something in order to receive something else they
would rather have
Customer value - Answer: the relationship between benefits and the sacrifice necessary
to obtain those benefits
Customer satisfaction - Answer: customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
Relationship marketing - Answer: a strategy that focuses on keeping and improving
relationships with current customers
Empowerment - Answer: delegation of authority to solve customers' problems quickly—
usually by the first person the customer notifies regarding a problem
Customer relationship management (CRM) - Answer: a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
On-demand marketing - Answer: delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying
process
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
, Strategic planning - Answer: the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic business unit (SBU) - Answer: a subgroup of a single business or collection of
related businesses within the larger organization
Mission statement - Answer: a statement of the firm's business based on a careful
analysis of benefits sought by present and potential customers and an analysis of
existing and anticipated environmental conditions
Environmental scanning - Answer: collection and interpretation of information about
forces, events, and relationships in the external environment that may affect the future
of the organization or the implementation of the marketing plan
Competitive advantage - Answer: a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of
the competition
Experience curve - Answer: curves that show costs declining at a predictable rate as
experience with a product increases
Marketing strategy - Answer: the activities of selecting and describing one or more
target markets and developing and maintaining a marketing mix that will produce
mutually satisfying exchanges with target markets
Marketing mix (four Ps) - Answer: a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying exchanges
with a target market
Marketing audit - Answer: a thorough, systematic, periodic evaluation of the objectives,
strategies, structure, and performance of the marketing organization
2
APPHIA - Crafted with Care and Precision for Academic Excellence.
