MKTG 396 EXAM PREP QUESTIONS AND
SOLUTIONS 2026 FULL SOLUTION GRADED
A+
◍ Needs. Answer: are states of felt deprivation. They include basic
physical needs for food, clothing, warmth, and safety; social needs for
belonging and affection; and individual needs for knowledge and self-
expression
◍ Wants. Answer: are from human needs take as they are shaped by
culture and individual personality. Wants are shaped by one's society
and are described in terms of objects that will satisfy those needs.
◍ Demands. Answer: When backed by buying power wants become
demands. Given their wants and resources, people demand products
and services with benefits that add up to the most value and
satisfaction
◍ Market Offerings. Answer: A combination of products, services,
information, or experiences offered to a market to satisfy a need or
want
◍ Market. Answer: Is the set and potential buyers of a product or
service
,◍ Marketing Management. Answer: The art and science of choosing
target markets and building profitable relationships with them
◍ Production concept. Answer: Is the idea that consumers will favour
products that are available and highly affordable; therefore, the
organization should focus on improving production and distribution
efficiency
◍ Product Concept. Answer: The idea that consumers will favour
products that offer the most quality, performance, and features;
therefore, the organization should devote its energy to making
continual product improvements
◍ 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
◍ Marketing Concept. Answer: A philosophy in which achieving
organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better than
competitors do
◍ Societal Marketing Concept. Answer: The idea that a company's
marketing decisions should consider consumers' wants, the company
requirements, consumers' long-run interests, and society's long-run
interests
, ◍ Customer Relationship Management. Answer: Is the overall
process of building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
◍ Customer-Perceived Value. Answer: The customer's evaluation of
the difference between all the benefits and all the costs of a marketing
offer relative to those of competing offers
◍ Customer Satisfaction. Answer: The extent to which a product's
perceived performance matches a buyer's expectations
◍ Customer-Engagement Marketing. Answer: Making the brand a
meaningful part of consumers' conversations and lives by fostering
direct and continual customer involvement in shaping brand
conversations, experiences, and community
◍ Consumer-generated Marketing. Answer: Where brand exchanges
created by consumers themselves by which consumers are playing an
increasing role in shaping their own brand experiences and those of
other consumers
◍ Partner Relationship Management. Answer: Which is working
closely with partners in other company departments and outside the
company to jointly bring greater value to customers
◍ Customer Lifetime Value. Answer: Which is the value of the entire
stream of purchases a customer makes over a lifetime of patronage
SOLUTIONS 2026 FULL SOLUTION GRADED
A+
◍ Needs. Answer: are states of felt deprivation. They include basic
physical needs for food, clothing, warmth, and safety; social needs for
belonging and affection; and individual needs for knowledge and self-
expression
◍ Wants. Answer: are from human needs take as they are shaped by
culture and individual personality. Wants are shaped by one's society
and are described in terms of objects that will satisfy those needs.
◍ Demands. Answer: When backed by buying power wants become
demands. Given their wants and resources, people demand products
and services with benefits that add up to the most value and
satisfaction
◍ Market Offerings. Answer: A combination of products, services,
information, or experiences offered to a market to satisfy a need or
want
◍ Market. Answer: Is the set and potential buyers of a product or
service
,◍ Marketing Management. Answer: The art and science of choosing
target markets and building profitable relationships with them
◍ Production concept. Answer: Is the idea that consumers will favour
products that are available and highly affordable; therefore, the
organization should focus on improving production and distribution
efficiency
◍ Product Concept. Answer: The idea that consumers will favour
products that offer the most quality, performance, and features;
therefore, the organization should devote its energy to making
continual product improvements
◍ 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
◍ Marketing Concept. Answer: A philosophy in which achieving
organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better than
competitors do
◍ Societal Marketing Concept. Answer: The idea that a company's
marketing decisions should consider consumers' wants, the company
requirements, consumers' long-run interests, and society's long-run
interests
, ◍ Customer Relationship Management. Answer: Is the overall
process of building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
◍ Customer-Perceived Value. Answer: The customer's evaluation of
the difference between all the benefits and all the costs of a marketing
offer relative to those of competing offers
◍ Customer Satisfaction. Answer: The extent to which a product's
perceived performance matches a buyer's expectations
◍ Customer-Engagement Marketing. Answer: Making the brand a
meaningful part of consumers' conversations and lives by fostering
direct and continual customer involvement in shaping brand
conversations, experiences, and community
◍ Consumer-generated Marketing. Answer: Where brand exchanges
created by consumers themselves by which consumers are playing an
increasing role in shaping their own brand experiences and those of
other consumers
◍ Partner Relationship Management. Answer: Which is working
closely with partners in other company departments and outside the
company to jointly bring greater value to customers
◍ Customer Lifetime Value. Answer: Which is the value of the entire
stream of purchases a customer makes over a lifetime of patronage
