Marketing MKT 300 Exam 1 Study Guide and Practice Questions
Marketing is a process by which companies create value for customers and build strong
customer relationships to capture value
from customers in
return - correct answer ✔✔ What is Marketing?
States of deprivation
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression - correct answer ✔✔ Customer Needs
Form that needs take as they are shaped by culture and individual personality - correct answer
✔✔ Customer Wants
Wants backed by buying power - correct answer ✔✔ Customer Demands
Are some combination of products, services, information, or experiences offered to a market to
satisfy a need or want. - correct answer ✔✔ Market Offerings
Is focusing only on existing wants and losing sight of underlying consumer needs. - correct
answer ✔✔ Market Offerings
*Markets are the set of actual and potential buyers of a product.
*Exchange is the act of obtaining a desired object from someone by offering something in
return. - correct answer ✔✔ Understanding the Marketplace
and Customer Needs
, Is simply customer management and demand management.
What customers will we serve?
How can we best serve or these customers? - correct answer ✔✔ Marketing Management
Is the idea that consumers will favor products that are available or highly affordable - correct
answer ✔✔ Production concept
Is the idea that consumers will not buy enough of the firm's products unless it undertakes a
large scale selling and promotion effort - correct answer ✔✔ Selling concept
Is the idea that achieving organizational goals depends on knowing the needs and wants of the
target markets and delivering the desired satisfactions better than competitors do - correct
answer ✔✔ Marketing concept
the idea that a company should make good marketing decisions by considering consumers'
wants, the company's requirements, consumers' long-term interests, and society's long-run
interests. - correct answer ✔✔ Societal Marketing Concept
The set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product,
price, promotion, and place. - correct answer ✔✔ The Marketing Mix
A comprehensive plan that communicates and delivers the intended value to chosen customers.
- correct answer ✔✔ Integrated marketing program
The overall process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction - correct answer ✔✔ Customer Relationship
Management (CRM)
The difference between total customer value and total customer cost - correct answer ✔✔
Customer- Perceived Value
Marketing is a process by which companies create value for customers and build strong
customer relationships to capture value
from customers in
return - correct answer ✔✔ What is Marketing?
States of deprivation
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression - correct answer ✔✔ Customer Needs
Form that needs take as they are shaped by culture and individual personality - correct answer
✔✔ Customer Wants
Wants backed by buying power - correct answer ✔✔ Customer Demands
Are some combination of products, services, information, or experiences offered to a market to
satisfy a need or want. - correct answer ✔✔ Market Offerings
Is focusing only on existing wants and losing sight of underlying consumer needs. - correct
answer ✔✔ Market Offerings
*Markets are the set of actual and potential buyers of a product.
*Exchange is the act of obtaining a desired object from someone by offering something in
return. - correct answer ✔✔ Understanding the Marketplace
and Customer Needs
, Is simply customer management and demand management.
What customers will we serve?
How can we best serve or these customers? - correct answer ✔✔ Marketing Management
Is the idea that consumers will favor products that are available or highly affordable - correct
answer ✔✔ Production concept
Is the idea that consumers will not buy enough of the firm's products unless it undertakes a
large scale selling and promotion effort - correct answer ✔✔ Selling concept
Is the idea that achieving organizational goals depends on knowing the needs and wants of the
target markets and delivering the desired satisfactions better than competitors do - correct
answer ✔✔ Marketing concept
the idea that a company should make good marketing decisions by considering consumers'
wants, the company's requirements, consumers' long-term interests, and society's long-run
interests. - correct answer ✔✔ Societal Marketing Concept
The set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product,
price, promotion, and place. - correct answer ✔✔ The Marketing Mix
A comprehensive plan that communicates and delivers the intended value to chosen customers.
- correct answer ✔✔ Integrated marketing program
The overall process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction - correct answer ✔✔ Customer Relationship
Management (CRM)
The difference between total customer value and total customer cost - correct answer ✔✔
Customer- Perceived Value
