MAR 3023 USF exam 1- Kumar 2025 Questions and
Answers
Customer Value - -the relationship between benefits and the sacrifice necessary to obtain
those benefits
-Customer value benefits - -• Functional
• social
• personal
• experiential
-Customer value costs - -• monetary
• temporal
• psychological
• behavioral
-Benefit component- functional - -Basic purpose of the product ex. Watch keeps time
-Benefit component- social - -Benefit you derive when other people admire and appreciate
what you own or possess (clout)
-Benefit component- experiential - -Derived through one of the dove senses ex. Visiting a
theme park
-Benefit component- personal - -Based on benefits that are closely aligned with your
personal values
-Cost component- monetary - -How much you pay
-Cost component- temporal - -Time taken to use the product ex. Slow cooker vs
microwave
-Cost component- psychological - -The mental cost, the uncertainty associated with is this
the right choice
-Cost component- behavioral - -The physical effort required to make a product work ex.
Furniture must be transported to the home
-production orientation - -a philosophy that focuses on the internal capabilities of the firm
rather than on the desires and needs of the marketplace
-Marketing Orientation - -considers the needs of customers when developing a marketing
mix
, -Sales Orientation - -the belief that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
-How do customers assess value - -Weigh different costs and benefits
-Customer satisfaction - -the extent to which a product's perceived performance matches a
buyer's expectations
-customer delight - -goes a step beyond customer perceived value, suggesting customer
benefits that not only meet, but also exceed expectations in unanticipated ways
-customer lifetime value - -total stream of purchases that a customer could contribute to
the company over the length of the relationship
-relationship marketing - -a strategy that focuses on keeping and improving relationships
with current customers
-Elements of the marketing mix (four p's) - -Product, price, place, promotion
-Product - -Deciding and designing which goods/services to offer its markets
-Price - -Setting a profitable price
-Place - -Consumers finding the products at right times, places, and quantities
-Promotion - -All communication between sellers and buyers (sales people, ads, etc)
-Strategy vs tactics - -Long term vs short term
-Strategy - -A broad plan to guide decisions and behavior of employees in an organization
-Tactics - -short run actions performed by managers or employees to execute a marketing
plan
-Ansoff Matrix - -Look up pic
-SWOT analysis - -a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats
-Strengths and weaknesses - -internal factors
-Opportunities and threats - -external factors
-Organizational goals - -Goals that focus on broad statements of what the organization as a
whole wants to achieve.
Answers
Customer Value - -the relationship between benefits and the sacrifice necessary to obtain
those benefits
-Customer value benefits - -• Functional
• social
• personal
• experiential
-Customer value costs - -• monetary
• temporal
• psychological
• behavioral
-Benefit component- functional - -Basic purpose of the product ex. Watch keeps time
-Benefit component- social - -Benefit you derive when other people admire and appreciate
what you own or possess (clout)
-Benefit component- experiential - -Derived through one of the dove senses ex. Visiting a
theme park
-Benefit component- personal - -Based on benefits that are closely aligned with your
personal values
-Cost component- monetary - -How much you pay
-Cost component- temporal - -Time taken to use the product ex. Slow cooker vs
microwave
-Cost component- psychological - -The mental cost, the uncertainty associated with is this
the right choice
-Cost component- behavioral - -The physical effort required to make a product work ex.
Furniture must be transported to the home
-production orientation - -a philosophy that focuses on the internal capabilities of the firm
rather than on the desires and needs of the marketplace
-Marketing Orientation - -considers the needs of customers when developing a marketing
mix
, -Sales Orientation - -the belief that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
-How do customers assess value - -Weigh different costs and benefits
-Customer satisfaction - -the extent to which a product's perceived performance matches a
buyer's expectations
-customer delight - -goes a step beyond customer perceived value, suggesting customer
benefits that not only meet, but also exceed expectations in unanticipated ways
-customer lifetime value - -total stream of purchases that a customer could contribute to
the company over the length of the relationship
-relationship marketing - -a strategy that focuses on keeping and improving relationships
with current customers
-Elements of the marketing mix (four p's) - -Product, price, place, promotion
-Product - -Deciding and designing which goods/services to offer its markets
-Price - -Setting a profitable price
-Place - -Consumers finding the products at right times, places, and quantities
-Promotion - -All communication between sellers and buyers (sales people, ads, etc)
-Strategy vs tactics - -Long term vs short term
-Strategy - -A broad plan to guide decisions and behavior of employees in an organization
-Tactics - -short run actions performed by managers or employees to execute a marketing
plan
-Ansoff Matrix - -Look up pic
-SWOT analysis - -a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats
-Strengths and weaknesses - -internal factors
-Opportunities and threats - -external factors
-Organizational goals - -Goals that focus on broad statements of what the organization as a
whole wants to achieve.
