HFT4502 Exam 1 Dr. Line Questions and Correct Answers/ Latest Update / Already Graded

When are the weekly discussion boards due? Ans: sundays at 12 How many points are available in the class? Ans: 700 What are the 4 p's? Ans: Price product place and promotion What is the process by which companies create value for customers and society, resulting in strong customer relationships which capture value from the customers in return Ans: marketing The conscious use of all elements of the marketing mix to create a clear consistent and compelling image of the brand/ company Ans: integrated marketing communications All rights reserved © 2025/ 2026 | Page | 2 anything that can be offered to a market to satisfy a want or need Ans: product what is step 1 of the marketing process? Ans: understanding the marketplace and customer needs set of benefits or values that a market offerings or companies promises to deliver to a consumer to satisfy a want or need Ans: value proposition "The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets more effectively and efficiently than competitors" Ans: market orientation CRM stands for? Ans: customer relationship management All rights reserved © 2025/ 2026 | Page | 3 3 differents ways of how well you have done as a marketer to create value? Ans: -in the past to create value: sales -In the present: market share -Future value: equity "Which of the following is not a characteristic of service?" - test question What are the characteristics? Ans: intangibility inseparability perishability and variability -Services cannot be seen, tasted, felt, heard, or smelled before purchase -This causes uncertainty in the minds of buyers -To reduce uncertainty, consumers look to tangible cues Ans: intangibility -Both the customer and the provider must be present (to varying degrees) for a transaction to occur -Co-creation of val