COB 300D Exam 1|Verified Questions and Answers
Relationship marketing, - -establishing long-term, mutually satisfying buyer-seller
relationships
-customer value - -the difference between the benefits a customer sees from a
market offering and the costs of obtaining those benefits
-needs and wants - -Needs are the basic necessities of life eg food, clothing and
shelter. Wants are the unlimited additional things people desire.
-satisfying needs/ determining the right value - -look at the tier list
1. Self-Actualization
2. Estemm Needs
3. Social Needs
4. Safety Needs
5. Physiological Needs
-Elements of the marketing mix - -Product, Price, Place, Promotion
-Evolution of Marketing - -Production Era
Selling Era
Marketing Era
Relationship Era
-experiential marketing - -Allows customers to engage and interact with offerings in
sensory ways in order to create emotional bonds between consumers and marketing
offerings
-What is marketing? - -the process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in
return
-WHY IS IT IMPORTANT TO DEVELOP LONG TERM RELATIONSHIPS(LTR)? - -
pervent people from leaving
creates customer loyalty
-How to build LTR - -1. build culture of the brand
2. good customer serivce
3. trust(belief that they will keep their promise)
4. Easy to learn/Easy to use
-Marketing Mix does what? - -finds the target market
-Segmentation - -the process of dividing a larger market into smaller pieces based
on one or more meaningfully shared characteristics
-Why segment? - -so the business can respond more effectively to the wants and
needs of groups of potential buyers to increase sales and profits
Relationship marketing, - -establishing long-term, mutually satisfying buyer-seller
relationships
-customer value - -the difference between the benefits a customer sees from a
market offering and the costs of obtaining those benefits
-needs and wants - -Needs are the basic necessities of life eg food, clothing and
shelter. Wants are the unlimited additional things people desire.
-satisfying needs/ determining the right value - -look at the tier list
1. Self-Actualization
2. Estemm Needs
3. Social Needs
4. Safety Needs
5. Physiological Needs
-Elements of the marketing mix - -Product, Price, Place, Promotion
-Evolution of Marketing - -Production Era
Selling Era
Marketing Era
Relationship Era
-experiential marketing - -Allows customers to engage and interact with offerings in
sensory ways in order to create emotional bonds between consumers and marketing
offerings
-What is marketing? - -the process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in
return
-WHY IS IT IMPORTANT TO DEVELOP LONG TERM RELATIONSHIPS(LTR)? - -
pervent people from leaving
creates customer loyalty
-How to build LTR - -1. build culture of the brand
2. good customer serivce
3. trust(belief that they will keep their promise)
4. Easy to learn/Easy to use
-Marketing Mix does what? - -finds the target market
-Segmentation - -the process of dividing a larger market into smaller pieces based
on one or more meaningfully shared characteristics
-Why segment? - -so the business can respond more effectively to the wants and
needs of groups of potential buyers to increase sales and profits
