Marketing 3810 Exam 1 with correct answers 2025/2026 sales - correct answers the exchange of a commodity for money measured as the number of units sold profit - correct answers the amount remaining after all expenses are subtracted from total revenues

Marketing 3810 Exam 1 with correct answers 2025/2026 sales - correct answers the exchange of a commodity for money measured as the number of units sold profit - correct answers the amount remaining after all expenses are subtracted from total revenues needs - correct answers a lack of means of subsistence wants - correct answers strong desires for something demand - correct answers the combination of a strong desire for something and the ability to purchase market - correct answers collection of buyers and sellers interested in making similar / related exchanges marketing - correct answers 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 marketing plan - correct answers written statement for managing exchanges with customers that includes goals, activities needs to achieve goals, a time line and budget for included activities and measures to evaluation activities target market - correct answers the primary group of customers you would prefer to exchange with. focus of the marketing plan perceived value - correct answers the perceived benefits relative to the perceived costs associated with an exchange value proposition - correct answers the combination of benefits specific to a product marketing research - correct answers measuring the outcomes of specific activities against goals marketing orientations - correct answers An approach that focuses on satisfying the customer rather than on the product sold. simple trade and bartering - correct answers swapping one product or service for another; prior to 1850 production orientation - correct answers goal of manufacturing products efficiently and making them affordable and widely available; sales orientation - correct answers primary goal of marketing being to determine how to most effectively sell products to specific customers; late 1800s-1970s customer relationship marketing - correct answers companies focus their efforts on understanding the target market so that they build a relationship with customers over time social orientation - correct answers marketing based on social interactions; 1995-on social responsibility - correct answers companies acting at least in part in the best interests of society rather than their own interests strategy - correct answers plan of action used to achieve a goal; implies a goal and plan marketing strategy - correct answers the managerial process of creating and maintaining plans of action that facilitate exchanges that have value both to the customer and the company in an evolving work environment strategic business unit (SBU) - correct answers a subgroup within an organization that decides its own strategy and has its own customers; has its own set of functional units marketing department - correct answers a functional business unit that makes the decisions needed to facilitate exchanges with customers mission statement - correct answers a definition of the firm's business focus that provides direction for the company marketing myopia - correct answers defining your mission too narrowly and focusing on the company instead of the customer and potential future environmental trends product differentiation - correct answers a marketing strategy that differentiates a product from its competitors unique selling proposition (USP) - correct answers a statement that differentiates a product form its competitors competitive advantage - correct answers an advantage gained by offering greater customer value brand name - correct answers name applied by an manufacturer/organization to a particular product or service meant to differentiate that product from others SWOT analysis - correct answers involves identifying internal strengths (S) and weaknesses (W) and external opportunities (O) and threats (T) marketing objectives - correct answers state what is to be accomplished through the marketing efforts marketing mix - correct answers unique combination of marketing activities used to encourage and facilitate exchanges by delivering value to the customer 4 Ps - correct answers product, price, place and promotion product - correct answers what the company offers to the customer in the exchange place - correct answers determines where and when the product will be made available to customers price - correct answers set the physical cost of the product that the customer pays promotion - correct answers cover how the company will communicate the value to the customer; last in the mix because it is contingent on the other 3 marketing dashboard - correct answers a snapshot of key marketing performance measures in a single display used to monitor strategic marketing performance marketing audit - correct answers a comprehensive investigation of full mix or subset of the marketing mix with the intention of checking for problems and uncovering reasons a marketing activity is not performing as effectively as predicted marketing environment - correct answers the combination of controllable and uncontrollable forces that affect a marketing decision microenvironment - correct answers aka internal environment, includes anything in the environment that directly affects or is directly affected by the marketing manager's decision macroenvironment - correct answers aka external environment, includes general trends the company doesn't directly influence established markets - correct answers markets with relatively stable competitors and customers evolving markets - correct answers markets that are changing rapidly and therefore do not have stable competitors or customers customers - correct answers include the opposite partner in an exchange and have the most significant impact on an exchange because different customers want different things from an exchange end consumers - correct answers purchase products for personal use reseller - correct answers buy a product to exchange it with others; person/company that sells something they have bought to someone else market share - correct answers the sales of the one brand/total sales in the market ; describes the proportion of sales one company/brand has relative to the rest of the market primary competitors - correct answers brands in the same market targeting the same customer group secondary competitors - correct answers offer different products that could be substituted for your product unexpected competitors - correct answers offers same core benefit with entirely different product suppliers - correct answers companies that provide materials or components that are used in final products the company exchanges marketing intermediaries - correct answers companies that perform functions that help connect the company to the customer in some way publics - correct answers include groups not directly involved in the business that have an interest in the business culture - correct answers the shared beliefs, values, perceptions, preferences, and behaviors of a group cohabitation - correct answers couples living in households as unmarried partners consumer bill of rights - correct answers US legislation that establishes consumers' rights. includes: the right to be informed, right to safety, right to choose, and right to be heard consumer protection safety commission (CPSC) - correct answers protects consumers from potentially dangerous products food and drug administration (FDA) - correct answers protects consumers from potentially dangerous food and drug products federal trade commission (FTC) - correct answers charged with keeping competition fair subsistence economy - correct answers consumer virtually all of what they produce. least advanced economy. small marketing role mature economy - correct answers has stable industry, established banking, and financial institutions and offers many marketing opportunities across a wide variety of sections. most advanced developing economy - correct answers produces more than it consumes and offers opportunities for certain product categories, but does not have the advanced service economy of a mature economy interest rates - correct answers represent the current value of borrowing or loaning money; higher=reduced ability to borrow inflation - correct answers measures the sustained increase in prices for the same item over time; less consumer spending income - correct answers how much money a person receives from earnings and other sources gross income - correct answers earnings before deductions are taken out net income - correct answers take home pay; amount left after deductions disposable income - correct answers amount available after deductions to pay basic living expensies discretionary income - correct answers amount that remains after all bills have been paid wealth - correct answers represents how much a person has accumulated in financial resources over time sustainability - correct answers efforts companies take to create more environmentally friendly approaches to doing business paradox of technology - correct answers the theory that technology offers both benefits and negative consequences at the same time in a market for both customers and sellers customer experience - correct answers the customer's thoughts, feelings, and behaviors before, during, and after an exchange general model of customer experience - correct answers 5 step model that can be applied to any exchange. 5 steps are need recognition, information search, evaluation of alternatives, purchase/choice, and post purchase evaluation and behavior personal sources - correct answers those with whom you have a personal relationship; most credible third party information - correct answers external information from sources without a personal tie, but also without brand affiliation company sponsored information - correct answers External information from sources inside a company or brand; least credible attitude - correct answers a feeling of like or dislike for something heuristics - correct answers "rule of thumb" that save time and effort by providing shortcuts to more complex decisions satisfaction - correct answers comparison of performance expectations dissatisfaction - correct answers the feeling that occurs when a purchase didn't meet a customer's expectations or satisfy the need cognitive dissonance - correct answers the mental discomfort that occurs when someone has contradictory thoughts, beliefs, or values or has conflicting values feedback - correct answers a report of the customer's experience which helps the company monitor the customer perceptions and improve to better meet customer expectations word of mouth - correct answers information that is spread when one person tells another about an experience individual influences - correct answers characteristics unique to each individual that include demographic traits, personality, and perceptual differences personality - correct answers individual character evidenced by a person's thoughts, feelings, or behavior self image - correct answers the idea a person has about their appearances, abilities, or personality selective attention - correct answers focusing on some information while ignoring other information selective interpretation - correct answers paying attention to or interpreting info in a way that matches one's beliefs selective retention - correct answers remembering some but not all of the info one was given about a particular subject or product social influences - correct answers other people who are important to an exchange reference groups - correct answers a group to which an individual or another group is compared aspirant groups - correct answers A group that influences another group's behavior without any formal relationship. opinion leader - correct answers individuals who influences others with they purchase in the category social class - correct answers group of individuals that have similar education, hobbies, income level, and often share similar views of the world and events subculture - correct answers smaller groups within a certain culture that share common interest and beliefs contextual influencea - correct answers situational factors that influence a decision routine decision - correct answers decisions that are repeated and require no or very limited effort on the customer's part; largely internalized extensive problem solving - correct answers a decision process that customers employ when facing a purchase decision that is perceived to be important and perhaps higher risk than most purchase decisions limited problem solving - correct answers a decision context in which customers utilize external info search and evaluation but also apply heuristics motivation - correct answers the drive that prompts an individual to act a certain way Maslow's Hierarchy of Needs - correct answers a description of the needs that motivate human behavior which develops from the most basic needs of survival to safety needs to social needs to ego needs to self-actualization needs B2B - correct answers business to business marketing B2C - correct answers business to consumer marketing buying center - correct answers the group that makes a purchase decision for a business decider - correct answers the person who has the final decision making authority influencers - correct answers members of the buying center who have expertise or some other tie to the decision and provide advice to other members of the buying center purchaser - correct answers buys and pays for the purchase user - correct answers will use the product once it is purchased gatekeeper - correct answers the person who either allows or denies access to the rest of the buying center decision support system - correct answers a systematic approach to collecting information to help managers make decisions market research - correct answers a general term that covers external research investigating one of three components of the market-- customers, competitors, or the company exploratory goals - correct answers goals that seeks to discover ideas and insights related to a problem or opportunity descriptive goals - correct answers goals that "delineate the characteristics or qualities of" something casual research - correct answers seeks to determine the effect of one variable on another qualitative research - correct answers research that is used by marketers to gain a more in-depth (quality) understanding of a marketing problem or opportunity quantitative research - correct answers research that is used by marketers to count, classify, and measure things to answer descriptive marketing questions such as how much, how many, and how often certain things happen primary data - correct answers information newly collected specifically for the research purpose secondary data - correct answers information that is being used for a second time observation - correct answers watching what customers do and recording patterns of interest ethnography - correct answers a qualitative data collection method that is borrowed from anthropology and studies behavior in a natural context focus group - correct answers a small group of 3-12 people assembled to provide feedback about a specific topic personal interviews - correct answers guided interactions with individuals survey - correct answers sets of questions administered electronically, via telephone, or in person. surveys are the most common data- collection method for quantitative research experiment - correct answers the researchers controls or manipulates one variable while observing the impact of that variable on another variable field study - correct answers research in which marketers control or manipulate a variable to determine its effect on another variable technological scanning - correct answers using technology to collect data analytics - correct answers researchers who analyze these large data sets to make sense of them for marketers data mining - correct answers the capability of technology to sift through data to search for patterns