BUSI 2204 MIDTERM EXAM 2023 - 3 LATEST VERSION BASIC MARKETING REAL EXAM VERSION A
Need - (answer) State of self-deprivation
Want - (answer) The marketing opportunities to fulfill the needs
demand - (answer) Consumer willingness (monetary value) and ability to buy products
customer satisfaction - (answer) customers' evaluation of a good or service in terms of whether it has
met their needs and expectations
customer equity - (answer) the value of customer relationships that the brand creates
Marketing Myopia - (answer) focusing only on existing wants and losing sight of underlying consumer
needs (short-sided marketing)
Marketing management orientations (5) - (answer) production, product, selling, marketing, societal
marketing
Production Concept - (answer) consumers will favor products that are available and highly affordable
Selling Concept - (answer) Aims to sell what the company already makes
Marketing Concept - (answer) Focuses on the customers needs by satisfaction. Consumers want
satisfaction, company wants profit
Societal Marketing COncept - (answer) Making sustainable products that tailors to the needs of
society. ( Eg. Cruelty-free, vegan etc. )
Butterflies (customer relationship groups) - (answer) Short-term, high-profitability
True Friends - (answer) high profitability, long-term loyalty
Need - (answer) State of self-deprivation
Want - (answer) The marketing opportunities to fulfill the needs
demand - (answer) Consumer willingness (monetary value) and ability to buy products
customer satisfaction - (answer) customers' evaluation of a good or service in terms of whether it has
met their needs and expectations
customer equity - (answer) the value of customer relationships that the brand creates
Marketing Myopia - (answer) focusing only on existing wants and losing sight of underlying consumer
needs (short-sided marketing)
Marketing management orientations (5) - (answer) production, product, selling, marketing, societal
marketing
Production Concept - (answer) consumers will favor products that are available and highly affordable
Selling Concept - (answer) Aims to sell what the company already makes
Marketing Concept - (answer) Focuses on the customers needs by satisfaction. Consumers want
satisfaction, company wants profit
Societal Marketing COncept - (answer) Making sustainable products that tailors to the needs of
society. ( Eg. Cruelty-free, vegan etc. )
Butterflies (customer relationship groups) - (answer) Short-term, high-profitability
True Friends - (answer) high profitability, long-term loyalty
