MKT337 -Miller Exam 1 UT AUSTIN
Questions All Answered 2026 Update.
marketing - Answer the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-satisfying goods
and services from producer to customer or client
what is marketing centered around - Answer exchange of info - conditions for exchange (2
parties, something of value)
what should a manager do before/after deciding to produce and sell - Answer analyze needs,
determine wants, identify competition, product designs, determine where, decide promotion,
estimate price, provide service
what does marketing ensure - Answer that the right GS are produced, creating customer
satisfaction
what are the four mktg mgmt philosophies - Answer production, sales, market, societal
economic system - Answer way an economy organizes to use scarce resources to produce g/s
and distribute them
command economy - Answer An economic system in which the government makes all
economic decisions.
market-directed economy - Answer the individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy
marketing concept - Answer an organization aims all of its efforts at satisfying its customers
at a profit
production orientation - Answer making whatever products are easy to produce and then
trying to sell them
marketing orientation - Answer trying to carry out the marketing concept, tries to offer
customers what they need
what are three goals of marketing concept (venn diagram) - Answer customer satisfaction,
total company effort, profit/success
, steps to own the market - Answer obtain info abt customers/competitors, 2) examine info
from a total business perspective, 3) determine how to deliver value, 4) provide value
societal marketing orientation - Answer An organization exists not only to satisfy customer
wants but also to preserve or enhance individuals' and society's long-term best interests
ex:sustainability
customer value requirements - Answer 1) Offer products that perform 2) Earn trust
3) Avoid unrealistic pricing
4) Give the buyer facts
5) Offer organization-wide commitment in service and after-sales support
6) Co-creation with customers
customer satisfaction - Answer customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
key characteristics of marketing - Answer profit and nonprofit; more than persuasion; begins
with needs; doesn't do it alone/diff functions of business; involves exchanges; builds
relationships w customers
marketing concept - Answer 1) take customer POV, 2) customer value =benefit-cost (increase
value) 3) customers dont think abt process 4) competition 5) build relationships/loyalty
total company effort to satisfy customers - Answer offer superior customer value, attract
customers, satisfy customers, retain customers, increase sales to customers, build profitable
customer relationships
customer value - Answer benefits - costs, low price doesn't necessarily mean high value
social marketing - Answer a firms obligation to improve its positive effects on society and
reduce neg effects
8 marketing functions - Answer buying, selling, storing, transporting, financing,
standardization/grading, financing, risk taking, market info
production - Answer internal capabilities of the firm - making goods and performing services
Questions All Answered 2026 Update.
marketing - Answer the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-satisfying goods
and services from producer to customer or client
what is marketing centered around - Answer exchange of info - conditions for exchange (2
parties, something of value)
what should a manager do before/after deciding to produce and sell - Answer analyze needs,
determine wants, identify competition, product designs, determine where, decide promotion,
estimate price, provide service
what does marketing ensure - Answer that the right GS are produced, creating customer
satisfaction
what are the four mktg mgmt philosophies - Answer production, sales, market, societal
economic system - Answer way an economy organizes to use scarce resources to produce g/s
and distribute them
command economy - Answer An economic system in which the government makes all
economic decisions.
market-directed economy - Answer the individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy
marketing concept - Answer an organization aims all of its efforts at satisfying its customers
at a profit
production orientation - Answer making whatever products are easy to produce and then
trying to sell them
marketing orientation - Answer trying to carry out the marketing concept, tries to offer
customers what they need
what are three goals of marketing concept (venn diagram) - Answer customer satisfaction,
total company effort, profit/success
, steps to own the market - Answer obtain info abt customers/competitors, 2) examine info
from a total business perspective, 3) determine how to deliver value, 4) provide value
societal marketing orientation - Answer An organization exists not only to satisfy customer
wants but also to preserve or enhance individuals' and society's long-term best interests
ex:sustainability
customer value requirements - Answer 1) Offer products that perform 2) Earn trust
3) Avoid unrealistic pricing
4) Give the buyer facts
5) Offer organization-wide commitment in service and after-sales support
6) Co-creation with customers
customer satisfaction - Answer customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
key characteristics of marketing - Answer profit and nonprofit; more than persuasion; begins
with needs; doesn't do it alone/diff functions of business; involves exchanges; builds
relationships w customers
marketing concept - Answer 1) take customer POV, 2) customer value =benefit-cost (increase
value) 3) customers dont think abt process 4) competition 5) build relationships/loyalty
total company effort to satisfy customers - Answer offer superior customer value, attract
customers, satisfy customers, retain customers, increase sales to customers, build profitable
customer relationships
customer value - Answer benefits - costs, low price doesn't necessarily mean high value
social marketing - Answer a firms obligation to improve its positive effects on society and
reduce neg effects
8 marketing functions - Answer buying, selling, storing, transporting, financing,
standardization/grading, financing, risk taking, market info
production - Answer internal capabilities of the firm - making goods and performing services
