MKTG 3310 FINAL EXAM 100% VERIFIED
Who determines the value of a product? - Answers - the customer
What do companies do? - Answers - offer value propositions
customer perceived value - Answers - the customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers
What is satisfaction drive by? - Answers - disconformation
ACSI - Answers - American Customer Satisfaction Index
Market - Answers - the set of all actual and potential buyers of a product or service
Do markets share a common need or want? - Answers - No, because they are
comprised of many different people
What is the unique contribution of marketing to a firm? - Answers - Acquire cash flow
from customers, stimulate demand, and evaluate and manage customer value
Marketing - Answers - the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Is marketing the devil? - Answers - It can be, but not always
What is the marketing Concept - Answers - achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do
Selling Concept - Answers - Profits through sales volume
Marketing Concept - Answers - Profits through customer satisfaction
Market Oreintation - Answers - The implementations of the marketing concept
throughout an organization. Represented as the generation, dissemination, and use of
customer information across an organization
What three characteristics of a firm are needed to be market oriented? - Answers -
Generate, disseminate, and incentivize
Shareholder concept - Answers - a focus on maximizing shareholder value
, Needs - Answers - states of felt depravation
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
Milton Friedman's view on the business world - Answers - generate profits for
shareholders
Societal Marketing Concept - Answers - a company's marketing decisions should focus
on creating economic value in a way that also creates value for the surrounding
environment
Value Creation - Answers - Performing activities that increase the value of goods or
services to consumers
Value Appropriation - Answers - influences the amount of the advantage the firm is able
to capture and the length of time the advantage persists
Main Appropriators - Answers - firm, society, competitors
Marketing Strategy - Answers - specifies a target market and a related marketing mix
Market Segment - Answers - consumers who respond similarly to a firm's marketing
efforts
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Differentiation - Answers - actually differentiating the market offering to create superior
customer value
Marketing Mix - Answers - the set of tactical marketing tools (product, price, place, and
promotion) that the firm blends to produce the response it wants in the target market
Customer Lifetime Value - Answers - total stream of purchases that a customer could
contribute to the company over the length of the relationship
Share of Customer - Answers - the share a company gets of the customers purchasing
in their product categories
Customer Equity - Answers - the total combined customer lifetime values of all of the
company's customers
Who determines the value of a product? - Answers - the customer
What do companies do? - Answers - offer value propositions
customer perceived value - Answers - the customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers
What is satisfaction drive by? - Answers - disconformation
ACSI - Answers - American Customer Satisfaction Index
Market - Answers - the set of all actual and potential buyers of a product or service
Do markets share a common need or want? - Answers - No, because they are
comprised of many different people
What is the unique contribution of marketing to a firm? - Answers - Acquire cash flow
from customers, stimulate demand, and evaluate and manage customer value
Marketing - Answers - the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Is marketing the devil? - Answers - It can be, but not always
What is the marketing Concept - Answers - achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do
Selling Concept - Answers - Profits through sales volume
Marketing Concept - Answers - Profits through customer satisfaction
Market Oreintation - Answers - The implementations of the marketing concept
throughout an organization. Represented as the generation, dissemination, and use of
customer information across an organization
What three characteristics of a firm are needed to be market oriented? - Answers -
Generate, disseminate, and incentivize
Shareholder concept - Answers - a focus on maximizing shareholder value
, Needs - Answers - states of felt depravation
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
Milton Friedman's view on the business world - Answers - generate profits for
shareholders
Societal Marketing Concept - Answers - a company's marketing decisions should focus
on creating economic value in a way that also creates value for the surrounding
environment
Value Creation - Answers - Performing activities that increase the value of goods or
services to consumers
Value Appropriation - Answers - influences the amount of the advantage the firm is able
to capture and the length of time the advantage persists
Main Appropriators - Answers - firm, society, competitors
Marketing Strategy - Answers - specifies a target market and a related marketing mix
Market Segment - Answers - consumers who respond similarly to a firm's marketing
efforts
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Differentiation - Answers - actually differentiating the market offering to create superior
customer value
Marketing Mix - Answers - the set of tactical marketing tools (product, price, place, and
promotion) that the firm blends to produce the response it wants in the target market
Customer Lifetime Value - Answers - total stream of purchases that a customer could
contribute to the company over the length of the relationship
Share of Customer - Answers - the share a company gets of the customers purchasing
in their product categories
Customer Equity - Answers - the total combined customer lifetime values of all of the
company's customers
