NHM 464 EXAM 1 Questions and Answers| New Update with 100% Correct Answers
Marketing is the process by which... companies create value for customers and society
4 P's of Marketing Mix Product
Price
Place
Promotion
Market A set of actual and potential buyers of a product
Human Need A state of felt deprivation
Human Want The form a human need takes when shaped by culture and individual
personality
Demands Wants that are backed by buying power
What are the two main industries that make up Tourism Marketing? Hospitality and Travel
Customer Equity Discounted lifetime values of all the company's current AND potential
customers
Customer Expectations Expectations based on past buying experiences, opinions of friends
and market information.
Customer Value Difference between the benefits gained from owning/using a product and
the costs of obtaining that product
, What are the different marketing management orientations? Production concept, product
concept, selling concept, marketing concept and marketing 3.0
Production Concept Consumers will favor products that are affordable and highly available
(focus on production and distribution efficiency)
Product Concept Consumers will favor products that offer the most quality, performance,
and features
(focus on making continuous product improvements)
Selling Concept Consumers will not buy enough of a product unless the organization
undertakes a large selling/promotion effort
Marketing Concept Achievement of organizational goals depends on determining the needs
and wants of their target markets and delivering desired satisfactions more effectively and
efficiently than competitors
Marketing 3.0 Approach consumers as whole human beings with minds, hearts and spirits
High Profitability, Low Frequency Get these customers to come more often
High Profitability, High Frequency These are the best customers, they should be rewarded
Low Profitability, Low Frequency These customers follow promotions
(Ensure promotions make money)
Marketing is the process by which... companies create value for customers and society
4 P's of Marketing Mix Product
Price
Place
Promotion
Market A set of actual and potential buyers of a product
Human Need A state of felt deprivation
Human Want The form a human need takes when shaped by culture and individual
personality
Demands Wants that are backed by buying power
What are the two main industries that make up Tourism Marketing? Hospitality and Travel
Customer Equity Discounted lifetime values of all the company's current AND potential
customers
Customer Expectations Expectations based on past buying experiences, opinions of friends
and market information.
Customer Value Difference between the benefits gained from owning/using a product and
the costs of obtaining that product
, What are the different marketing management orientations? Production concept, product
concept, selling concept, marketing concept and marketing 3.0
Production Concept Consumers will favor products that are affordable and highly available
(focus on production and distribution efficiency)
Product Concept Consumers will favor products that offer the most quality, performance,
and features
(focus on making continuous product improvements)
Selling Concept Consumers will not buy enough of a product unless the organization
undertakes a large selling/promotion effort
Marketing Concept Achievement of organizational goals depends on determining the needs
and wants of their target markets and delivering desired satisfactions more effectively and
efficiently than competitors
Marketing 3.0 Approach consumers as whole human beings with minds, hearts and spirits
High Profitability, Low Frequency Get these customers to come more often
High Profitability, High Frequency These are the best customers, they should be rewarded
Low Profitability, Low Frequency These customers follow promotions
(Ensure promotions make money)
