BUSML 3250 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
What is marketing? - ANS The process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing Process - ANS 1st 4 steps create value for customers, last step captures value from
customers
Understand marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct an integrated marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
Customer Needs - ANS states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants - ANS form that needs take as they are shaped by culture and individual
personality
Customer Demands - ANS wants backed by buying power
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
,Marketing Myopia - ANS Focusing only on existing wants and losing sight of underlying
consumer needs
Customer Satisfaction - ANS product's perceived performance matches the buyer's
expectations
Customer Dissatisfaction - ANS product's performance falls short of expectations
Customer Delight - ANS performance exceeds expectation
Customer Equity - ANS the total combined customer lifetime values of all of the company's
customers
Customer Lifetime Value - ANS value of the entire stream of purchases a customer makes
over a lifetime of patronage
Production Concept - ANS idea that consumers will favor products that are available and
highly affordable
Company should focus on improving production and distribution efficiency
Product Concept - ANS consumers will favor products that offer the most quality,
performance, and features
Selling Concept - ANS consumers won't buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort
Marketing Concept - ANS philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better
than the competitors do
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, Societal Marketing Concept - ANS company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and society's
long-run interests
Customer-Driven Marketing - ANS o Find, attract, keep, and grow target customers by
creating, delivering, and communicating superior customer value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Steps in Strategic Planning - ANS o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
Mission Statement - ANS o A statement of the organization's purpose- what it wants to
accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we develop the
firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? - ANS o Goals measure how well the
organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The company needs
to turn its mission statement into detailed supporting objectives for each level of management.
Each manager should have objectives and be responsible for reaching them" (42).
3 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
ANSWERS GRADED A+ 2025/2026
What is marketing? - ANS The process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing Process - ANS 1st 4 steps create value for customers, last step captures value from
customers
Understand marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct an integrated marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
Customer Needs - ANS states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants - ANS form that needs take as they are shaped by culture and individual
personality
Customer Demands - ANS wants backed by buying power
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
,Marketing Myopia - ANS Focusing only on existing wants and losing sight of underlying
consumer needs
Customer Satisfaction - ANS product's perceived performance matches the buyer's
expectations
Customer Dissatisfaction - ANS product's performance falls short of expectations
Customer Delight - ANS performance exceeds expectation
Customer Equity - ANS the total combined customer lifetime values of all of the company's
customers
Customer Lifetime Value - ANS value of the entire stream of purchases a customer makes
over a lifetime of patronage
Production Concept - ANS idea that consumers will favor products that are available and
highly affordable
Company should focus on improving production and distribution efficiency
Product Concept - ANS consumers will favor products that offer the most quality,
performance, and features
Selling Concept - ANS consumers won't buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort
Marketing Concept - ANS philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better
than the competitors do
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, Societal Marketing Concept - ANS company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and society's
long-run interests
Customer-Driven Marketing - ANS o Find, attract, keep, and grow target customers by
creating, delivering, and communicating superior customer value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Steps in Strategic Planning - ANS o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
Mission Statement - ANS o A statement of the organization's purpose- what it wants to
accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we develop the
firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? - ANS o Goals measure how well the
organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The company needs
to turn its mission statement into detailed supporting objectives for each level of management.
Each manager should have objectives and be responsible for reaching them" (42).
3 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
