BA 390 MIDTERM STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. How is marketing defined in this class (pay attention to
the lecture notes on Canvas)?
Answer:
Facilitating exchange between business and its customers. An essential and vital
function that brings the voice and needs of customers to business decision-
making. It's essential function is to bridge the gaps that exist between the business
and its customers.
Question:
2. What are the five core customer and marketplace
concepts discussed in your textbook that marketers must
understand?
Answer:
o Needs, wants, and demands
o Market offerings (products, services, and experiences)
o Value and Satisfaction
o Exchanges and relationships
o Markets
Question:
3. Needs
Answer:
states of felt deprivation
▪ physical needs for food, clothing, warmth and safety
▪ social needs for belonging and affection
▪ individual needs for knowledge and self expression
Question:
4. Wants
Answer:
the form human needs take as they are shaped by culture and individual
personality
Ex.) An American needs food but wants a Big Mac
,Question:
5. Demands
Answer:
human wants that are backed by buying power
Given their wants and resources, people demand products and services with
benefits that add up to the most value and satisfaction.
Question:
6. What is a value proposition?
Answer:
- the set of beliefs or values a brand promises to deliver to consumers to satisfy
their needs.
o Examples: BMW - "the ultimate driving experience" New Balance Minimus shoes
- "like barefoot only better"
Question:
7. What are the five marketing management orientations?
Answer:
o Production
o Product
o Selling
o Marketing
o Societal
Question:
8. Production Concept
Answer:
consumers will favor products that are available and highly affordable; therefore,
the organization should focus on improving production and distribution
efficiency.
Question:
9. Product Concept
Answer:
- consumers will favor products that offer the most quality, performance, and
features; therefore, the organization should devote its energy to making
continuous product improvements.
Question:
10. Selling Concept
Answer:
- consumers will not buy enough of the firm's products unless the firm undertakes
a large-scale selling and promotion effort.
, Question:
11. Marketing Concept
Answer:
- achieving organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better than competitors do.
Question:
12. Societal Marketing Concept
Answer:
- a company's marketing decisions should consider consumers' wants, the
company's requirements, consumers' long-run interests, and society's long-run
interest.
Question:
13. What is customer-perceived value
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.
Question:
14. Customer satisfaction
Answer:
- depends on the product's perceived performance relative to a buyer's
expectations.
▪ If performance falls short of expectations, the customer is dissatisfied.
▪ If performance matches expectations, the customer is satisfied
▪ If performance exceeds expectations, the customer is highly satisfied or
delighted.
Question:
15. Describe the major trends and forces that are changing
the marketing landscape today?
Answer:
oThe uncertain economic environment
oThe digital age
oRapid globalization
oSustainable Marketing - the call for more social responsibility
oGrowth of not-for-profit marketing
QUESTIONS AND CORRECT ANSWERS
Question:
1. How is marketing defined in this class (pay attention to
the lecture notes on Canvas)?
Answer:
Facilitating exchange between business and its customers. An essential and vital
function that brings the voice and needs of customers to business decision-
making. It's essential function is to bridge the gaps that exist between the business
and its customers.
Question:
2. What are the five core customer and marketplace
concepts discussed in your textbook that marketers must
understand?
Answer:
o Needs, wants, and demands
o Market offerings (products, services, and experiences)
o Value and Satisfaction
o Exchanges and relationships
o Markets
Question:
3. Needs
Answer:
states of felt deprivation
▪ physical needs for food, clothing, warmth and safety
▪ social needs for belonging and affection
▪ individual needs for knowledge and self expression
Question:
4. Wants
Answer:
the form human needs take as they are shaped by culture and individual
personality
Ex.) An American needs food but wants a Big Mac
,Question:
5. Demands
Answer:
human wants that are backed by buying power
Given their wants and resources, people demand products and services with
benefits that add up to the most value and satisfaction.
Question:
6. What is a value proposition?
Answer:
- the set of beliefs or values a brand promises to deliver to consumers to satisfy
their needs.
o Examples: BMW - "the ultimate driving experience" New Balance Minimus shoes
- "like barefoot only better"
Question:
7. What are the five marketing management orientations?
Answer:
o Production
o Product
o Selling
o Marketing
o Societal
Question:
8. Production Concept
Answer:
consumers will favor products that are available and highly affordable; therefore,
the organization should focus on improving production and distribution
efficiency.
Question:
9. Product Concept
Answer:
- consumers will favor products that offer the most quality, performance, and
features; therefore, the organization should devote its energy to making
continuous product improvements.
Question:
10. Selling Concept
Answer:
- consumers will not buy enough of the firm's products unless the firm undertakes
a large-scale selling and promotion effort.
, Question:
11. Marketing Concept
Answer:
- achieving organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better than competitors do.
Question:
12. Societal Marketing Concept
Answer:
- a company's marketing decisions should consider consumers' wants, the
company's requirements, consumers' long-run interests, and society's long-run
interest.
Question:
13. What is customer-perceived value
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.
Question:
14. Customer satisfaction
Answer:
- depends on the product's perceived performance relative to a buyer's
expectations.
▪ If performance falls short of expectations, the customer is dissatisfied.
▪ If performance matches expectations, the customer is satisfied
▪ If performance exceeds expectations, the customer is highly satisfied or
delighted.
Question:
15. Describe the major trends and forces that are changing
the marketing landscape today?
Answer:
oThe uncertain economic environment
oThe digital age
oRapid globalization
oSustainable Marketing - the call for more social responsibility
oGrowth of not-for-profit marketing
