BUSI 2204 TERMS EXAM QUESTIONS WITH
VERIFIED ANSWERS
Marketing - ANSWER the activity set of institutions and processes for creating
communicating delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Needs - ANSWER States of felt deprevation
wants - ANSWER The form of human needs take as shaped by culture and
individual personality
demands - ANSWER Human Wants that are backed by buying power
market offerings - ANSWER Some combination of products, services,
information, or experiences offered to a market to satisfy a need or want
Marketing Myopia - ANSWER the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by
these products
Exchange - ANSWER the act of obtaining a desired object from someone by
offering something in return
Market - ANSWER The set of all actual 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 The idea that consumers will favour products
that are available and highly affordable and that the organization should
therefore 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 and that the organization
should therefore devote its energy to making continuous product improvement
Selling Concept - 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 - ANSWER the marketing management philosophy that
achieving organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfaction better than competitors
do
Societal Marketing Concept - ANSWER The idea that company`s marketing
decision should consider consumers wants, the company`s requirements,
consumers` long run interests, and society`s long run interest
Customer Relationship Management - ANSWER the overall process of building
and maintaining profitable customer relationship 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 market offering relative
to those competing offers
Customer Satisfaction - ANSWER the extent to which a product's perceived
performance matches a buyer's expectations
Customer Generated Marketing - ANSWER Marketing messages, ads, and other
brand exchanges created by consumers themselves - both invited and uninvited
Partner Relationship Management - ANSWER Working closely with partners in
other company departments and outside the company to jointly bring greater
value to customers
Share of Customer - ANSWER The portion of the customer's purchasing that a
company get in its product categories
Customer Equity - ANSWER the total combined customer lifetime values of all
the company's customers
Strategic Planning - ANSWER the process of developing and maintaining a
strategic fit between the organization's goals and capabilities and its changing
marketing opportunities
Mission Statement - ANSWER A statement of the organization's purpose - what it
wants to accomplish in the larger environment
Business Portfolio - ANSWER The collection of businesses and products that
make up the company
Portfolio Analysis - ANSWER The process by which management evaluates the
products and businesses that make up the company
VERIFIED ANSWERS
Marketing - ANSWER the activity set of institutions and processes for creating
communicating delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Needs - ANSWER States of felt deprevation
wants - ANSWER The form of human needs take as shaped by culture and
individual personality
demands - ANSWER Human Wants that are backed by buying power
market offerings - ANSWER Some combination of products, services,
information, or experiences offered to a market to satisfy a need or want
Marketing Myopia - ANSWER the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by
these products
Exchange - ANSWER the act of obtaining a desired object from someone by
offering something in return
Market - ANSWER The set of all actual 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 The idea that consumers will favour products
that are available and highly affordable and that the organization should
therefore 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 and that the organization
should therefore devote its energy to making continuous product improvement
Selling Concept - 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 - ANSWER the marketing management philosophy that
achieving organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfaction better than competitors
do
Societal Marketing Concept - ANSWER The idea that company`s marketing
decision should consider consumers wants, the company`s requirements,
consumers` long run interests, and society`s long run interest
Customer Relationship Management - ANSWER the overall process of building
and maintaining profitable customer relationship 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 market offering relative
to those competing offers
Customer Satisfaction - ANSWER the extent to which a product's perceived
performance matches a buyer's expectations
Customer Generated Marketing - ANSWER Marketing messages, ads, and other
brand exchanges created by consumers themselves - both invited and uninvited
Partner Relationship Management - ANSWER Working closely with partners in
other company departments and outside the company to jointly bring greater
value to customers
Share of Customer - ANSWER The portion of the customer's purchasing that a
company get in its product categories
Customer Equity - ANSWER the total combined customer lifetime values of all
the company's customers
Strategic Planning - ANSWER the process of developing and maintaining a
strategic fit between the organization's goals and capabilities and its changing
marketing opportunities
Mission Statement - ANSWER A statement of the organization's purpose - what it
wants to accomplish in the larger environment
Business Portfolio - ANSWER The collection of businesses and products that
make up the company
Portfolio Analysis - ANSWER The process by which management evaluates the
products and businesses that make up the company
