BUSML 3150 EXAM 1 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. MARKETING
Answer:
The set of strategies and activities by which companies acquire and engage
customers, build strong relationships, and create superior customer value in order
to capture value from customers in return.
Question:
2. NEEDS
Answer:
State of deprivation, a void/lack of fundamental human motivator such as physical
sustenance, social belonging, safety, knowledge, achievement, etc.
Question:
3. WANTS
Answer:
Human needs that are shaped by culture.
Question:
4. DEMANDS
Answer:
Wants that are backed by buying power.
Question:
5. MARKET OFFERINGS
Answer:
A set of products, services, and/or experiences offered to a market to satisfy
needs and wants.
Question:
6. When brands (companies and sellers) focus more on their own offerings than
customer need, losing sight of what's truly important to (or valued by customers).
Answer:
MARKETING MYOPIA
, Question:
7. MARKETING MANAGEMENT
Answer:
Managing the entire process: the cycle of learning from customers and
competitors and turning those insights into relevant, winning products and
services.
Question:
8. EXCHANGE
Answer:
The act of obtaining a desired object from a person or organization by offering
something in return.
Question:
9. Whom do we serve?
Answer:
TARGET AUDIENCE
Question:
10. VALUE PROPOSITION
Answer:
Why should they buy from us versus the competition?
Question:
11. PRODUCTION CONCEPT
Answer:
Stance: consumers favor products that are highly available and affordable.
Question:
12. PRODUCT CONCEPT
Answer:
Stance: consumers favor products that offer the best performance and innovative
features.
Question:
13. SELLING CONCEPT
Answer:
Stance: customers won't buy without large-scale selling and promotion (push
philosophy).
AND CORRECT ANSWERS
Question:
1. MARKETING
Answer:
The set of strategies and activities by which companies acquire and engage
customers, build strong relationships, and create superior customer value in order
to capture value from customers in return.
Question:
2. NEEDS
Answer:
State of deprivation, a void/lack of fundamental human motivator such as physical
sustenance, social belonging, safety, knowledge, achievement, etc.
Question:
3. WANTS
Answer:
Human needs that are shaped by culture.
Question:
4. DEMANDS
Answer:
Wants that are backed by buying power.
Question:
5. MARKET OFFERINGS
Answer:
A set of products, services, and/or experiences offered to a market to satisfy
needs and wants.
Question:
6. When brands (companies and sellers) focus more on their own offerings than
customer need, losing sight of what's truly important to (or valued by customers).
Answer:
MARKETING MYOPIA
, Question:
7. MARKETING MANAGEMENT
Answer:
Managing the entire process: the cycle of learning from customers and
competitors and turning those insights into relevant, winning products and
services.
Question:
8. EXCHANGE
Answer:
The act of obtaining a desired object from a person or organization by offering
something in return.
Question:
9. Whom do we serve?
Answer:
TARGET AUDIENCE
Question:
10. VALUE PROPOSITION
Answer:
Why should they buy from us versus the competition?
Question:
11. PRODUCTION CONCEPT
Answer:
Stance: consumers favor products that are highly available and affordable.
Question:
12. PRODUCT CONCEPT
Answer:
Stance: consumers favor products that offer the best performance and innovative
features.
Question:
13. SELLING CONCEPT
Answer:
Stance: customers won't buy without large-scale selling and promotion (push
philosophy).
