Test 1

Question 1

Exchange

Answer 1

Trade of things of value between buyer and seller so that each is better off after the trade

Question 2

Marketing

Answer 2

Activity of creating, communicating,delivering and exchanging offerings that benefit the organization, its stakeholders and society.

Question 3

Environmental forces

Answer 3

Uncontrollable forces in a marketing decision involving social, economic, tech, competitive, and regulatory forces.

Question 4

Market

Answer 4

People with the ability and desire to buy a specific offering.

Question 5

Marketing mix

Answer 5

Factors that the marketing manager can control, such as price, product, promotion, and place, that can be used to solve a marketing problem.

Question 6

Target Market

Answer 6

Specific group(s) of potential consumers toward which an organization directs its marketing program

Question 7

Customer Value

Answer 7

Unique combo of benefits received by targeted buyers that includes quality, convenience, om-time delivery., and before/after sale service at a specific price.

Question 8

Marketing program

Answer 8

Plan that integrates the marketing mix to provide goods, services, or ideas to prospective buyers.

Question 9

Relationship marketing

Answer 9

Links organization to its individual customers, employees, suppliers and other partners for mutual long term benefits.

Question 10

Customer relationship management(CRM)

Answer 10

Process of ID’ing prospective buyers, understanding them, and developing favorable long-term perceptions of the organization and its offerings so that buyers choose them.

Question 11

Market orientation

Answer 11

Organization that focuses its efforts on: 1) continuously collecting info about customers needs

2) sharing this info across all departments
3) Using infö to create customer value

Question 12

Marketing concept

Answer 12

idea that organization should strive to satisfy needs of customers while trying to achieve the organizations goals

Question 13

Customer experience

Answer 13

Internal response that customers have to all aspects of an organization and its offerings

Question 14

Societal Marketing Concept

Answer 14

View that organizations should satisfy the needs of consumers in a way that provides for society well being

Question 15

Organizational buyers

Answer 15

Mabufacturers, wholesalers, retailers, and government agencies that buy goods and services for own use or resale.

Question 16

Ultimate consumers

Answer 16

People who use goods and services purchased for a household

Question 17

Utility

Answer 17

Benefits or customer value received by users of the product.

Question 18

Environmental scanning

Answer 18

Process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends

Question 19

Demographics

Answer 19

Describing population according to selected characteristics such as age gender ethnicity income and occupation

Question 20

Social forces

Answer 20

Demographic characteristics of the population and its values

Question 21

Baby boomers

Answer 21

Born between 1946-1964

Question 22

Generation X

Answer 22

15% of population born from 1965-1975. AKA “baby-bust”

Question 23

Blended family

Answer 23

Family formed by merging two separated units into a single household

Question 24

Generation Y

Answer 24

72 M Americans born from 1977-1994. AKA echo-boom or baby boomlet

Question 25

Multcultural Marketing

Answer 25

Combos of marketing mix that reflect unique characteristics and lifestyles of different rasces

Question 26

Culture

Answer 26

Set Values, ideals, attitudes that are learned and shared by a group.

Question 27

Value Consciousness

Answer 27

Concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior

Question 28

Economy

Answer 28

Income, expenditures, and resources that affect the cost of running a business and a household.

Question 29

Disposable income

Answer 29

Money a consumer has after taxes used to pay for necessities.

Question 30

Gross income

Answer 30

Amount of money made by a person in one year.

Question 31

Discretionary income

Answer 31

Money a consumer has after taxes and necessities.

Question 32

Technoloy

Answer 32

Inventions and innovations from applied science or engineering research

Question 33

Electronic commerce

Answer 33

Any activity that uses a for of elec. communication in the inventory, exchange, advertisement, distribution ad payments of goods and services