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MKT-3331 Exam #1 Study cards
Chapter 1,2,3 and 5
12
Marketing
Undergraduate 2
02/02/2011

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Term
Marketing
Definition
organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Term
Utility
Definition
The want-satisfying power of a good or service.
Term
1.Form
2.Time
3.Place
4.Ownership
Definition
What are the four types of utility?
Term
Form uility
Definition
Conversion of raw materials and components into finished goods and services.
Term
Time utility
Definition
Availibility of goods and services when consumers want them.
Term
Place utility
Definition
Availibility of goods and services at convenient locations.
Term
Ownership utility
Definition
Ability to transfer title to goods and services from marketer to buyer.
Term
Exchange process
Definition
Activity in which two or more parties give something of value to each other to satisfy perceived need.
Term
"A good product will sell itself” (Production Era-Early 20th Century)
Definition
What is the "Marketing Philosophy" and What era and when?
Term
1920 to 1950s
Definition
When was the Sales era?
Term
1950s-1990s
Definition
When was the Marketing era?
Term
Final decade of 20th century til present
Definition
When was the Relationship era?
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