UF MAR3023 EXAM 1 COMPLETE
QUESTIONS AND 100% CORRECT
ANSWERS
\.marketing - ANSWERS✔-- the activity of creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners, and society at large.
- heart of marketing is in making sure exchanges between people and orgs satisfy the objectives
of both sides of the exchange.
- seeks to serve both buyers and sellers by discovering and satisfying the needs and wants of
prospective customers, as well as society overall.
\.Customer value - ANSWERS✔--the unique combo of benefits received by targeted buyers that
includes quality, price, convenience, on-tome delivery, and before/after-sale service.
-synonyms are utility and satisfaction
-the ratio of perceived benefits to price
value= (perceived benefits)/price
\.Utility - ANSWERS✔-the benefit of satisfaction, or customer value, received by users of a
product.
,-4 types: time, place, form, and possession
\.Time utility - ANSWERS✔--created by getting the product to the customer when he or she
wants it.
-WHEN they want it, AS QUICKLY as they want it.
-speed of delivery (fast food companies)
-availability (vid game release, want it first day)
\.Place utility - ANSWERS✔--created by having th product WHERE the consumer wants it and
providing the product in a positive atmosphere
-conveneint locations (arms everywhere)
-atmospherics: ambiance of the place where u buy the product adds value. (eating hamburger
at rainforest cafe is an experience, consuming an experience, which justifies the high prices)
\.Form utility - ANSWERS✔--created by having the product tin the form that is most useful to
the consumer
-think tide pods
\.Possession utility - ANSWERS✔--created by allowing customers to physically get hold of a
product.
-Primary way marketers create possession utility is through CREDIT, which allows people to
possess a product now and pay for it later.
,-credit cards, student loans
\.Marketing management - ANSWERS✔--set of activities that facilitates the exchange of value.
-marketing managers facilitate exchange by using the marketing mizz
\.Marketing mix - ANSWERS✔-the four controllable marketing factors (the 4 P's): product, price,
place, promotion.
-used by marketing managers to deliver value to customers
\.Product of marketing mix - ANSWERS✔-a good, service, or idea that satisfies consumer needs
(variety, quality, design, features, brand name, packaging, services, and warranties)
\.Price of marketing mix - ANSWERS✔-what is exchanged for the product
\.Place of marketing mix - ANSWERS✔-a means of getting the product to the consumer
(channels, locations, inventory, transportation, atmospherics)
\.Promotion of marketing mix - ANSWERS✔-A means of communication between the seller and
the buyer
(sales promotion, ads,, PR, direct marketing, e-com)
-marketing is broader than just advertising and PR, which is only a PART of PROMOTION
, \.Marketing program - ANSWERS✔-a plan that integrates the marketing mix to provide a
product, service or idea to prospective customers.
-the set of decisions that encompasses each of the four P's
\.Market share - ANSWERS✔--used to evaluate the success of a MARKETING PROGRAM
-the ratio of firms sales rev to total sales rev of the industry
(firms sales rev)/(total industry sales)
\.STP marketing - ANSWERS✔-at the heart of modern marketing, the process of identifying
groups in the marketplace and then serving them.
-includes segmentation, targeting, and positioning
\.Segmentation - ANSWERS✔--marketplace is not uniform, its heterogenous. Its the search for
relatively homogeneous clusters within a hetero market.
-any specific market contains "submarkets" due to the inherent diffs among consumers
-market segment is relatively homogeneous group of existing and potential customers w
common needs, values, and levels of responsiveness to marketing variables.
-Responsiveness to marketing variables is one of the most important requirements for
successful segmentation
QUESTIONS AND 100% CORRECT
ANSWERS
\.marketing - ANSWERS✔-- the activity of creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners, and society at large.
- heart of marketing is in making sure exchanges between people and orgs satisfy the objectives
of both sides of the exchange.
- seeks to serve both buyers and sellers by discovering and satisfying the needs and wants of
prospective customers, as well as society overall.
\.Customer value - ANSWERS✔--the unique combo of benefits received by targeted buyers that
includes quality, price, convenience, on-tome delivery, and before/after-sale service.
-synonyms are utility and satisfaction
-the ratio of perceived benefits to price
value= (perceived benefits)/price
\.Utility - ANSWERS✔-the benefit of satisfaction, or customer value, received by users of a
product.
,-4 types: time, place, form, and possession
\.Time utility - ANSWERS✔--created by getting the product to the customer when he or she
wants it.
-WHEN they want it, AS QUICKLY as they want it.
-speed of delivery (fast food companies)
-availability (vid game release, want it first day)
\.Place utility - ANSWERS✔--created by having th product WHERE the consumer wants it and
providing the product in a positive atmosphere
-conveneint locations (arms everywhere)
-atmospherics: ambiance of the place where u buy the product adds value. (eating hamburger
at rainforest cafe is an experience, consuming an experience, which justifies the high prices)
\.Form utility - ANSWERS✔--created by having the product tin the form that is most useful to
the consumer
-think tide pods
\.Possession utility - ANSWERS✔--created by allowing customers to physically get hold of a
product.
-Primary way marketers create possession utility is through CREDIT, which allows people to
possess a product now and pay for it later.
,-credit cards, student loans
\.Marketing management - ANSWERS✔--set of activities that facilitates the exchange of value.
-marketing managers facilitate exchange by using the marketing mizz
\.Marketing mix - ANSWERS✔-the four controllable marketing factors (the 4 P's): product, price,
place, promotion.
-used by marketing managers to deliver value to customers
\.Product of marketing mix - ANSWERS✔-a good, service, or idea that satisfies consumer needs
(variety, quality, design, features, brand name, packaging, services, and warranties)
\.Price of marketing mix - ANSWERS✔-what is exchanged for the product
\.Place of marketing mix - ANSWERS✔-a means of getting the product to the consumer
(channels, locations, inventory, transportation, atmospherics)
\.Promotion of marketing mix - ANSWERS✔-A means of communication between the seller and
the buyer
(sales promotion, ads,, PR, direct marketing, e-com)
-marketing is broader than just advertising and PR, which is only a PART of PROMOTION
, \.Marketing program - ANSWERS✔-a plan that integrates the marketing mix to provide a
product, service or idea to prospective customers.
-the set of decisions that encompasses each of the four P's
\.Market share - ANSWERS✔--used to evaluate the success of a MARKETING PROGRAM
-the ratio of firms sales rev to total sales rev of the industry
(firms sales rev)/(total industry sales)
\.STP marketing - ANSWERS✔-at the heart of modern marketing, the process of identifying
groups in the marketplace and then serving them.
-includes segmentation, targeting, and positioning
\.Segmentation - ANSWERS✔--marketplace is not uniform, its heterogenous. Its the search for
relatively homogeneous clusters within a hetero market.
-any specific market contains "submarkets" due to the inherent diffs among consumers
-market segment is relatively homogeneous group of existing and potential customers w
common needs, values, and levels of responsiveness to marketing variables.
-Responsiveness to marketing variables is one of the most important requirements for
successful segmentation
