Marketing Exam #12 (Ch 1 - 6) Questions And Answers
What is marketing? - correct answer Marketing is a process by which companies create
value for customers and build strong customer relationships to capture value from
customers in return
What are needs? - correct answer Needs are states of deprivation
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
What are wants? - correct answer Wants are the form that needs take as they are
shaped by culture and individual personality
What are demands? - correct answer Demands are wants backed by buying power
What is an exchange? - correct answer A exchange is the act of obtaining a desired
object from someone by offering something in return
Marketers want to build and maintain strong _______________ by consistently
delivering superior customer value. - correct answer Relationships
What are market offerings? - correct answer Market offerings are some combination of
products, services, information, or experiences offered to a market to satisfy a need or
want
What are markets? - correct answer Markets are the set of actual and potential buyers
of a product
Elements of a Marketing System - correct answer Supplier --> Company (marketer),
Competitors --> Marketing Intermediaries --> End Users
What is marketing management? - correct answer Marketing management is the art and
science of choosing target markets and building profitable relationships with them
What is marketing segmentation? - correct answer Market segmentation refers to
dividing the markets into segments of customers
What is target marketing? - correct answer Target marketing refers to which segments
to go after
What is demarketing? - correct answer Demarketing is marketing to reduce demand
temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
, What is a value proposition? - correct answer The value proposition is the set of
benefits or values a company promises to deliver to customers to satisfy their needs
List some of the Marketing Management Orientations - correct answer Production
concept
Product concept
Selling concept
Marketing concept
Societal concept
What is the production concept? - correct answer Production concept is the idea that
consumers will favor products that are available or highly affordable
What is the product concept? - correct answer Product concept is the idea that
consumers will favor products that offer the most quality, performance, and features that
the organization should therefore devote its energy to making continuous improvements
What is the selling concept? - correct answer Selling concept is the idea that consumers
will not buy enough of the firm's products unless it undertakes a large scale selling and
promotion effort
What is the marketing concept? - correct answer Marketing concept is the idea that
achieving organizational goals depends on knowing the needs and wants of the target
markets and delivering the desired satisfactions better than competitors do
What is the societal concept? - correct answer Triangle with the three points as: Society
(Human Welfare), Consumers (Want satisfaction) and Company (Profits) **The
company thinks of more than just themselves - they take into account how their
decisions will affect others**
What is Customer Relationship Management (CRM)? - correct answer The overall
process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction
What is a customer perceived value? - correct answer Customer perceived value is the
difference between total customer value and total customer cost
What is customer satisfaction? - correct answer Customer satisfaction is the extent to
which a product's perceived performance matches a buyer's expectations
What are some customer relationship levels and tools? - correct answer Basic
relationship
Full partnerships
Frequency marketing programs
Club marketing programs
What is marketing? - correct answer Marketing is a process by which companies create
value for customers and build strong customer relationships to capture value from
customers in return
What are needs? - correct answer Needs are states of deprivation
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
What are wants? - correct answer Wants are the form that needs take as they are
shaped by culture and individual personality
What are demands? - correct answer Demands are wants backed by buying power
What is an exchange? - correct answer A exchange is the act of obtaining a desired
object from someone by offering something in return
Marketers want to build and maintain strong _______________ by consistently
delivering superior customer value. - correct answer Relationships
What are market offerings? - correct answer Market offerings are some combination of
products, services, information, or experiences offered to a market to satisfy a need or
want
What are markets? - correct answer Markets are the set of actual and potential buyers
of a product
Elements of a Marketing System - correct answer Supplier --> Company (marketer),
Competitors --> Marketing Intermediaries --> End Users
What is marketing management? - correct answer Marketing management is the art and
science of choosing target markets and building profitable relationships with them
What is marketing segmentation? - correct answer Market segmentation refers to
dividing the markets into segments of customers
What is target marketing? - correct answer Target marketing refers to which segments
to go after
What is demarketing? - correct answer Demarketing is marketing to reduce demand
temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
, What is a value proposition? - correct answer The value proposition is the set of
benefits or values a company promises to deliver to customers to satisfy their needs
List some of the Marketing Management Orientations - correct answer Production
concept
Product concept
Selling concept
Marketing concept
Societal concept
What is the production concept? - correct answer Production concept is the idea that
consumers will favor products that are available or highly affordable
What is the product concept? - correct answer Product concept is the idea that
consumers will favor products that offer the most quality, performance, and features that
the organization should therefore devote its energy to making continuous improvements
What is the selling concept? - correct answer Selling concept is the idea that consumers
will not buy enough of the firm's products unless it undertakes a large scale selling and
promotion effort
What is the marketing concept? - correct answer Marketing concept is the idea that
achieving organizational goals depends on knowing the needs and wants of the target
markets and delivering the desired satisfactions better than competitors do
What is the societal concept? - correct answer Triangle with the three points as: Society
(Human Welfare), Consumers (Want satisfaction) and Company (Profits) **The
company thinks of more than just themselves - they take into account how their
decisions will affect others**
What is Customer Relationship Management (CRM)? - correct answer The overall
process of building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction
What is a customer perceived value? - correct answer Customer perceived value is the
difference between total customer value and total customer cost
What is customer satisfaction? - correct answer Customer satisfaction is the extent to
which a product's perceived performance matches a buyer's expectations
What are some customer relationship levels and tools? - correct answer Basic
relationship
Full partnerships
Frequency marketing programs
Club marketing programs
