Marketing 301 Exam 1 Study Guide and Practice Questions
Marketing - correct answer ✔✔ Process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return.
Goals of Marketing - correct answer ✔✔ 1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs - correct answer ✔✔ States of felt deprivation.
Wants - correct answer ✔✔ The form human needs take as shaped by culture and individual
personality.
Demands - correct answer ✔✔ Human wants that are backed by buying power.
Market Offerings - correct answer ✔✔ Some combination of products, service information, or
experiences offered to a market to satisfy a need or want.
Market Myopia - correct answer ✔✔ The mistake of paying more attention to the specific
products a company offers that to the benefits and experiences produced by these products.
Exchange - correct answer ✔✔ The act of obtaining a desired object from someone by offering
something in return.
Market - correct answer ✔✔ The set of all actual and potential buyers of a product or service.
Marketing Management - correct answer ✔✔ The art and science of choosing target markets
and building profitable relationships with them.
, Value Proposition - correct answer ✔✔ The set of benefits or values it promises to deliver to
consumers to satisfy their needs.
Production Concept - correct answer ✔✔ The idea that consumers will favor products that are
available and highly affordable and that the organization should therefore focus on improving
production and distribution efficiency - "if you build it they will come."
Product Concept - correct answer ✔✔ The idea that consumers will favor products that offer
the most quality, performance, and features and that the organization should therefore devote
its energy to making continuous product improvements.
Selling Concept - correct answer ✔✔ The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept - correct answer ✔✔ The marketing management philosophy that holds that
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 - correct answer ✔✔ The idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-run interests,
and society's long-run interests.
Marketing Mix - correct answer ✔✔ The set of controllable tactical marketing tools--product,
price, place, promote--that the firm blends to produce the response it wants in the target
market.
Customer-Perceived Value - correct 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.
Marketing - correct answer ✔✔ Process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return.
Goals of Marketing - correct answer ✔✔ 1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs - correct answer ✔✔ States of felt deprivation.
Wants - correct answer ✔✔ The form human needs take as shaped by culture and individual
personality.
Demands - correct answer ✔✔ Human wants that are backed by buying power.
Market Offerings - correct answer ✔✔ Some combination of products, service information, or
experiences offered to a market to satisfy a need or want.
Market Myopia - correct answer ✔✔ The mistake of paying more attention to the specific
products a company offers that to the benefits and experiences produced by these products.
Exchange - correct answer ✔✔ The act of obtaining a desired object from someone by offering
something in return.
Market - correct answer ✔✔ The set of all actual and potential buyers of a product or service.
Marketing Management - correct answer ✔✔ The art and science of choosing target markets
and building profitable relationships with them.
, Value Proposition - correct answer ✔✔ The set of benefits or values it promises to deliver to
consumers to satisfy their needs.
Production Concept - correct answer ✔✔ The idea that consumers will favor products that are
available and highly affordable and that the organization should therefore focus on improving
production and distribution efficiency - "if you build it they will come."
Product Concept - correct answer ✔✔ The idea that consumers will favor products that offer
the most quality, performance, and features and that the organization should therefore devote
its energy to making continuous product improvements.
Selling Concept - correct answer ✔✔ The idea that consumers will not buy enough of the firm's
products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept - correct answer ✔✔ The marketing management philosophy that holds that
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 - correct answer ✔✔ The idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-run interests,
and society's long-run interests.
Marketing Mix - correct answer ✔✔ The set of controllable tactical marketing tools--product,
price, place, promote--that the firm blends to produce the response it wants in the target
market.
Customer-Perceived Value - correct 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.
