BUS 321 EXAM 1 VERIFIED STUDY GUIDE
Define Marketing - Answers - Process by which companies
create value for customers and build strong
customer relationships in order to capture value
from customers in return
List steps of Marketing Process - Answers - 1. Understand the market place and
customer's needs and wants
2. Design a customer value-driven marketing strategy
3. Construct and integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers in return
Needs - Answers - States of deprivation
Wants - Answers - Forms that needs take
Demands - Answers - Wants backed by buying power
Define Market Offerings - Answers - Combination of products, services, information, or
experiences offered to a market to satisfy a need or wants
Define Exchange - Answers - Act of obtaining a desired object from someone
by offering something in return.
Define Marketing Management - Answers - Art and science of choosing target markets
and building profitable relationships with them.
Define Market Segmentation - Answers - Dividing the markets into segments of
customers.
Define Target Marketing - Answers - Refers to which marketing segments to go after.
Value Proposition - Answers - Set of benefits or values it promises to deliver to
customers to satisfy their needs.
Marketing Management Orientations - Answers - Production Concept -> Product
Concept -> Selling Concept -> Marketing Concept -> Societal Marketing Concept
Define 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. The focus is on continuous product improvements.
Selling Concept - Answers - Consumers will not buy enough of the firm's products
unless the firm undertakes a 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 - Answers - The company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests.
Marketing Mix - Answers - Set of tools (four Ps) the firm uses to
implement its marketing strategy. This set includes product,price, promotion, and place.
Integrated Marketing Program - Answers - comprehensive plan that communicates and
delivers the intended value to chosen customers.
Customer Relationship Management - Answers - Overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Perceived Value - Answers - The difference between total customer
perceived
benefits and customer cost.
Customer Satisfaction - Answers - The extent to which perceived performance matches
a buyer's expectations
Three Types of Customer Relationship Management - Answers - 1. Basic Relationships
2. Full Partnerships
3. Frequency Marketing Programs
Define Basic Customer Relationship - Answers - Low-margin customers
Define Full Partnership Customer Relationship - Answers - High-margin customers
Define Frequency Marketing Program Customer Relationship - Answers - Reward
customers
What is Customer-Engagement Marketing? - Answers - Makes the brand meaningful
part of consumers' conversations and lives by fostering continuous customer
involvement in shaping brand conversations, experiences, and community
Define Marketing - Answers - Process by which companies
create value for customers and build strong
customer relationships in order to capture value
from customers in return
List steps of Marketing Process - Answers - 1. Understand the market place and
customer's needs and wants
2. Design a customer value-driven marketing strategy
3. Construct and integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers in return
Needs - Answers - States of deprivation
Wants - Answers - Forms that needs take
Demands - Answers - Wants backed by buying power
Define Market Offerings - Answers - Combination of products, services, information, or
experiences offered to a market to satisfy a need or wants
Define Exchange - Answers - Act of obtaining a desired object from someone
by offering something in return.
Define Marketing Management - Answers - Art and science of choosing target markets
and building profitable relationships with them.
Define Market Segmentation - Answers - Dividing the markets into segments of
customers.
Define Target Marketing - Answers - Refers to which marketing segments to go after.
Value Proposition - Answers - Set of benefits or values it promises to deliver to
customers to satisfy their needs.
Marketing Management Orientations - Answers - Production Concept -> Product
Concept -> Selling Concept -> Marketing Concept -> Societal Marketing Concept
Define 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. The focus is on continuous product improvements.
Selling Concept - Answers - Consumers will not buy enough of the firm's products
unless the firm undertakes a 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 - Answers - The company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests.
Marketing Mix - Answers - Set of tools (four Ps) the firm uses to
implement its marketing strategy. This set includes product,price, promotion, and place.
Integrated Marketing Program - Answers - comprehensive plan that communicates and
delivers the intended value to chosen customers.
Customer Relationship Management - Answers - Overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Perceived Value - Answers - The difference between total customer
perceived
benefits and customer cost.
Customer Satisfaction - Answers - The extent to which perceived performance matches
a buyer's expectations
Three Types of Customer Relationship Management - Answers - 1. Basic Relationships
2. Full Partnerships
3. Frequency Marketing Programs
Define Basic Customer Relationship - Answers - Low-margin customers
Define Full Partnership Customer Relationship - Answers - High-margin customers
Define Frequency Marketing Program Customer Relationship - Answers - Reward
customers
What is Customer-Engagement Marketing? - Answers - Makes the brand meaningful
part of consumers' conversations and lives by fostering continuous customer
involvement in shaping brand conversations, experiences, and community
