BUSML 3150 MIDTERM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. what is marketing
Answer:
creating customer value,building customer relationships and engaging customers
Question:
2. what is the marketing process
Answer:
1-understand the marketplace (customer wants/needs)
2-design customer value driven marketing stategy
3-construct integrated marketing program that delivers superior value
4-engage customers, build profitable relationships and create customer delight
5-capture value from customers to create profits and customer equity
Question:
3. what are customer needs
Answer:
states of felt deprivation, basic physical, social and individual needs include; food,
affection, and knowledge
Question:
4. customer wants
Answer:
form human needs take as they become are shaped by culture and individual
personality
Question:
5. when backed by buying power, wants become demands; given wants and
resources, people demand products and services with benefits that add up to the
most value and satisfaction
Answer:
customer demands
Question:
6. what is marketing myopia
Answer:
when sellers make the mistake of paying more attention to the specific product
rather than the benefits and experiences produced by these products
,Question:
7. five core customer and marketplace concepts?
Answer:
Needs, wants, and demands; market offerings; value and satisfaction; exchanges
and relationships; and markets
Question:
8. Which of the following represent market offerings?
Answer:
Products, services, information, and experiences
Question:
9. customer dissatisfaction
Answer:
product performance falls short of expectations
Question:
10. customer satisfaction
Answer:
product performance meets expectations
Question:
11. customer delight
Answer:
product performance exceeds expectations
Question:
12. what are the different marketing orientations?
Answer:
production, product, selling, marketing and societal marketing
Question:
13. production concept
Answer:
holds that the customer will favor products that are available and highly
affordable; management should focus on improving production and distribution
efficiency; one of oldest guide concepts for sellers
, Question:
14. product concept
Answer:
holds that customer will favor products that offer in most quality, performance
and innovative features ; marketing strategy focuses on making continuous
product improvements; be careful to avoid myopia
Question:
15. selling concept
Answer:
holds that customer will not buy enough of the firms product unless it undertakes
a large scale-selling and promotion effort ; typically for unsought goods i.e
insurance and blood donations; track down prospects and sell based on benefits
Question:
16. marketing concept
Answer:
holds that achieving organizational goals depend on knowing the needs and
wants of target markets and delivering the desired satisfactions better than
competitors do;customer focus and values are the path to sales and profits; sense
and respond philosophy; find right products for your customers
Question:
17. societal marketing concept
Answer:
questions whether the pure marketing concept overlooks the possible conflicts
between customer short-run wants and customer long-run welfare; delivers value
to customers that best in the long run, sustainable marketing; meets present
needs of customers while preserving the ability of future generations
Question:
18. What are the two keys to building lasting customer
relationships?
Answer:
value and satisfaction
QUESTIONS AND CORRECT ANSWERS
Question:
1. what is marketing
Answer:
creating customer value,building customer relationships and engaging customers
Question:
2. what is the marketing process
Answer:
1-understand the marketplace (customer wants/needs)
2-design customer value driven marketing stategy
3-construct integrated marketing program that delivers superior value
4-engage customers, build profitable relationships and create customer delight
5-capture value from customers to create profits and customer equity
Question:
3. what are customer needs
Answer:
states of felt deprivation, basic physical, social and individual needs include; food,
affection, and knowledge
Question:
4. customer wants
Answer:
form human needs take as they become are shaped by culture and individual
personality
Question:
5. when backed by buying power, wants become demands; given wants and
resources, people demand products and services with benefits that add up to the
most value and satisfaction
Answer:
customer demands
Question:
6. what is marketing myopia
Answer:
when sellers make the mistake of paying more attention to the specific product
rather than the benefits and experiences produced by these products
,Question:
7. five core customer and marketplace concepts?
Answer:
Needs, wants, and demands; market offerings; value and satisfaction; exchanges
and relationships; and markets
Question:
8. Which of the following represent market offerings?
Answer:
Products, services, information, and experiences
Question:
9. customer dissatisfaction
Answer:
product performance falls short of expectations
Question:
10. customer satisfaction
Answer:
product performance meets expectations
Question:
11. customer delight
Answer:
product performance exceeds expectations
Question:
12. what are the different marketing orientations?
Answer:
production, product, selling, marketing and societal marketing
Question:
13. production concept
Answer:
holds that the customer will favor products that are available and highly
affordable; management should focus on improving production and distribution
efficiency; one of oldest guide concepts for sellers
, Question:
14. product concept
Answer:
holds that customer will favor products that offer in most quality, performance
and innovative features ; marketing strategy focuses on making continuous
product improvements; be careful to avoid myopia
Question:
15. selling concept
Answer:
holds that customer will not buy enough of the firms product unless it undertakes
a large scale-selling and promotion effort ; typically for unsought goods i.e
insurance and blood donations; track down prospects and sell based on benefits
Question:
16. marketing concept
Answer:
holds that achieving organizational goals depend on knowing the needs and
wants of target markets and delivering the desired satisfactions better than
competitors do;customer focus and values are the path to sales and profits; sense
and respond philosophy; find right products for your customers
Question:
17. societal marketing concept
Answer:
questions whether the pure marketing concept overlooks the possible conflicts
between customer short-run wants and customer long-run welfare; delivers value
to customers that best in the long run, sustainable marketing; meets present
needs of customers while preserving the ability of future generations
Question:
18. What are the two keys to building lasting customer
relationships?
Answer:
value and satisfaction
