BUSML 3150 - Exam 1
What is marketing about? - Answer-Identifying, understanding and satisfying buyer demands through
exchanges.
4 Ps of Marketing - Answer-1.) Product
2.) Place
3.) Promotion
4.) Price
Product is? - Answer-Creating value
Price captures? - Answer-Value
Traditional Marketing - Answer-Talks about satisfying customers
Are satisfied and very satisfied the same thing? - Answer-No
You want your customers to be ________________ satisfied because they make or break you. - Answer-
Extremely
3 Kinds of Customers - Answer-1.) Ones that make you money
2.) Ones that could make you money
3.) Ones that cost you money
,Which kind of customers are generally your biggest customer? - Answer-The customers who make you
money
What kind of customers are customers that don't buy much and are always looking for a deal? - Answer-
Customers that cost you money
Which kind of customers are customers that you should invest in? - Answer-New customers or
prospective customers
80/20 Principle - Answer--Where the money is
-A large part of your profit comes from a small percentage of your customers
Does the 80/20 rule apply to every organization? - Answer-Yes
What kind of customers are more profitable because they tend to buy more stuff and more likely to pay
the full price? - Answer-Repeat customers
What form of marketing is the most powerful form of marketing? - Answer-Word of mouth
Marketing - Answer-Attempt to anticipate, sometimes to change, but always to satisfy buyer demands
In marketing you have to think about your customers is what time frame? - Answer-The future
Why do marketers focus on the future of their customers? - Answer-They want to know what people are
going to want in the future.
, What form of marketing is the hardest to change customer opinions? - Answer-Advertising
Marketing is always through _______________ to achieve their own objectives. - Answer-Exchanges
Is satisfaction enough? - Answer-No
What kind of exchange is marketing usually about? - Answer-Product for money
What is the tip of the marketing iceberg? - Answer-Advertising and selling
Is advertising and selling a large part of marketing? - Answer-Yes/no because it is visible and dramatic
but a small portion.
If there is voluntary exchange, what is taking place? - Answer-Marketing
Is marketing always being done within a company? - Answer-Yes - no matter if they admit it or not
If you are interacting with customers, is that marketing? - Answer-Yes
Analogy: 7th grader goes to school and teacher explains respiration. 7th grader tells his mom after
school. He explains to her how we breath. He knew how to breathe before he actually learned the
scientific process, even though he thinks he discovered something new. How does this relate to
marketing? - Answer-"Discovering Marketing"
Questions a business needs to ask: - Answer-1.) Is marketing done well?
2.) Does marketing matter anyway?
What is marketing about? - Answer-Identifying, understanding and satisfying buyer demands through
exchanges.
4 Ps of Marketing - Answer-1.) Product
2.) Place
3.) Promotion
4.) Price
Product is? - Answer-Creating value
Price captures? - Answer-Value
Traditional Marketing - Answer-Talks about satisfying customers
Are satisfied and very satisfied the same thing? - Answer-No
You want your customers to be ________________ satisfied because they make or break you. - Answer-
Extremely
3 Kinds of Customers - Answer-1.) Ones that make you money
2.) Ones that could make you money
3.) Ones that cost you money
,Which kind of customers are generally your biggest customer? - Answer-The customers who make you
money
What kind of customers are customers that don't buy much and are always looking for a deal? - Answer-
Customers that cost you money
Which kind of customers are customers that you should invest in? - Answer-New customers or
prospective customers
80/20 Principle - Answer--Where the money is
-A large part of your profit comes from a small percentage of your customers
Does the 80/20 rule apply to every organization? - Answer-Yes
What kind of customers are more profitable because they tend to buy more stuff and more likely to pay
the full price? - Answer-Repeat customers
What form of marketing is the most powerful form of marketing? - Answer-Word of mouth
Marketing - Answer-Attempt to anticipate, sometimes to change, but always to satisfy buyer demands
In marketing you have to think about your customers is what time frame? - Answer-The future
Why do marketers focus on the future of their customers? - Answer-They want to know what people are
going to want in the future.
, What form of marketing is the hardest to change customer opinions? - Answer-Advertising
Marketing is always through _______________ to achieve their own objectives. - Answer-Exchanges
Is satisfaction enough? - Answer-No
What kind of exchange is marketing usually about? - Answer-Product for money
What is the tip of the marketing iceberg? - Answer-Advertising and selling
Is advertising and selling a large part of marketing? - Answer-Yes/no because it is visible and dramatic
but a small portion.
If there is voluntary exchange, what is taking place? - Answer-Marketing
Is marketing always being done within a company? - Answer-Yes - no matter if they admit it or not
If you are interacting with customers, is that marketing? - Answer-Yes
Analogy: 7th grader goes to school and teacher explains respiration. 7th grader tells his mom after
school. He explains to her how we breath. He knew how to breathe before he actually learned the
scientific process, even though he thinks he discovered something new. How does this relate to
marketing? - Answer-"Discovering Marketing"
Questions a business needs to ask: - Answer-1.) Is marketing done well?
2.) Does marketing matter anyway?
