WOLTER MKTG 3310 EXAM 1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
Who determines the value of a product? - (ANSWER)The customer. (Value=What you get-what you give)
ex. Customers saw value in PBR
If companies don't determine value, what do they do? - (ANSWER)They offer value propositions. Which
is a need satisfying market market offering
What is a customers perceived value? - (ANSWER)The customer's evaluation of the difference between
all the benefits and all of the costs of a marketing offering relative to those of competing offers.
What is satisfaction? - (ANSWER)A pleasurable fulfillment response to a consumption experience.
What drives satisfaction? - (ANSWER)Disconfirmation. which is when you disconfirm the performance of
the thing in relation to my expectation.
ex. "I have my expectations for how good chipotle is going to be. As long as chipotle meets those
expectations or even if they are just slightly above them, my expectations are disconfirmed and I'm
satisfied."
What does the determination of satisfaction using disconfirmation tell us about McDonalds? -
(ANSWER)We can be satisfied by McDonalds as long as they meet our expectations, which are pretty
low usually.
What is the ACSI and why does it matter? - (ANSWER)A national metric of satisfaction that was
consumer driven. ACSI caused companies to realize that satisfaction is important.
What can McDonald's ACSI scores tell us about their ability to satisfy? - (ANSWER)ACSI tells us that even
though our expectations are really low for McDonalds, they still don't meet them based on their ACSI
scores. They just keep messing up, which is why they keep running through CEOs.
What is a market? What is it NOT. - (ANSWER)The people that can, and possibly will buy the product. It
is Not a demographic.
, WOLTER MKTG 3310 EXAM 1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
Is there such a thing as an Auburn target market? Why or why not? - (ANSWER)No. Because as college
students, we're not all in the market for that product we're talking about. Some of us go to McDonalds,
chipotle, both, or neither.
Do markets share a common need or want? - (ANSWER)No, for example PBR consumers don't all have
common needs and wants. We subdivide the general market into target markets. (Blue E-Cigs).
What does the definition of a market tell us about Chik-Fil-A's customer satisfaction in relation to the
LGBTQ controversy? - (ANSWER)This doesn't affect customer satisfaction because the people that are
angry at Chick-Fil-A are not even in their market really. To be in the market you have to want the
product and you have to go get it.
What is the unique contribution of marketing to a firm? - (ANSWER)Acquire cash flow from customers.
Stimulate demand and evaluate and manage customer value. Acquires Data. From customers you get
advertising by recommendation.
What is marketing? - (ANSWER)co-creating value. It is "co-creating" because companies do not create
value. We as marketers, co-create it with customers.
Book: Marketing consists of creating, maintaining, and growing desirable exchange relationships with
clients, partners, and society at large.
Why is marketing an art and science? - (ANSWER)Science- It's a science because we do research/data-
analytics.
Art-figuring out how to respond in a momentary thing without knowing what to down science doesn't
work.
Wendy's twitter
How would you answer the statements that marketing is advertising, is not necessary, selling more
things to more people..., or the devil? - (ANSWER)Advertising- They are also involved in price setting.
Marketing research, long term customer relations.
Not Necessary-Just fulfilling long term accounts is not marketing. Marketing is taking care of the
customer relationships
ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
Who determines the value of a product? - (ANSWER)The customer. (Value=What you get-what you give)
ex. Customers saw value in PBR
If companies don't determine value, what do they do? - (ANSWER)They offer value propositions. Which
is a need satisfying market market offering
What is a customers perceived value? - (ANSWER)The customer's evaluation of the difference between
all the benefits and all of the costs of a marketing offering relative to those of competing offers.
What is satisfaction? - (ANSWER)A pleasurable fulfillment response to a consumption experience.
What drives satisfaction? - (ANSWER)Disconfirmation. which is when you disconfirm the performance of
the thing in relation to my expectation.
ex. "I have my expectations for how good chipotle is going to be. As long as chipotle meets those
expectations or even if they are just slightly above them, my expectations are disconfirmed and I'm
satisfied."
What does the determination of satisfaction using disconfirmation tell us about McDonalds? -
(ANSWER)We can be satisfied by McDonalds as long as they meet our expectations, which are pretty
low usually.
What is the ACSI and why does it matter? - (ANSWER)A national metric of satisfaction that was
consumer driven. ACSI caused companies to realize that satisfaction is important.
What can McDonald's ACSI scores tell us about their ability to satisfy? - (ANSWER)ACSI tells us that even
though our expectations are really low for McDonalds, they still don't meet them based on their ACSI
scores. They just keep messing up, which is why they keep running through CEOs.
What is a market? What is it NOT. - (ANSWER)The people that can, and possibly will buy the product. It
is Not a demographic.
, WOLTER MKTG 3310 EXAM 1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
Is there such a thing as an Auburn target market? Why or why not? - (ANSWER)No. Because as college
students, we're not all in the market for that product we're talking about. Some of us go to McDonalds,
chipotle, both, or neither.
Do markets share a common need or want? - (ANSWER)No, for example PBR consumers don't all have
common needs and wants. We subdivide the general market into target markets. (Blue E-Cigs).
What does the definition of a market tell us about Chik-Fil-A's customer satisfaction in relation to the
LGBTQ controversy? - (ANSWER)This doesn't affect customer satisfaction because the people that are
angry at Chick-Fil-A are not even in their market really. To be in the market you have to want the
product and you have to go get it.
What is the unique contribution of marketing to a firm? - (ANSWER)Acquire cash flow from customers.
Stimulate demand and evaluate and manage customer value. Acquires Data. From customers you get
advertising by recommendation.
What is marketing? - (ANSWER)co-creating value. It is "co-creating" because companies do not create
value. We as marketers, co-create it with customers.
Book: Marketing consists of creating, maintaining, and growing desirable exchange relationships with
clients, partners, and society at large.
Why is marketing an art and science? - (ANSWER)Science- It's a science because we do research/data-
analytics.
Art-figuring out how to respond in a momentary thing without knowing what to down science doesn't
work.
Wendy's twitter
How would you answer the statements that marketing is advertising, is not necessary, selling more
things to more people..., or the devil? - (ANSWER)Advertising- They are also involved in price setting.
Marketing research, long term customer relations.
Not Necessary-Just fulfilling long term accounts is not marketing. Marketing is taking care of the
customer relationships
