Marketing 301 - Exam 1 Questions With All
Correct & Verified Answers
Marketing Correct answer-Process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
Goals of Marketing Correct answer-1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs Correct answer-States of felt deprivation.
Wants Correct answer-The form human needs take as shaped by culture and individual personality.
Demands Correct answer-Human wants that are backed by buying power.
Market Offerings Correct answer-Some combination of products, service information, or
experiences offered to a market to satisfy a need or want.
Market Myopia Correct answer-The mistake of paying more attention to the specific products a
company offers that 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 Correct answer-The set of all 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.
Value Proposition Correct answer-The set of benefits or values it promises to deliver to consumers
to satisfy their needs.
Production Concept Correct answer-The idea that consumers will favor products that are available
and highly affordable and that the organization should therefore focus on improving production and
distribution efficiency - "if you build it they will come."
Product Concept Correct answer-The idea that consumers will favor products that offer the most
quality, performance, and features and that the organization should therefore devote its energy to
making continuous product improvements.
Selling Concept Correct answer-The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept Correct answer-The marketing management philosophy that holds that
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-The idea that a company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests.
, Marketing Mix Correct answer-The set of controllable tactical marketing tools--product, price,
place, promote--that the firm blends to produce the response it wants in the target market.
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-The extent to which a product's perceived performance
matches a buyer's expectations.
Customer-Managed Relationships Correct answer-Marketing relationships in which customers,
empowered by today's new digital technologies, interact with companies and with each other to
shape their relationships with brands.
Consumer-Generated Marketing Correct answer-Brand exchanges created by consumers
themselves--both invited and uninvited--by which consumers are playing an increasing role in
shaping their own brand experiences and those of other consumers.
Partner Relationship Management Correct answer-Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Customer Lifetime Value Correct answer-The value of the entire stream of purchases that the
customer would make over a lifetime of patronage.
Share of Customer Correct answer-The portion of the customer's purchasing that a company gets
in its product categories.
Customer Equity Correct answer-The total combined customer lifetime values of all the company's
customers.
Butterflies Correct answer-Good fit between the company's offerings and customer's needs; high
profit potential - short-term customers.
True Friends Correct answer-Good fit between company's offerings and customer's needs; highest
profit potential - long-term customers.
Strangers Correct answer-Little fit between company's offerings and customer's needs; lowest
profit potential - short-term customers.
Barnacles Correct answer-Little fit between company's offerings and customer's needs; low profit
potential - long-term customers.
Changing Marketing Landscape Correct answer--Uncertain Economic Environment
-Digital Age
-Rapid Globalization
-Call for more Ethics/Social Responsibility
-Growth of non-profit marketing
Strategic Planning Correct answer-The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities.
Correct & Verified Answers
Marketing Correct answer-Process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
Goals of Marketing Correct answer-1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs Correct answer-States of felt deprivation.
Wants Correct answer-The form human needs take as shaped by culture and individual personality.
Demands Correct answer-Human wants that are backed by buying power.
Market Offerings Correct answer-Some combination of products, service information, or
experiences offered to a market to satisfy a need or want.
Market Myopia Correct answer-The mistake of paying more attention to the specific products a
company offers that 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 Correct answer-The set of all 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.
Value Proposition Correct answer-The set of benefits or values it promises to deliver to consumers
to satisfy their needs.
Production Concept Correct answer-The idea that consumers will favor products that are available
and highly affordable and that the organization should therefore focus on improving production and
distribution efficiency - "if you build it they will come."
Product Concept Correct answer-The idea that consumers will favor products that offer the most
quality, performance, and features and that the organization should therefore devote its energy to
making continuous product improvements.
Selling Concept Correct answer-The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept Correct answer-The marketing management philosophy that holds that
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-The idea that a company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests.
, Marketing Mix Correct answer-The set of controllable tactical marketing tools--product, price,
place, promote--that the firm blends to produce the response it wants in the target market.
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-The extent to which a product's perceived performance
matches a buyer's expectations.
Customer-Managed Relationships Correct answer-Marketing relationships in which customers,
empowered by today's new digital technologies, interact with companies and with each other to
shape their relationships with brands.
Consumer-Generated Marketing Correct answer-Brand exchanges created by consumers
themselves--both invited and uninvited--by which consumers are playing an increasing role in
shaping their own brand experiences and those of other consumers.
Partner Relationship Management Correct answer-Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Customer Lifetime Value Correct answer-The value of the entire stream of purchases that the
customer would make over a lifetime of patronage.
Share of Customer Correct answer-The portion of the customer's purchasing that a company gets
in its product categories.
Customer Equity Correct answer-The total combined customer lifetime values of all the company's
customers.
Butterflies Correct answer-Good fit between the company's offerings and customer's needs; high
profit potential - short-term customers.
True Friends Correct answer-Good fit between company's offerings and customer's needs; highest
profit potential - long-term customers.
Strangers Correct answer-Little fit between company's offerings and customer's needs; lowest
profit potential - short-term customers.
Barnacles Correct answer-Little fit between company's offerings and customer's needs; low profit
potential - long-term customers.
Changing Marketing Landscape Correct answer--Uncertain Economic Environment
-Digital Age
-Rapid Globalization
-Call for more Ethics/Social Responsibility
-Growth of non-profit marketing
Strategic Planning Correct answer-The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities.
