Intro To Marketing COMM 204 USASK Exam
Questions With Correct Answers
What is Marketing - ANSWER Marketing is managing profitable customer relationships
what is marketing goals - ANSWER Attract new customers by promising superior value.
Keep and grow current customer base by delivering satisfaction
Modern Marketing - ANSWER The process of creating value for customers and building
strong relationships to capture value from customers in return
OLD view of marketing - ANSWER Making a sale- "telling and selling"
NEW view of marketing - ANSWER Satisfying customer needs
Steps in creating value for customers and build customer relationship - 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
,5 core customer and marketplace concepts - ANSWER Needs, Wants, and Demands
Marketing offerings
Value and Satisfaction
Exchange and relationships
Markets
Needs - ANSWER Needs are common to all people and include basic physical needs
(food, clothing, etc), social needs (belonging, affection, etc), and individual needs
(knowledge, self-expression etc)
Wants - ANSWER wants are the form "needs" take based on culture and personal tastes.
Demands - ANSWER Demands are "wants" backed by buying power (can afford to
purchase "wants")
Marketing Offering - ANSWER Combination of products, services, information, and
experience offered to satisfy a specific need, want or demand.
Includes specific products and services, as well asa overall "brand experience".
Customer Value & Satisfaction - ANSWER Marketers create "value expectations" through
their communications strategy
Must be careful to create proper expectations are too low, customers will be satisfied but
,demand will be low (few will buy)
If value expectations are too high, demand will be high but satisfaction will be low (no
repeat business)
Exchanges & Relationships - ANSWER Exchange is the act of purchasing a product or
service
Relationship is the act of encouraging more purchases in the future
Markets - ANSWER The set of all actual and potential buyers of a product or service
its difficult to service an entire market into segments and focus their efforts on the most
profitable market segments
Main elements in modern Marketing system include - ANSWER Suppliers
Company (marketer)
Competitors
Marketing intermediaries
Consumers
Marketing Management - ANSWER The art and science of choosing target markets and
building profitable relationships with them
Aim is to find, attract, keep, and grow customers by creating, delivering, and
communicating superior value
, What customers will we serve - ANSWER What is our target market
How can we best serve these customers - ANSWER what is our value proposition
Market Segmentation - ANSWER Dividing the market into segments of customers
Target marketing - ANSWER selecting one or more segments to cultivate
Value Proposition - ANSWER The benefits or value a company promises to deliver to
consumers to satisfy their needs
Used to "differentiate" brands within the marketplace
Answers why a consumers should buy the company's brand rather than a competitor's
brand
The Integrated Marketing Plan - ANSWER Transforms the marketing strategy into action
Includes the marketing mix and four Ps of marketing
what are the 4 Ps of Marketing - ANSWER Product (marketing offering)
Price
Place (distribution)
Promotions (communication)
Questions With Correct Answers
What is Marketing - ANSWER Marketing is managing profitable customer relationships
what is marketing goals - ANSWER Attract new customers by promising superior value.
Keep and grow current customer base by delivering satisfaction
Modern Marketing - ANSWER The process of creating value for customers and building
strong relationships to capture value from customers in return
OLD view of marketing - ANSWER Making a sale- "telling and selling"
NEW view of marketing - ANSWER Satisfying customer needs
Steps in creating value for customers and build customer relationship - 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
,5 core customer and marketplace concepts - ANSWER Needs, Wants, and Demands
Marketing offerings
Value and Satisfaction
Exchange and relationships
Markets
Needs - ANSWER Needs are common to all people and include basic physical needs
(food, clothing, etc), social needs (belonging, affection, etc), and individual needs
(knowledge, self-expression etc)
Wants - ANSWER wants are the form "needs" take based on culture and personal tastes.
Demands - ANSWER Demands are "wants" backed by buying power (can afford to
purchase "wants")
Marketing Offering - ANSWER Combination of products, services, information, and
experience offered to satisfy a specific need, want or demand.
Includes specific products and services, as well asa overall "brand experience".
Customer Value & Satisfaction - ANSWER Marketers create "value expectations" through
their communications strategy
Must be careful to create proper expectations are too low, customers will be satisfied but
,demand will be low (few will buy)
If value expectations are too high, demand will be high but satisfaction will be low (no
repeat business)
Exchanges & Relationships - ANSWER Exchange is the act of purchasing a product or
service
Relationship is the act of encouraging more purchases in the future
Markets - ANSWER The set of all actual and potential buyers of a product or service
its difficult to service an entire market into segments and focus their efforts on the most
profitable market segments
Main elements in modern Marketing system include - ANSWER Suppliers
Company (marketer)
Competitors
Marketing intermediaries
Consumers
Marketing Management - ANSWER The art and science of choosing target markets and
building profitable relationships with them
Aim is to find, attract, keep, and grow customers by creating, delivering, and
communicating superior value
, What customers will we serve - ANSWER What is our target market
How can we best serve these customers - ANSWER what is our value proposition
Market Segmentation - ANSWER Dividing the market into segments of customers
Target marketing - ANSWER selecting one or more segments to cultivate
Value Proposition - ANSWER The benefits or value a company promises to deliver to
consumers to satisfy their needs
Used to "differentiate" brands within the marketplace
Answers why a consumers should buy the company's brand rather than a competitor's
brand
The Integrated Marketing Plan - ANSWER Transforms the marketing strategy into action
Includes the marketing mix and four Ps of marketing
what are the 4 Ps of Marketing - ANSWER Product (marketing offering)
Price
Place (distribution)
Promotions (communication)
