MKT 301 Exam Comprehensive
Questions with Verified
Answers Graded A+
AMA definition of marketing - Answer: Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
Marketing Process - Answer: 1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Marketing management is - Answer: the art and science of choosing target markets and building
profitable relationships with them
Marketing Myopia - Answer: occurs when a company becomes so taken with their own products
that they lose sight of underlying customer needs, benefits and experiences produced by those
products.
Production concept - Answer: the idea that consumers will favor products that are available and
highly affordable; therefore, the organization should focus on improving production and
distribution efficiency
, The Product Concept - Answer: the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy to
making continuous product improvements
The Selling Concept - Answer: the idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort
The Marketing Concept - Answer: holds that achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better than
competitors.
societal marketing concept - Answer: The idea that a company's marketing decisions should
consider consumers wants, the companies requirements, consumers' long-run interest, and
society's long-run interest.
Customer Satisfaction - Answer: depends on the product's perceived performance relative to a
buyers expectations.
Customer relationship management - Answer: The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
Strangers - Answer: show potential profitability and little projected loyalty. There is little fit
between the company's offerings and their needs. The relationship management strategy for
these customer is simple: don't invest in them; make money in every transaction.
Butterflies - Answer: potentially profitable but not loyal
True friends - Answer: both profitable and loyal
Barnacles - Answer: highly loyal but not very profitable
Questions with Verified
Answers Graded A+
AMA definition of marketing - Answer: Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
Marketing Process - Answer: 1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Marketing management is - Answer: the art and science of choosing target markets and building
profitable relationships with them
Marketing Myopia - Answer: occurs when a company becomes so taken with their own products
that they lose sight of underlying customer needs, benefits and experiences produced by those
products.
Production concept - Answer: the idea that consumers will favor products that are available and
highly affordable; therefore, the organization should focus on improving production and
distribution efficiency
, The Product Concept - Answer: the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy to
making continuous product improvements
The Selling Concept - Answer: the idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort
The Marketing Concept - Answer: holds that achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better than
competitors.
societal marketing concept - Answer: The idea that a company's marketing decisions should
consider consumers wants, the companies requirements, consumers' long-run interest, and
society's long-run interest.
Customer Satisfaction - Answer: depends on the product's perceived performance relative to a
buyers expectations.
Customer relationship management - Answer: The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
Strangers - Answer: show potential profitability and little projected loyalty. There is little fit
between the company's offerings and their needs. The relationship management strategy for
these customer is simple: don't invest in them; make money in every transaction.
Butterflies - Answer: potentially profitable but not loyal
True friends - Answer: both profitable and loyal
Barnacles - Answer: highly loyal but not very profitable
