Test 1 Review: Marketing 3343 This is a 77 question exam over chapters 1 4. You will have 90 minutes to complete it, which should be plenty of time if you have prepared well. There are roughly the same number of questions from each chapter. Each question will require analytical thinking and will ask you to apply your knowledge and understanding of concepts. The questions are not designed to be such that you can look up the answer in the book or in your notes. Once you begin the exam, the clock will not stop, so be sure you will not be interrupted. I strongly advise taking the exam over a wired internet connection. If you take the exam over a WiFi connection and get disconnected, there will be no makeup opportunities. Chapter 1: Creating Customer Relationships and Value through Marketing 1. With this chapter and every chapter, always start with a good understanding of the key terms that are in bold andor italics throughout the chapter. Customer Value: The unique combination of benefits received by targeted buyers that includes quality, convenience, ontime delivery, and both beforesale and aftersale service at a specific price. Customer Value Proposition: The cluster of benefits that an organization promises customers to satisfy their needs. Environmental Forces: The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. Exchange: The trade of things of value between buyer and seller so that each is better off after the trade. Market: People with both the desire and the ability to buy a specific offering. Market Orientation: An organization that focuses its efforts on (1) continuously collecting information about customers needs, (2) sharing this information across departments, and (3) using it to create customer values. Market Segments: The relatively homogenous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action. Marketing: The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. Marketing Concept: The idea that an organization should (1) strive to satisfy the needs of customers (2) while also trying to achieve the organizations goals. Marketing Mix: The marketing managers controllable factorsproduct, price, promotion, and placethat can be used to solve a marketing problem. Marketing Program: A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Needs: Occurs when a person feels deprives of basic necessities such as food, clothing, and shelter. Organizational Buyers: Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. Product: A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value. Relationship Marketing: Links the organization to its individual customers, employees, suppliers, and other partners for their mutual longterm benefits.