MCS 1000 Final Exam UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
Marketing activity of creating, communicating, delivering and exchanging offerings that
benefit the organization, its stakeholders and society at large
1. Two or more parties with unsatisfied needs requirements for marketing to occur
2. desire and ability on their part to be satisfied
3. a way of parties to communicate
4. something to exchange
Market people with the desire and ability to buy specific product
Social Marketing designed to influence the behaviour of individuals in which the benefits od those
behaviour accrue to those individuals or to society in general and not to the
marketer
Ultimate consumers all people who use the goods and services purchased for a household
organizational buyers maufacturers, wholesalers, retailers, and government agencies that buy goods
and services for their own use
target market one or specific groups of potential consumers towards which an organization
directs its marketing program
, 1. Product 4 P's of Marketing
2. Price
3. Promotion
4. Place
Marketing mix marketing actions of 4 Ps, that he or she can take to create, communicate and
deliver value
environmental forces uncontrollable factors involving social , economic, technological, competitive and
regulatory forces
marketing program a plan that integrates the marketing mix to provide a good or service, or idea to
prospective buyers
Production Era -central notion was products would sell themselves
Sales Era -more goods made than consumed
-competition grew
-more sales people hired
Marketing concept (era as well) idea that an organization should strive to satisfy the needs of consumers, while
also trying to achieve goals
Marketing orientation (era as well) 1. continuously collecting information about customers
2. sharing this information throughout the organization
3. using information to create value
customer value unique combination of benefits received by the customer that include quality,
price, convenience, on time delivery and both before-sale and after sale service
customer satisfaction match between customer expectations of the product and the product's actual
performance
customer relationship management process of devleoping long term relationships
customer lifetime value profit generated by the customer's purchase of an organziations product or
service over customers life time
eCRM a web-centric personailized approach to managing long term customer
relationships electronically
interactive marketing involves two way buyer seller electronic communication in which the buyer can
control the kind and amount of information received from the seller
Marketing activity of creating, communicating, delivering and exchanging offerings that
benefit the organization, its stakeholders and society at large
1. Two or more parties with unsatisfied needs requirements for marketing to occur
2. desire and ability on their part to be satisfied
3. a way of parties to communicate
4. something to exchange
Market people with the desire and ability to buy specific product
Social Marketing designed to influence the behaviour of individuals in which the benefits od those
behaviour accrue to those individuals or to society in general and not to the
marketer
Ultimate consumers all people who use the goods and services purchased for a household
organizational buyers maufacturers, wholesalers, retailers, and government agencies that buy goods
and services for their own use
target market one or specific groups of potential consumers towards which an organization
directs its marketing program
, 1. Product 4 P's of Marketing
2. Price
3. Promotion
4. Place
Marketing mix marketing actions of 4 Ps, that he or she can take to create, communicate and
deliver value
environmental forces uncontrollable factors involving social , economic, technological, competitive and
regulatory forces
marketing program a plan that integrates the marketing mix to provide a good or service, or idea to
prospective buyers
Production Era -central notion was products would sell themselves
Sales Era -more goods made than consumed
-competition grew
-more sales people hired
Marketing concept (era as well) idea that an organization should strive to satisfy the needs of consumers, while
also trying to achieve goals
Marketing orientation (era as well) 1. continuously collecting information about customers
2. sharing this information throughout the organization
3. using information to create value
customer value unique combination of benefits received by the customer that include quality,
price, convenience, on time delivery and both before-sale and after sale service
customer satisfaction match between customer expectations of the product and the product's actual
performance
customer relationship management process of devleoping long term relationships
customer lifetime value profit generated by the customer's purchase of an organziations product or
service over customers life time
eCRM a web-centric personailized approach to managing long term customer
relationships electronically
interactive marketing involves two way buyer seller electronic communication in which the buyer can
control the kind and amount of information received from the seller
