MCS 1000 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
Marketing the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society
Ultimate Consumers the people who use the goods and services purchased for a household
Organizational Buyers those manufacturers, wholesalers, retailers, and government agencies that buy
goods and services for their own use or for resale
Need person feels physiologically deprived of basic necessities
Want a felt need that is shaped by a persons knowledge, culture and personality
Target Market one or more specific groups of potential consumers toward which an organization
directs its marketing program
Product a good, service, or idea to satisfy the consumer's needs
Price what is exchanged for the product
Promotion a means of communication between the seller and buyer
Place a means of getting the product to the consumer
customer value proposition a cluster of benefits that an organization promises customers to satisfy their needs
Marketing Program a plan that integrates the marketing mix to provide a good, service, or idea to
prospective buyers
Marketing Concept the idea that an organization should strive to satisfy the needs of consumers while
also trying to achieve the organization's goals
Customer Value the unique combination of benefits received by targeted buyers that includes
quality, convenience, on-time delivery, and both before-sale and after-sale
service at a specific price
Unique Customer Value best price, best product, best service, and best customer experience
, Customer Satisfaction the match between customer expectations of the product and the product's
actual performance
Customer Relationship Management (CRM) the process of building and developing long-term relationships with customers by
delivering customer value and satisfaction
Customer Lifetime Value (CLV) the profit generated by the customer's purchase of an organization's product or
service over the customer's lifetime
eCRM a web-centric, personalized approach to managing long-term customer
relationships electronically
Interactive Marketing two-way buyer-seller electronic communication in a computer-mediated
environment in which the buyer controls the kind and amount of information
received from the seller
Customer Experience Management (CEM) the customer is the focus and the companys brands, products and services,
finances, leaders, and marketers are in tune and in time with the customers needs,
expectations, aspirations, and budgets.
Customer Centric Marketing Organization (CCMO) the customer is the focus and the companys brands, products and services,
finances, leaders, and marketers are in tune and in time with the customers needs,
expectations, aspirations, and budgets.
Social CRM the use of social media to enable organizations to engage customers in
collaborative conversations for mutually beneficial value
Ethics the moral principles and values that govern the actions and decisions of an
individual or group
Social Responsibility individuals and organizations are part of a larger society and are accountable to
that society for their actions
Societal Marketing Concept the view that an organization should discover and satisfy the needs of its
consumers in a way that also provides for society's well-being
Macromarketing Looks at the aggregate flow of a nation's goods and services to benefit society
Micromarketing how an individual organization directs its marketing activities and allocates its
resources to benefit its customers
purchase decision process problem recognition, information search, alternative evaluation, purchase
decision, post purchase behavior
problem recognition the perceived difference between an actual and an ideal state
Marketing the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society
Ultimate Consumers the people who use the goods and services purchased for a household
Organizational Buyers those manufacturers, wholesalers, retailers, and government agencies that buy
goods and services for their own use or for resale
Need person feels physiologically deprived of basic necessities
Want a felt need that is shaped by a persons knowledge, culture and personality
Target Market one or more specific groups of potential consumers toward which an organization
directs its marketing program
Product a good, service, or idea to satisfy the consumer's needs
Price what is exchanged for the product
Promotion a means of communication between the seller and buyer
Place a means of getting the product to the consumer
customer value proposition a cluster of benefits that an organization promises customers to satisfy their needs
Marketing Program a plan that integrates the marketing mix to provide a good, service, or idea to
prospective buyers
Marketing Concept the idea that an organization should strive to satisfy the needs of consumers while
also trying to achieve the organization's goals
Customer Value the unique combination of benefits received by targeted buyers that includes
quality, convenience, on-time delivery, and both before-sale and after-sale
service at a specific price
Unique Customer Value best price, best product, best service, and best customer experience
, Customer Satisfaction the match between customer expectations of the product and the product's
actual performance
Customer Relationship Management (CRM) the process of building and developing long-term relationships with customers by
delivering customer value and satisfaction
Customer Lifetime Value (CLV) the profit generated by the customer's purchase of an organization's product or
service over the customer's lifetime
eCRM a web-centric, personalized approach to managing long-term customer
relationships electronically
Interactive Marketing two-way buyer-seller electronic communication in a computer-mediated
environment in which the buyer controls the kind and amount of information
received from the seller
Customer Experience Management (CEM) the customer is the focus and the companys brands, products and services,
finances, leaders, and marketers are in tune and in time with the customers needs,
expectations, aspirations, and budgets.
Customer Centric Marketing Organization (CCMO) the customer is the focus and the companys brands, products and services,
finances, leaders, and marketers are in tune and in time with the customers needs,
expectations, aspirations, and budgets.
Social CRM the use of social media to enable organizations to engage customers in
collaborative conversations for mutually beneficial value
Ethics the moral principles and values that govern the actions and decisions of an
individual or group
Social Responsibility individuals and organizations are part of a larger society and are accountable to
that society for their actions
Societal Marketing Concept the view that an organization should discover and satisfy the needs of its
consumers in a way that also provides for society's well-being
Macromarketing Looks at the aggregate flow of a nation's goods and services to benefit society
Micromarketing how an individual organization directs its marketing activities and allocates its
resources to benefit its customers
purchase decision process problem recognition, information search, alternative evaluation, purchase
decision, post purchase behavior
problem recognition the perceived difference between an actual and an ideal state
