MKTG 400 Exam questions and
answers graded A+
Marketing - ANS✅✅Process which companies create values for customers & build strong customer
relationships to capture value
5 Step Marketing Process - ANS✅✅1. Needs
2. Wants
3. Demands
4. Market offerings
5. Expectations
Needs - ANS✅✅states of deprivation (physical, social, individual)
Wants - ANS✅✅forms shaped by culture & individuality
Demands - ANS✅✅needs/wants backed by buying power
Market Offerings - ANS✅✅combo of products, services, & info
Expectations - ANS✅✅value/satisfaction that markets offer& deliver
Exchange - ANS✅✅obtaining object by offering something in return
Lifetime value of a customer - ANS✅✅value of entire stream of purchases over lifetime
Share of customer - ANS✅✅portion of customer's purchases company gets in product categories
Customer equity - ANS✅✅total combined customer lifetime values of all company's customers
5 different Marketing management Orientations - ANS✅✅1. Production concept
, 2. Product concept
3. Selling concept
4. Marketing concept
5. Societal marketing concept
Production concept - ANS✅✅improving production & distribution efficiency
Product concept - ANS✅✅quality performance, product innovation & continuous improvements
Selling concept - ANS✅✅consumers not buying enough firm's products unless undertaking large
scale selling/promotion effort
Marketing concept - ANS✅✅knowing the needs&wants of the customers in target markets
Societal marketing concept - ANS✅✅considering consumer's wants, consumer's long term
interests/society's long run interests
4 Customer relationship groups - ANS✅✅1. Butterflies
2. True Friends
3. Strangers
4. Barnacles
Butterflies - ANS✅✅HIGH profit
True friends - ANS✅✅HIGHEST profit (BEST possible)
Strangers - ANS✅✅LOWEST profit
Barnacles - ANS✅✅LOW profit potential (WORST almost negative)
Marketing environment - ANS✅✅outside forces that affect marketing management's ability to
maintain relationships w/customers
answers graded A+
Marketing - ANS✅✅Process which companies create values for customers & build strong customer
relationships to capture value
5 Step Marketing Process - ANS✅✅1. Needs
2. Wants
3. Demands
4. Market offerings
5. Expectations
Needs - ANS✅✅states of deprivation (physical, social, individual)
Wants - ANS✅✅forms shaped by culture & individuality
Demands - ANS✅✅needs/wants backed by buying power
Market Offerings - ANS✅✅combo of products, services, & info
Expectations - ANS✅✅value/satisfaction that markets offer& deliver
Exchange - ANS✅✅obtaining object by offering something in return
Lifetime value of a customer - ANS✅✅value of entire stream of purchases over lifetime
Share of customer - ANS✅✅portion of customer's purchases company gets in product categories
Customer equity - ANS✅✅total combined customer lifetime values of all company's customers
5 different Marketing management Orientations - ANS✅✅1. Production concept
, 2. Product concept
3. Selling concept
4. Marketing concept
5. Societal marketing concept
Production concept - ANS✅✅improving production & distribution efficiency
Product concept - ANS✅✅quality performance, product innovation & continuous improvements
Selling concept - ANS✅✅consumers not buying enough firm's products unless undertaking large
scale selling/promotion effort
Marketing concept - ANS✅✅knowing the needs&wants of the customers in target markets
Societal marketing concept - ANS✅✅considering consumer's wants, consumer's long term
interests/society's long run interests
4 Customer relationship groups - ANS✅✅1. Butterflies
2. True Friends
3. Strangers
4. Barnacles
Butterflies - ANS✅✅HIGH profit
True friends - ANS✅✅HIGHEST profit (BEST possible)
Strangers - ANS✅✅LOWEST profit
Barnacles - ANS✅✅LOW profit potential (WORST almost negative)
Marketing environment - ANS✅✅outside forces that affect marketing management's ability to
maintain relationships w/customers
