MKTG 3340 EXAM 1 QUESTIONS AND ANSWERS 100% ACCURATE.

Role of Marketing - ANSWER-marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return goal: attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction marketing is selling and advertising but also satisfying customer needs. the aim of marketing is to make selling unnecessary. engage consumers effectively, understand needs, develop products that provide superior customer value and prices, distribute and promote well. 5-step marketing process model - ANSWER-for creating and capturing customer value 1. UNDERSTAND THE MARKETPLACE AND CUSTOMER NEEDS AND WANTS 2. DESIGN A CUSTOMER VALUE-DRIVEN MARKETING STRATEGY 3. CONSTRUCT AN INTEGRATED MARKETING PROGRAM THAT DELIVERS SUPERIOR VALUE 4. ENGAGE CUSTOMERS, BUILD PROFITABLE RELATIONSHIPS, CREATE CUSTOMER DELIGHT 5. CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFITS AND CUSTOMER EQUITY 1. Understand the marketplace and customer needs and wants - ANSWER-1. NEEDS, WANTS, DEMANDS: needs = states of felt deprivation, basic physical, social, individual needs. wants = form human needs take as they are shaped by culture/society and individual personality. demands: wants become demands when backed by buying power 2. MARKET OFFERINGS (PRODUCTS, SERVICES, EXPERIENCES): combination of products, services, information, experiences offered to a market to satisfy a need/want 3. VALUE AND SATISFACTION: customers form expectations abt the value and satisfaction that various market offerings will deliver and buy accordingly. satisfied customers buy again and tell others, dissatisfied customers switch to competitors. key for developing and managing customer relationships 4. EXCHANGES AND RELATIONSHIPS: obtaining a desired object from someone by offering something in return. marketing = actions taken to create, maintain and grow desireable exchange relationships with target audiences involving a product, service, idea or other object. companies want to build strong relationships by consistently delivering superior customer value 5. MARKETS: set of actual and potential buyers of a product or service. buyers share a particular need/want that can be satisfied through exchange relationships. marketing = managing markets to bring profitable customer relationships. buyers and sellers both carry out marketing 2. Design a customer value-driven marketing strategy - ANSWER-marketing management: art and science of choosing target markets and building profitable relationships with them. aim to engage, keep, grow target customers by creating, deliverin