Exam 1

Question 1

Exchange

Answer 1

People giving up something in order to receive something else they would rather have.

Question 2

Customer Value

Answer 2

The relationship between benefits and the sacrifice necessary to obtain those benefits.

Question 3

Customer Satisfaction

Answer 3

Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.

Question 4

Strategic Planning

Answer 4

The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.

Question 5

Strategic Business Unit (SBU)

Answer 5

A subgroup of a single business or collection of related businesses within the larger organization.

Question 6

Marketing Myopia

Answer 6

Defining a business in terms of goods and services rather than in terms of the benefits customers seek.

Question 7

Environmental Scanning

Answer 7

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.

Question 8

Environmental Management

Answer 8

When a company implements strategies that attempt to shape the external environment within which it operates.

Question 9

Demography

Answer 9

The study of people’s vital statistics, such as age, race and ethnicity, and location.

Question 10

Purchasing Power

Answer 10

A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.

Question 11

Recession

Answer 11

A period of economic activity characterized by negative growth, which reduces demand for goods and services.

Question 12

Perception

Answer 12

The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.

Question 13

Motive

Answer 13

A driving force that causes a person to take action to satisfy specific needs.

Question 14

Learning

Answer 14

A process that creates changes in behavior, immediate or expected, through experience and practice.

Question 15

Culture

Answer 15

Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.

Question 16

Market

Answer 16

People or organizations with needs or wants and the ability and willingness to buy

Question 17

Market Segmentation

Answer 17

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

Question 18

Target Market

Answer 18

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

Question 19

Positioning

Answer 19

Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general.

Question 20

Marketing Research

Answer 20

Process of planning, collecting, and analyzing data relevant to a marketing decision.

Question 21

Marketing Research Objective

Answer 21

The specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information.

Question 22

Measuring Error

Answer 22

An error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process

Question 23

Sampling Error

Answer 23

An error that occurs when a sample somehow does not represent the target population.

Question 24

Marketing

Answer 24

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.