TXST- Principles of Marketing EXAM with 100% correct answers 2024

MARKETING correct answers Activity for creating, communicating, delivering, and exchanging offerings that benefit an organization, its stakeholders, and society at large. EXCHANGE correct answers Trade of things of value between a buyer and a seller so that each party is better off after the trade. THE 4 P'S correct answers Product: What are you selling? Price: How much does it cost? Place: Where can the customer find it? Promotion: How will you let them know about it? ENVIRONMENTAL FORCES correct answers Forces that you have no control over. There are 5 1)Social 2) Economic 3)Technological 4)Competitive 5)Regulatory ENVIRONMENTAL SCANNING correct answers On the lookout for new trends, events, movements, or developments that may influence consumers' perceptions. TARGET MARKET correct answers One or more specific groups of potential customers toward which an organization directs its marketing program. CUSTOMER VALUE PROPOSITION correct answers The cluster of benefits that an organization promises customers to satisfy their needs and people make their buying decisions based on benefits, not on features. CONTROLLABLE FACTORS correct answers How is price affected by place? RELATIONSHIP MARKETING correct answers Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit. Much more common because of the internet. CUSTOMER VALUE correct answers Unique combo of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service at a specific price.