COB 300D EXAM 2 STUDY TEST WITH ANSWERS

COB 300D EXAM 2 STUDY TEST WITH
ANSWERS


Relationship marketing, - CORRECT ANSWER- k k k k


establishing long-term, mutually satisfying buyer-
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seller relationships
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customer value - CORRECT ANSWER-k k k k


the difference between the benefits a customer sees from a mark
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et offering and the costs of obtaining those benefits
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needs and wants - CORRECT ANSWER-
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Needs are the basic necessities of life eg food, clothing and shelt
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er. Wants are the unlimited additional things people desire.
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satisfying needs/ determining the right value -
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CORRECT ANSWER-look at the tier list
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1. Self-Actualization
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2. Estemm Needs
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3. Social Needs
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4. Safety Needs
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5. Physiological Needs
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Elements of the marketing mix - CORRECT ANSWER-
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Product, Price, Place, Promotion
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Evolution of Marketing - CORRECT ANSWER-Production Era
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Selling Era k


Marketing Era k


Relationship Era k




experiential marketing - CORRECT ANSWER- k k k k


Allows customers to engage and interact with offerings in sensory
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, ways in order to create emotional bonds between consumers an
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d marketing offerings
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What is marketing? - CORRECT ANSWER-
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the process by which companies create value for customers and
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build strong customer relationships in order to capture value from
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customers in return k k




WHY IS IT IMPORTANT TO DEVELOP LONG TERM RELATIO
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NSHIPS(LTR)? - CORRECT ANSWER- k k k


pervent people from leaving k k k


creates customer loyalty k k




How to build LTR - CORRECT ANSWER-
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1. build culture of the brand
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2. good customer serivce
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3. trust(belief that they will keep their promise)
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4. Easy to learn/Easy to use
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Marketing Mix does what? - CORRECT ANSWER- k k k k k k


finds the target market k k k




Segmentation - CORRECT ANSWER- k k k


the process of dividing a larger market into smaller pieces based
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on one or more meaningfully shared characteristics
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Why segment? - CORRECT ANSWER-
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so the business can respond more effectively to the wants and ne
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eds of groups of potential buyers to increase sales and profits
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Efficiency - CORRECT ANSWER- k k k


1 Product & multiple segements
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Effectiveness - CORRECT ANSWER- k k k


Multiple products & Multiple Market Segements
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