MCS 1000 | UPDATED Questions with 100% Verified Answers
Question:
Marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
Question:
Ultimate Consumers
Answer:
the people who use the goods and services purchased for a household
Question:
Organizational Buyers
Answer:
those manufacturers, wholesalers, retailers, and government agencies that buy goods
and services for their own use or for resale
Question:
Need
Answer:
person feels physiologically deprived of basic necessities
Question:
Want
Answer:
a felt need that is shaped by a persons knowledge, culture and personality
Question:
Target Market
Answer:
,one or more specific groups of potential consumers toward which an organization directs
its marketing program
Question:
Product
Answer:
a good, service, or idea to satisfy the consumer's needs
Question:
Price
Answer:
what is exchanged for the product
Question:
Promotion
Answer:
a means of communication between the seller and buyer
Question:
Place
Answer:
a means of getting the product to the consumer
Question:
customer value proposition
Answer:
a cluster of benefits that an organization promises customers to satisfy their needs
Question:
Marketing Program
Answer:
a plan that integrates the marketing mix to provide a good, service, or idea to
prospective buyers
,Question:
Marketing Concept
Answer:
the idea that an organization should strive to satisfy the needs of consumers while also
trying to achieve the organization's goals
Question:
Customer Value
Answer:
the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific
price
Question:
Unique Customer Value
Answer:
best price, best product, best service, and best customer experience
Question:
Customer Satisfaction
Answer:
the match between customer expectations of the product and the product's actual
performance
Question:
Customer Relationship Management (CRM)
Answer:
the process of building and developing long-term relationships with customers by
delivering customer value and satisfaction
Question:
Customer Lifetime Value (CLV)
Answer:
, the profit generated by the customer's purchase of an organization's product or service
over the customer's lifetime
Question:
eCRM
Answer:
a web-centric, personalized approach to managing long-term customer relationships
electronically
Question:
Interactive Marketing
Answer:
two-way buyer-seller electronic communication in a computer-mediated environment in
which the buyer controls the kind and amount of information received from the seller
Question:
Customer Experience Management (CEM)
Answer:
the customer is the focus and the companys brands, products and services, finances,
leaders, and marketers are in tune and in time with the customers needs, expectations,
aspirations, and budgets.
Question:
Customer Centric Marketing Organization (CCMO)
Answer:
the customer is the focus and the companys brands, products and services, finances,
leaders, and marketers are in tune and in time with the customers needs, expectations,
aspirations, and budgets.
Question:
Social CRM
Answer:
the use of social media to enable organizations to engage customers in collaborative
conversations for mutually beneficial value
Question:
Marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
Question:
Ultimate Consumers
Answer:
the people who use the goods and services purchased for a household
Question:
Organizational Buyers
Answer:
those manufacturers, wholesalers, retailers, and government agencies that buy goods
and services for their own use or for resale
Question:
Need
Answer:
person feels physiologically deprived of basic necessities
Question:
Want
Answer:
a felt need that is shaped by a persons knowledge, culture and personality
Question:
Target Market
Answer:
,one or more specific groups of potential consumers toward which an organization directs
its marketing program
Question:
Product
Answer:
a good, service, or idea to satisfy the consumer's needs
Question:
Price
Answer:
what is exchanged for the product
Question:
Promotion
Answer:
a means of communication between the seller and buyer
Question:
Place
Answer:
a means of getting the product to the consumer
Question:
customer value proposition
Answer:
a cluster of benefits that an organization promises customers to satisfy their needs
Question:
Marketing Program
Answer:
a plan that integrates the marketing mix to provide a good, service, or idea to
prospective buyers
,Question:
Marketing Concept
Answer:
the idea that an organization should strive to satisfy the needs of consumers while also
trying to achieve the organization's goals
Question:
Customer Value
Answer:
the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific
price
Question:
Unique Customer Value
Answer:
best price, best product, best service, and best customer experience
Question:
Customer Satisfaction
Answer:
the match between customer expectations of the product and the product's actual
performance
Question:
Customer Relationship Management (CRM)
Answer:
the process of building and developing long-term relationships with customers by
delivering customer value and satisfaction
Question:
Customer Lifetime Value (CLV)
Answer:
, the profit generated by the customer's purchase of an organization's product or service
over the customer's lifetime
Question:
eCRM
Answer:
a web-centric, personalized approach to managing long-term customer relationships
electronically
Question:
Interactive Marketing
Answer:
two-way buyer-seller electronic communication in a computer-mediated environment in
which the buyer controls the kind and amount of information received from the seller
Question:
Customer Experience Management (CEM)
Answer:
the customer is the focus and the companys brands, products and services, finances,
leaders, and marketers are in tune and in time with the customers needs, expectations,
aspirations, and budgets.
Question:
Customer Centric Marketing Organization (CCMO)
Answer:
the customer is the focus and the companys brands, products and services, finances,
leaders, and marketers are in tune and in time with the customers needs, expectations,
aspirations, and budgets.
Question:
Social CRM
Answer:
the use of social media to enable organizations to engage customers in collaborative
conversations for mutually beneficial value
