MKTG 351 - EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is 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
Question:
2. Primary focus of Marketing
Answer:
- satisfying customer's needs and wants.
- customer wants backed by buying power creates demand
Question:
3. Marketing Definition
Answer:
the process by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return
Question:
4. Marketing requirements
Answer:
- a market (set of potential buyers)
- a market offering (products, services...)
- an exchange between two willing parties
Question:
5. Production Philosophy
Answer:
- focuses on production; produce most for lowest cost!
- works well when demand exceeds supply
Question:
6. Product Philosophy
Answer:
- focus on producing the highest quality goods even if its not what the customers want
- ex: that weird commercial about quilted toilet paper
Question:
7. Sales Philosophy
Answer:
- emphasizes push and hard selling; just make as many sales as possible
, Question:
8. Marketing Philosophy
Answer:
- achieving long term goals for the company by best serving customers' needs and wants
Question:
9. Societal Philosophy
Answer:
- should be good for society, too
- triple bottom line: people, planet, profit
Question:
10. Customer Value
Answer:
- the relationship of the benefits to the cost; what consumer gets for what they give
Question:
11. 4 P's
Answer:
Product = creating value Price = capturing value Place = delivering value Promotion = communicating
value
Question:
12. Customer Satisfaction
Answer:
- customers evaluation of the extent to which a product or a service has met their expectations
- dissatisfied customers will leave but sometimes satisfied customers will leave, too (ex. airplane tickets)
Question:
13. Relationship Marketing
Answer:
- goal is to develop and enhance long term relationships with customers
- increase number of positive interactions with customers (ex. rewards programs and freebies)
Question:
14. Role of Marketing in Business
Answer:
- understand the organization, market and customer's needs and wants
- acts as intermediary between organization and market
- manage customer relationships to create long-term advantage, loyalty, etc.
Question:
15. Marketing requires what?
Answer:
- A change in response to external forces
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is 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
Question:
2. Primary focus of Marketing
Answer:
- satisfying customer's needs and wants.
- customer wants backed by buying power creates demand
Question:
3. Marketing Definition
Answer:
the process by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return
Question:
4. Marketing requirements
Answer:
- a market (set of potential buyers)
- a market offering (products, services...)
- an exchange between two willing parties
Question:
5. Production Philosophy
Answer:
- focuses on production; produce most for lowest cost!
- works well when demand exceeds supply
Question:
6. Product Philosophy
Answer:
- focus on producing the highest quality goods even if its not what the customers want
- ex: that weird commercial about quilted toilet paper
Question:
7. Sales Philosophy
Answer:
- emphasizes push and hard selling; just make as many sales as possible
, Question:
8. Marketing Philosophy
Answer:
- achieving long term goals for the company by best serving customers' needs and wants
Question:
9. Societal Philosophy
Answer:
- should be good for society, too
- triple bottom line: people, planet, profit
Question:
10. Customer Value
Answer:
- the relationship of the benefits to the cost; what consumer gets for what they give
Question:
11. 4 P's
Answer:
Product = creating value Price = capturing value Place = delivering value Promotion = communicating
value
Question:
12. Customer Satisfaction
Answer:
- customers evaluation of the extent to which a product or a service has met their expectations
- dissatisfied customers will leave but sometimes satisfied customers will leave, too (ex. airplane tickets)
Question:
13. Relationship Marketing
Answer:
- goal is to develop and enhance long term relationships with customers
- increase number of positive interactions with customers (ex. rewards programs and freebies)
Question:
14. Role of Marketing in Business
Answer:
- understand the organization, market and customer's needs and wants
- acts as intermediary between organization and market
- manage customer relationships to create long-term advantage, loyalty, etc.
Question:
15. Marketing requires what?
Answer:
- A change in response to external forces
