Mark 3336 Chapter 1 Exam Questions Answered Correctly Latest Update 2026

MARK 3336 CHAPTER 1 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Marketing - Answers process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return 2 goals of marketing - Answers -to attract new customers by promising superior value - to keep and grow current customers by delivering satisfaction First step of marketing process - Answers Understand the marketplace and customer needs and wants Second step of marketing process - Answers Design a customer value-driven marketing strategy Third step of marketing process - Answers Construct an integrated marketing program that delivers superior value Fourth step of marketing process - Answers Build profitable relationships and create customer delight Fifth step of marketing process - Answers Capture value from customers to create profits and customer equity 5 core customer and marketplace concepts - Answers 1) needs, wants and demands 2) market offerings (products, services and experiences) 3) value and satisfaction 4) exchanges and relationships 5) markets needs - Answers states of felt deprivation wants - Answers the form human needs take as they are shaped by culture and individual personality demands - Answers human wants that are backed by buying power market offerings - Answers some combination of products, services, information or experiences offered to a market to satisfy a need or want. Include: Products, services, persons, places, organizations, information, and ideas. Market myopia - Answers the mistake of paying more attention to the specific products of a company offers then to the benefits and experiences produced by these products. Forget that a product is only a tool to solve a consumer product. Exchange - Answers the act of obtaining a desired object from someone by offering then something in return. Market - Answers The set of all actual and potential buyers of a product or service. Buyers share a particular need or want that can be satisfied through exchange relationships. marketing management - Answers the art and science of choosing target markets and building profitable relationships with them. Marketing manager's aim? - Answers to find, engage, keep and grow target customers by creating, delivering and communicating superior customer value. To have successful marketing strategy, manager needs to answer what two questions? - Answers Whats our target market (what customers will we serve)? How can we serve these customers best (value proposition)? Production concept - Answers the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. Product concept - Answers the idea that consumers will favor products that offer the most quality, performance and features; therefore the organization should devote its energy to making continuous product improvements. selling concept - Answers The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort. Aim is to sell what the company makes and not make what the market wants. factory -- existing products -- selling and promoting -- profits through sales volume marketing concept - Answers a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. market -- customer needs -- integrated marketing -- profits through customer satisfaction. societal marketing concept - Answers the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interest, and society's long run interests. customer relationship management - Answers the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. customer- perceived value - Answers the customer's evaluation of the difference between all the benefits and all the costs of marketing offer relative to those of competing offers. Customer satisfaction - Answers depends on the product's perceived performance relative to a buyer's expectations. If product performance falls short of expectation, the customer is dissatisfied. customer engagement marketing - Answers making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community.