MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
what is marketing? - CORRECT ANSWER-definition off slides: a social and managerial process by
which individuals and groups obtain what they need and want through creating and exchanging
products and value with another
book definition: process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
what is a market? - CORRECT ANSWER-the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
what did economists use the term "market" to describe? - CORRECT ANSWER-a collection of
buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - CORRECT ANSWER-production, selling, societal
marketing, marketing, product concepts
production concept - CORRECT ANSWER-consumers favor products that are available and highly
affordable, management should focus on improving production and distribution efficiency (2
situations this is most useful is demand exceeds supply & product cost is too high)
product concept - CORRECT ANSWER-customers favor products that offer the most in quality,
performance, and innovative features. thus, an organization should devote energy to making
continuous product improvements
example of product concept... - CORRECT ANSWER-the Kodak example - Kodak first overlooked
digital cameras --
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
,Kodak-customers wanted photographic film instead of a way to capture and share memories
selling concept - CORRECT ANSWER-consumers will not buy enough of a firm's product unless it
undertakes a large-scale selling and promotion effort (usually on unsought goods like insurance
and blood donations)
disadvantage of the selling concept - CORRECT ANSWER-overcapacity issues -- organizations
want to sell what they make instead of what the market wants
marketing concept - CORRECT ANSWER-achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than the
competition do
societal marketing concept - CORRECT ANSWER-a company's marketing decisions should
consider consumers wants, the company's requirements, consumers long run interests and
society's long run interests
marketing process is a five step process in which.. - CORRECT ANSWER-the first four steps,
companies work to understand consumers, create customer value, and build strong customer
relationships. in the final step, companies reap the rewards of creating superior customer value
the marketing process steps - CORRECT ANSWER-understand the marketplace and customer
needs and wants >> design a customer driven marketing strategy >> construct an integrated
marketing program that delivers superior value >> build profitable relationships and create
customer delight >> capture value from customers to create profits and customer equity
instead of the "make and sell" philosophy... - CORRECT ANSWER-the marketing concept is a
customer-centered "sense and respond" philosophy -- not find the right costumers for the
product but find the right products for the customer
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
, marketing challenges - CORRECT ANSWER-technological advances, rapid globalization, and
continuing social and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - CORRECT ANSWER-
connecting
connecting via technology - CORRECT ANSWER-advances in computers, telecommunications,
video-conferencing, etc. are major forces because databases allow for customization of
products, messages and analysis of needs -- the internet facilitates anytime anywhere
connections, facilitates CRM, creates marketspaces
connecting with customers - CORRECT ANSWER-selective relationship management is key
because customer profitability analysis separates winners from losers -- growing "share of
customer" -- cross-selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - CORRECT ANSWER-partner relationship management
involves: connecting inside the company, connecting with outside partners (supply chain
management, strategic alliances)
connecting with the world - CORRECT ANSWER-globalization (competition, new opportunities)
-- greater concern for environmental and social responsibility -- increased marketing by
nonprofit and public-sector entities (social marketing campaigns)
five core customer and market place concepts: - CORRECT ANSWER-1. needs, wants and
demands
2. marketing offerings (products, services, and experiences)
3. value and satisfaction
4. exchanges and relationships
5. markets
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
CORRECT ANSWERS
what is marketing? - CORRECT ANSWER-definition off slides: a social and managerial process by
which individuals and groups obtain what they need and want through creating and exchanging
products and value with another
book definition: process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
what is a market? - CORRECT ANSWER-the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
what did economists use the term "market" to describe? - CORRECT ANSWER-a collection of
buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - CORRECT ANSWER-production, selling, societal
marketing, marketing, product concepts
production concept - CORRECT ANSWER-consumers favor products that are available and highly
affordable, management should focus on improving production and distribution efficiency (2
situations this is most useful is demand exceeds supply & product cost is too high)
product concept - CORRECT ANSWER-customers favor products that offer the most in quality,
performance, and innovative features. thus, an organization should devote energy to making
continuous product improvements
example of product concept... - CORRECT ANSWER-the Kodak example - Kodak first overlooked
digital cameras --
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
,Kodak-customers wanted photographic film instead of a way to capture and share memories
selling concept - CORRECT ANSWER-consumers will not buy enough of a firm's product unless it
undertakes a large-scale selling and promotion effort (usually on unsought goods like insurance
and blood donations)
disadvantage of the selling concept - CORRECT ANSWER-overcapacity issues -- organizations
want to sell what they make instead of what the market wants
marketing concept - CORRECT ANSWER-achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than the
competition do
societal marketing concept - CORRECT ANSWER-a company's marketing decisions should
consider consumers wants, the company's requirements, consumers long run interests and
society's long run interests
marketing process is a five step process in which.. - CORRECT ANSWER-the first four steps,
companies work to understand consumers, create customer value, and build strong customer
relationships. in the final step, companies reap the rewards of creating superior customer value
the marketing process steps - CORRECT ANSWER-understand the marketplace and customer
needs and wants >> design a customer driven marketing strategy >> construct an integrated
marketing program that delivers superior value >> build profitable relationships and create
customer delight >> capture value from customers to create profits and customer equity
instead of the "make and sell" philosophy... - CORRECT ANSWER-the marketing concept is a
customer-centered "sense and respond" philosophy -- not find the right costumers for the
product but find the right products for the customer
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
, marketing challenges - CORRECT ANSWER-technological advances, rapid globalization, and
continuing social and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - CORRECT ANSWER-
connecting
connecting via technology - CORRECT ANSWER-advances in computers, telecommunications,
video-conferencing, etc. are major forces because databases allow for customization of
products, messages and analysis of needs -- the internet facilitates anytime anywhere
connections, facilitates CRM, creates marketspaces
connecting with customers - CORRECT ANSWER-selective relationship management is key
because customer profitability analysis separates winners from losers -- growing "share of
customer" -- cross-selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - CORRECT ANSWER-partner relationship management
involves: connecting inside the company, connecting with outside partners (supply chain
management, strategic alliances)
connecting with the world - CORRECT ANSWER-globalization (competition, new opportunities)
-- greater concern for environmental and social responsibility -- increased marketing by
nonprofit and public-sector entities (social marketing campaigns)
five core customer and market place concepts: - CORRECT ANSWER-1. needs, wants and
demands
2. marketing offerings (products, services, and experiences)
3. value and satisfaction
4. exchanges and relationships
5. markets
MARKETING 2500 EXAM 1 WMU QUESTIONS WITH
CORRECT ANSWERS
