MARK 3336 EXAM 1 VERIFIED STUDY GUIDE
Marketing - Answers - the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing Steps 1-4 - Answers - Used to create value for the customer
Marketing Step 5 - Answers - When the value is captured back from customers
Marketing Process Step 1 - Answers - Understand the marketplace and customer
needs/wants
Marketing Process Step 2 - Answers - Design a customer value-driven marketing
strategy
Marketing Process Step 3 - Answers - Construct an integrated marketing program that
delivers superior value
Marketing Process Step 4 - Answers - Build profitable relationships and create customer
delight
Marketing Process Step 5 - Answers - Capture value from customers to create profits
and customer equity
Needs - Answers - States of Deprivation
Example of a Need - Answers - food
Want - Answers - Form that a need takes
Example of a Want - Answers - Burger
Demands - Answers - wants backed by buying power
Example of a Demand - Answers - McDonalds Big Mac
Market Offerings - Answers - Combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Four parts of market offerings - Answers - 1. Product
2. Service
3. Information
4. Experiences
, Market Myopia - Answers - When the focus is only on the existing wants and needs,
causing the business to lose sight of underlying wants/needs, or even future
wants/needs
Examples of Market Myopia - Answers - Block Buster and Kodak
Market Management - Answers - The art and science of choosing target markets and
building profitable relationships with them
Questions around Market Managements - Answers - What customers will we serve?
How can we best serve these customers?
Market Segmentation - Answers - Refers to dividing the markets into segments of
customers
Target Marketing - Answers - Refers to which segments to go after
Value Proposition - Answers - The set of benefits or values it promises to deliver to
customers to satisfy their needs
5 Types of Business Orientation - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Production Concept - Answers - consumers will favor products that are available and
highly affordable
Product Concept - Answers - consumers favor products that offer the most quality,
performance, and features. Focus is on continuous product improvements
Selling Concept - Answers - Consumers will not buy enough of the firm's products
unless the firm undertakes large-scale selling and promotion effort
Marketing Concept - Answers - Know the needs and wants of the target markets and
deliver the desired satisfactions better than competitors
Societal Marketing Concept - Answers - The company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long run interests,
and society's long run interests
Selling Concept - Answers - Starts in the factory, existing products, selling/promoting,
and profits through sales volume
Marketing - Answers - the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing Steps 1-4 - Answers - Used to create value for the customer
Marketing Step 5 - Answers - When the value is captured back from customers
Marketing Process Step 1 - Answers - Understand the marketplace and customer
needs/wants
Marketing Process Step 2 - Answers - Design a customer value-driven marketing
strategy
Marketing Process Step 3 - Answers - Construct an integrated marketing program that
delivers superior value
Marketing Process Step 4 - Answers - Build profitable relationships and create customer
delight
Marketing Process Step 5 - Answers - Capture value from customers to create profits
and customer equity
Needs - Answers - States of Deprivation
Example of a Need - Answers - food
Want - Answers - Form that a need takes
Example of a Want - Answers - Burger
Demands - Answers - wants backed by buying power
Example of a Demand - Answers - McDonalds Big Mac
Market Offerings - Answers - Combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Four parts of market offerings - Answers - 1. Product
2. Service
3. Information
4. Experiences
, Market Myopia - Answers - When the focus is only on the existing wants and needs,
causing the business to lose sight of underlying wants/needs, or even future
wants/needs
Examples of Market Myopia - Answers - Block Buster and Kodak
Market Management - Answers - The art and science of choosing target markets and
building profitable relationships with them
Questions around Market Managements - Answers - What customers will we serve?
How can we best serve these customers?
Market Segmentation - Answers - Refers to dividing the markets into segments of
customers
Target Marketing - Answers - Refers to which segments to go after
Value Proposition - Answers - The set of benefits or values it promises to deliver to
customers to satisfy their needs
5 Types of Business Orientation - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Production Concept - Answers - consumers will favor products that are available and
highly affordable
Product Concept - Answers - consumers favor products that offer the most quality,
performance, and features. Focus is on continuous product improvements
Selling Concept - Answers - Consumers will not buy enough of the firm's products
unless the firm undertakes large-scale selling and promotion effort
Marketing Concept - Answers - Know the needs and wants of the target markets and
deliver the desired satisfactions better than competitors
Societal Marketing Concept - Answers - The company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long run interests,
and society's long run interests
Selling Concept - Answers - Starts in the factory, existing products, selling/promoting,
and profits through sales volume
