BUSML 3150 MIDTERM 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing Management
Answer:
the art and science of choosing target markets and building profitable
relationships with them
Question:
2. Production Concept
Answer:
the idea that consumers will favor products that are available and highly
affordable; therefore, the organization should focus on improving production and
distribution efficiency
Question:
3. Product Concept
Answer:
the idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy
to making continuous product improvements
Question:
4. Selling Concept
Answer:
the idea that consumers will not buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort
Question:
5. Marketing Concept
Answer:
achieving organizational goals depends on knowing the needs and wants of
target markets, delivering the desired offerings, and creating more customer
satisfaction than competitors.
, Question:
6. societal marketing concept
Answer:
the idea that a company's marketing decisions should consider consumers' wants,
the company's requirements, consumers' long-run interests, and society's long-run
interests
Question:
7. Customer Relationship Management
Answer:
The overall process of building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
Question:
8. Customer Perceived Value
Answer:
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
Question:
9. Customer Satisfaction
Answer:
the extent to which a product's perceived performance matches a buyer's
expectations
Question:
10. Customer-engagement marketing
Answer:
making the brand a meaningful part of consumers' conversations and lives by
fostering direct and continuous customer involvement in shaping brand
conversations, experiences, and community
Question:
11. Customer-generated marketing
Answer:
brand exchanges created by consumers themselves - both invited and uninvited -
by which consumers are playing an increasing role in shaping their own brand
experiences and those of other consumers
QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing Management
Answer:
the art and science of choosing target markets and building profitable
relationships with them
Question:
2. Production Concept
Answer:
the idea that consumers will favor products that are available and highly
affordable; therefore, the organization should focus on improving production and
distribution efficiency
Question:
3. Product Concept
Answer:
the idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy
to making continuous product improvements
Question:
4. Selling Concept
Answer:
the idea that consumers will not buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort
Question:
5. Marketing Concept
Answer:
achieving organizational goals depends on knowing the needs and wants of
target markets, delivering the desired offerings, and creating more customer
satisfaction than competitors.
, Question:
6. societal marketing concept
Answer:
the idea that a company's marketing decisions should consider consumers' wants,
the company's requirements, consumers' long-run interests, and society's long-run
interests
Question:
7. Customer Relationship Management
Answer:
The overall process of building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
Question:
8. Customer Perceived Value
Answer:
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
Question:
9. Customer Satisfaction
Answer:
the extent to which a product's perceived performance matches a buyer's
expectations
Question:
10. Customer-engagement marketing
Answer:
making the brand a meaningful part of consumers' conversations and lives by
fostering direct and continuous customer involvement in shaping brand
conversations, experiences, and community
Question:
11. Customer-generated marketing
Answer:
brand exchanges created by consumers themselves - both invited and uninvited -
by which consumers are playing an increasing role in shaping their own brand
experiences and those of other consumers
