MKTG 2500 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
what is marketing? - Answers - definition off slides: a social and managerial process by
which individuals and groups obtain what they need and want through creating and
exchanging products and value with another
book definition: process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
what is a market? - Answers - the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
what did economists use the term "market" to describe? - Answers - a collection of
buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - Answers - production, selling, societal marketing,
marketing, product concepts
production concept - Answers - consumers favor products that are available and highly
affordable, management should focus on improving production and distribution
efficiency (2 situations this is most useful is demand exceeds supply & product cost is
too high)
product concept - Answers - customers favor products that offer the most in quality,
performance, and innovative features. thus, an organization should devote energy to
making continuous product improvements
example of product concept... - Answers - the Kodak example - Kodak first overlooked
digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
selling concept - Answers - consumers will not buy enough of a firm's product unless it
undertakes a large-scale selling and promotion effort (usually on unsought goods like
insurance and blood donations)
disadvantage of the selling concept - Answers - overcapacity issues -- organizations
want to sell what they make instead of what the market wants
marketing concept - Answers - achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than the
competition do
, societal marketing concept - Answers - a company's marketing decisions should
consider consumers wants, the company's requirements, consumers long run interests
and society's long run interests
marketing process is a five step process in which.. - Answers - the first four steps,
companies work to understand consumers, create customer value, and build strong
customer relationships. in the final step, companies reap the rewards of creating
superior customer value
the marketing process steps - Answers - understand the marketplace and customer
needs and wants >> design a customer driven marketing strategy >> construct an
integrated marketing program that delivers superior value >> build profitable
relationships and create customer delight >> capture value from customers to create
profits and customer equity
instead of the "make and sell" philosophy... - Answers - the marketing concept is a
customer-centered "sense and respond" philosophy -- not find the right costumers for
the product but find the right products for the customer
marketing challenges - Answers - technological advances, rapid globalization, and
continuing social and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - Answers -
connecting
connecting via technology - Answers - advances in computers, telecommunications,
video-conferencing, etc. are major forces because databases allow for customization of
products, messages and analysis of needs -- the internet facilitates anytime anywhere
connections, facilitates CRM, creates marketspaces
connecting with customers - Answers - selective relationship management is key
because customer profitability analysis separates winners from losers -- growing "share
of customer" -- cross-selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - Answers - partner relationship management
involves: connecting inside the company, connecting with outside partners (supply chain
management, strategic alliances)
connecting with the world - Answers - globalization (competition, new opportunities) --
greater concern for environmental and social responsibility -- increased marketing by
nonprofit and public-sector entities (social marketing campaigns)
five core customer and market place concepts: - Answers - 1. needs, wants and
demands
ANSWERS
what is marketing? - Answers - definition off slides: a social and managerial process by
which individuals and groups obtain what they need and want through creating and
exchanging products and value with another
book definition: process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
what is a market? - Answers - the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
what did economists use the term "market" to describe? - Answers - a collection of
buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - Answers - production, selling, societal marketing,
marketing, product concepts
production concept - Answers - consumers favor products that are available and highly
affordable, management should focus on improving production and distribution
efficiency (2 situations this is most useful is demand exceeds supply & product cost is
too high)
product concept - Answers - customers favor products that offer the most in quality,
performance, and innovative features. thus, an organization should devote energy to
making continuous product improvements
example of product concept... - Answers - the Kodak example - Kodak first overlooked
digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
selling concept - Answers - consumers will not buy enough of a firm's product unless it
undertakes a large-scale selling and promotion effort (usually on unsought goods like
insurance and blood donations)
disadvantage of the selling concept - Answers - overcapacity issues -- organizations
want to sell what they make instead of what the market wants
marketing concept - Answers - achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than the
competition do
, societal marketing concept - Answers - a company's marketing decisions should
consider consumers wants, the company's requirements, consumers long run interests
and society's long run interests
marketing process is a five step process in which.. - Answers - the first four steps,
companies work to understand consumers, create customer value, and build strong
customer relationships. in the final step, companies reap the rewards of creating
superior customer value
the marketing process steps - Answers - understand the marketplace and customer
needs and wants >> design a customer driven marketing strategy >> construct an
integrated marketing program that delivers superior value >> build profitable
relationships and create customer delight >> capture value from customers to create
profits and customer equity
instead of the "make and sell" philosophy... - Answers - the marketing concept is a
customer-centered "sense and respond" philosophy -- not find the right costumers for
the product but find the right products for the customer
marketing challenges - Answers - technological advances, rapid globalization, and
continuing social and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - Answers -
connecting
connecting via technology - Answers - advances in computers, telecommunications,
video-conferencing, etc. are major forces because databases allow for customization of
products, messages and analysis of needs -- the internet facilitates anytime anywhere
connections, facilitates CRM, creates marketspaces
connecting with customers - Answers - selective relationship management is key
because customer profitability analysis separates winners from losers -- growing "share
of customer" -- cross-selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - Answers - partner relationship management
involves: connecting inside the company, connecting with outside partners (supply chain
management, strategic alliances)
connecting with the world - Answers - globalization (competition, new opportunities) --
greater concern for environmental and social responsibility -- increased marketing by
nonprofit and public-sector entities (social marketing campaigns)
five core customer and market place concepts: - Answers - 1. needs, wants and
demands
