UF MAR3023 Exam 1 Solved 100% Correct!!Exchange Answer- Trade of things of value between buyer and seller so that each is better off after the trade.Marketing Answer- Activity of creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders, and society at large.Environmental Forces Answer- Uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.Market Answer- People with the ability and desire to buy a specific offering.Marketing Mix Answer- Factors that the marketing manager can control, such as price, product, promotion, and place, that can be used to solve a marketing problem.Target Market Answer- Specific group(s) of potential consumers toward which an organization directs its marketing program.Customer Value Answer- Unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before/after-sale service at specific price.Marketing Program Answer- Plan that integrates the marketing mix to provide goods, services, or ideas to prospective buyers.Relationship Marketing Answer- Links organization to its individual customers, employees, suppliers and other partners for mutual long-term benefits.Customer Relationship Management (CRM) Answer- Process of identifying prospective buyers, understanding them intimately, and developing favorable long- term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
Market Orientation Answer- Organization that focuses its efforts on:
- Continuously collecting information about customer's needs
- Sharing this info across all departments
- Using info to create customer value
(Organization wide) Marketing Concept Answer- Idea that organization should strive to satisfy needs of customers while trying to achieve the organization's goals. 1 / 2
Customer Experience Answer- Internal response that customers have to all aspects of an organization and its offering.Societal Marketing Concept Answer- View that organizations should satisfy the needs of consumers in a way that provides for society's well-being.Organizational Buyers Answer- Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for own use or resale.Ultimate Consumers Answer- People who use goods and services purchased for a household (AKA consumers, buyers, customers) Utility Answer- Benefits or customer value received by users of the product Environment Scanning Answer- Process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.Demographics Answer- Describing population according to selected characteristics such as age, gender, ethnicity, income, and occupation Social Forces Answer- Demographic characteristics of the population and its values.Baby Boomers Answer- Generation born between 1946 & 1964 Generation X Answer- 15% of population; born between 1965 & 1976. Also called "the baby bust".Blended Family Answer- Family formed by merging two preciously separated units into a single household.Generation Y Answer- 72 million Americans; born between 1977 & 1994. Also called echo-boom or the baby boomlet.Multicultural Marketing Answer- Combinations of marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races.Culture Answer- Set values, ideals, attitudes that are learned and shared among the members of a group.Value Consciousness Answer- Concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.Economy Answer- Income, expenditures, and resources that affect the cost of running a business and a household.Disposable Income Answer- Money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
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