MKTG 3340 Midterm with complete solutions 2023/2024

MKTG 3340 Midtermmarketing definition - correct answer the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. steps of the marketing process - correct answer 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. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity needs - correct answer states of felt deprivation wants - correct answer the form human needs take as they are shaped by culture and individual personality demands - correct answer wants backed by buying power market offerings - correct answer some combination of products, services, information, or experiences offered to a market to satisfy a need or want marketing myopia - correct answer the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products exchange - correct answer the act of obtaining a desired object from someone by offering something in return market definition - correct answer the set of actual and potential buyers of a product or service marketing management - correct answer the art and science of choosing target markets and building profitable relationships with them production concept - correct answer consumers will favor products that are available and highly affordable product concept - correct answer consumers will favor products that offer the most in quality, performance, and innovative features selling concept - correct answer consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort marketing concept - correct answer achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do societal marketing concept - correct answer questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare shared value - correct answer recognizes that societal needs, not just economic needs, define markets three considerations underlying the societal marketing concept - correct answer 1. society (human welfare) 2. consumers (want satisfaction) 3. company (profits) customer relationship management (CRM) - correct answer overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction customer-perceived value - correct 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 customer satisfaction - correct answer depends on the product's perceived performance relative to a buyer's expectations customer-engagement marketing - correct answer fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community customer brand advocacy - correct answer actions by which satisfied customers initiate favorable interactions with others about a brand intrusion - correct answer the techniques of targeting and communicating with potential customers using marketing materials without their consent attraction - correct answer creating market offerings and messages that engage consumers rather than interrupt them consumer-generated marketing - correct answer form of customer-engagement marketing by which consumers themselves play roles in shaping their own brand experiences and those of others partner relationship management - correct answer working with others inside and outside the company to jointly engage and bring more value to customers customer lifetime value - correct answer the value of the entire stream of purchases a customer makes over a lifetime of patronage share of customer - correct answer the share they get of the customer's purchasing in their product categories customer equity - correct answer the total combined customer lifetime values of all of the company's customers customer relationship groups - correct answer 1. Butterflies 2. True Friends