BUSML 3150 MIDTERM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing
Answer:
engaging customers and managing profitable customer relationships
process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers
in return
Question:
2. Marketing process
Answer:
1. understand the marketplace and customer needs and wants
2. design a customer value-driven marketing strategy
3. construct an integrated marketing program that delivers superior value
4. engage customers, build profitable relationships and create customer delight
result: capture value from customers to create profits and customer equity
Question:
3. customer needs
Answer:
states of fled deprivation,
include: physical for food, warmth and safety; social for belonging and affection;
and individual for knowledge and self-expression
Question:
4. customer wants
Answer:
the form human needs take as they are shaped by culture and individual
personality
Question:
5. customer demands
Answer:
given wants and resources, people demand products and services with benefits
to add up to the most value and satisfaction
, Question:
6. marketing myopia
Answer:
mistake of paying more attention to the specific products they offer than the
benefits and experiences produced by these products
Question:
7. marketing management orientations
Answer:
five alternative concepts under which organizations design and carry our their
marketing strategies; production, product, selling marketing and societal
marketing concepts
Question:
8. product concept
Answer:
holds that consumers will favor products that offer the most in quality,
performance, and innovative features
under this concept, marketing strategy focuses on making continuous product
improvements
Question:
9. selling concept
Answer:
holds that consumers will not buy enough of the firm's products unless it
undertakes a large-scale selling an promotion effort
typically practiced with unsought goods
Question:
10. marketing concept
Answer:
holds that achieving organizational goals depends on knowing the needs and
wants of target markets and delivering the desired satisfactions better than
competitors do,
customer focus and value are paths to sales and profits
Question:
11. production concept
Answer:
holds that consumers will favor products that are available and highly affordable
QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing
Answer:
engaging customers and managing profitable customer relationships
process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers
in return
Question:
2. Marketing process
Answer:
1. understand the marketplace and customer needs and wants
2. design a customer value-driven marketing strategy
3. construct an integrated marketing program that delivers superior value
4. engage customers, build profitable relationships and create customer delight
result: capture value from customers to create profits and customer equity
Question:
3. customer needs
Answer:
states of fled deprivation,
include: physical for food, warmth and safety; social for belonging and affection;
and individual for knowledge and self-expression
Question:
4. customer wants
Answer:
the form human needs take as they are shaped by culture and individual
personality
Question:
5. customer demands
Answer:
given wants and resources, people demand products and services with benefits
to add up to the most value and satisfaction
, Question:
6. marketing myopia
Answer:
mistake of paying more attention to the specific products they offer than the
benefits and experiences produced by these products
Question:
7. marketing management orientations
Answer:
five alternative concepts under which organizations design and carry our their
marketing strategies; production, product, selling marketing and societal
marketing concepts
Question:
8. product concept
Answer:
holds that consumers will favor products that offer the most in quality,
performance, and innovative features
under this concept, marketing strategy focuses on making continuous product
improvements
Question:
9. selling concept
Answer:
holds that consumers will not buy enough of the firm's products unless it
undertakes a large-scale selling an promotion effort
typically practiced with unsought goods
Question:
10. marketing concept
Answer:
holds that achieving organizational goals depends on knowing the needs and
wants of target markets and delivering the desired satisfactions better than
competitors do,
customer focus and value are paths to sales and profits
Question:
11. production concept
Answer:
holds that consumers will favor products that are available and highly affordable
