MKT-300 EXAM 1 UA QUESTIOS & ANSWERS
Marketing - Answers -The process of creating, pricing, distributing, and promoting
goods, services, and ideas to:
-Facilitate satisfying relationships with customers.
-Develop and maintain favorable relationships with stakeholders in a dynamic
environment.
Customers: - Answers -The purchasers of organizations' products.
-Focal point of all marketing activities.
Target market: - Answers -A specific group of customers of whom an organization
focuses on marketing to.
Marketing mix: - Answers -Product, Pricing, Place (Distribution), Promotion.
-Developed and controlled by the firm.
-Objective is to meet the needs of customers within its target market product.
Product:
Goods:
Services:
Ideas: - Answers --A good, service, or idea.
-Tangible
-Intangible customer benefits.
-Concepts, philosophies, and issues. (Deals with researching customers' needs and
wants and designing a product that satisfies them).
Product: - Answers -Involves creating and modifying:
-Brand names
-Packaging
-Product itself
Distribution: - Answers -Ensuring availability of products in desired quantities to
maximum number of target-market customers as possible.
Distribution aims to keep costs low for: - Answers --Inventory
-Transportation
-Storage
, Distribution ensure availability of products: - Answers --At the right time
-At appropriate locations
Promotion: - Answers -Activities used to inform and persuade to create a desired
response.
Promotion purpose: - Answers --Increase public awareness of organization and its
products.
-Educate customers about product features.
-Help sustain interest in established products.
-Urge people to take a stance on a political or social issue.
Price: - Answers -Helps establish value.
Price is: - Answers --A critical component of the marketing mix.
-Used as a competitive tool to establish image.
The most flexible marketing-mix variable.
Price X Quantity sold =
Value: - Answers -A customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
-Marketing creates value.
Customer benefits: - Answers -Anything a buyer receives in an exchange
Customer costs: - Answers -Anything a buyer must give up to obtain the benefits the
product provides.
Customer value = - Answers -Customer benefits - customer costs
Exchanges: - Answers -The provision or transfer of goods, services, or ideas in return
for something of value.
Exchanges 4 conditions: - Answers --2 or more parties.
-Should provide a perceived benefit.
-Each party must have confidence in the promise of the valuable by the other person.
-Can be cancelled.
Stakeholders: - Answers -Constituents who have a "stake", or claim, in some aspect of
a company's products, operations, markets, industry, and outcomes.
Stakeholders include: - Answers --Customers
-Employees
Marketing - Answers -The process of creating, pricing, distributing, and promoting
goods, services, and ideas to:
-Facilitate satisfying relationships with customers.
-Develop and maintain favorable relationships with stakeholders in a dynamic
environment.
Customers: - Answers -The purchasers of organizations' products.
-Focal point of all marketing activities.
Target market: - Answers -A specific group of customers of whom an organization
focuses on marketing to.
Marketing mix: - Answers -Product, Pricing, Place (Distribution), Promotion.
-Developed and controlled by the firm.
-Objective is to meet the needs of customers within its target market product.
Product:
Goods:
Services:
Ideas: - Answers --A good, service, or idea.
-Tangible
-Intangible customer benefits.
-Concepts, philosophies, and issues. (Deals with researching customers' needs and
wants and designing a product that satisfies them).
Product: - Answers -Involves creating and modifying:
-Brand names
-Packaging
-Product itself
Distribution: - Answers -Ensuring availability of products in desired quantities to
maximum number of target-market customers as possible.
Distribution aims to keep costs low for: - Answers --Inventory
-Transportation
-Storage
, Distribution ensure availability of products: - Answers --At the right time
-At appropriate locations
Promotion: - Answers -Activities used to inform and persuade to create a desired
response.
Promotion purpose: - Answers --Increase public awareness of organization and its
products.
-Educate customers about product features.
-Help sustain interest in established products.
-Urge people to take a stance on a political or social issue.
Price: - Answers -Helps establish value.
Price is: - Answers --A critical component of the marketing mix.
-Used as a competitive tool to establish image.
The most flexible marketing-mix variable.
Price X Quantity sold =
Value: - Answers -A customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
-Marketing creates value.
Customer benefits: - Answers -Anything a buyer receives in an exchange
Customer costs: - Answers -Anything a buyer must give up to obtain the benefits the
product provides.
Customer value = - Answers -Customer benefits - customer costs
Exchanges: - Answers -The provision or transfer of goods, services, or ideas in return
for something of value.
Exchanges 4 conditions: - Answers --2 or more parties.
-Should provide a perceived benefit.
-Each party must have confidence in the promise of the valuable by the other person.
-Can be cancelled.
Stakeholders: - Answers -Constituents who have a "stake", or claim, in some aspect of
a company's products, operations, markets, industry, and outcomes.
Stakeholders include: - Answers --Customers
-Employees
