MAR 3023 Exam 1 USF UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Customer relationship management (CRM) - CORRECT ANSWER a company business
strategy to optimize profitability revenue and customer satisfaction.
Customer satisfaction - CORRECT ANSWER Customer evaluation about whether a good has
met their expectation
Customer value - CORRECT ANSWER The relationship between benefits and sacrifices to
obtain
Customer perceived value* - CORRECT ANSWER More than a matter of high quality or high
price. Includes customization and fast delivery.
Market orientation - CORRECT ANSWER Sales don't depend on being aggressive but instead
supplying what people want.
Sales orientation - CORRECT ANSWER The idea people will buy goods if you aggressively
sell to them
Marketing - CORRECT ANSWER A activity, process and set of institutions dedicated to
exchanging offerings of value between customer client, partner and society
Marketing concept - CORRECT ANSWER The idea that and organization exist to satisfy
customer needs while meet organizational objectives
Sales concept* - CORRECT ANSWER aggressive techniques; consumers will buy if pushed,
high sales.
Production concept* - CORRECT ANSWER Focus on improving products production, distro,
internal capabilities, features.
, Production orientation - CORRECT ANSWER A philosophy focused on the the internal
capabilities of the firm rather than the desire and needs of a marketplace.
Relationship marketing - CORRECT ANSWER A strategy that focuses on keeping and
improving relationships with current customers
Societal marketing orientation - CORRECT ANSWER The idea that an organization exist not
only to satisfy customer wants and needs and to meet organization objectives but also to preserve and
enhance the individual and society
Customer lifetime value* - CORRECT ANSWER is a prediction of all the value a business
will derive from their entire relationship with a customer
Cash cow - CORRECT ANSWER a business units that generates more cash than it needs to
maintain market share
Competitive advantage - CORRECT ANSWER A set of unique features of a company and its
products that are perceived by the target makert as superior
Diversification* - CORRECT ANSWER Introducing a new product to a new markets
Four Ps - CORRECT ANSWER Product,place promotion and price which together make up
marketing mix.
Product development - CORRECT ANSWER A marketing strategy that entails the creation of
a new products for present markets
Market opportunity * - CORRECT ANSWER Newly identified need, want, or demand trend
that a firm can exploit because it is not being addressed by the competitors.
Market penetration - CORRECT ANSWER a marketing strategy that tries to increase market
share among existing customers
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Customer relationship management (CRM) - CORRECT ANSWER a company business
strategy to optimize profitability revenue and customer satisfaction.
Customer satisfaction - CORRECT ANSWER Customer evaluation about whether a good has
met their expectation
Customer value - CORRECT ANSWER The relationship between benefits and sacrifices to
obtain
Customer perceived value* - CORRECT ANSWER More than a matter of high quality or high
price. Includes customization and fast delivery.
Market orientation - CORRECT ANSWER Sales don't depend on being aggressive but instead
supplying what people want.
Sales orientation - CORRECT ANSWER The idea people will buy goods if you aggressively
sell to them
Marketing - CORRECT ANSWER A activity, process and set of institutions dedicated to
exchanging offerings of value between customer client, partner and society
Marketing concept - CORRECT ANSWER The idea that and organization exist to satisfy
customer needs while meet organizational objectives
Sales concept* - CORRECT ANSWER aggressive techniques; consumers will buy if pushed,
high sales.
Production concept* - CORRECT ANSWER Focus on improving products production, distro,
internal capabilities, features.
, Production orientation - CORRECT ANSWER A philosophy focused on the the internal
capabilities of the firm rather than the desire and needs of a marketplace.
Relationship marketing - CORRECT ANSWER A strategy that focuses on keeping and
improving relationships with current customers
Societal marketing orientation - CORRECT ANSWER The idea that an organization exist not
only to satisfy customer wants and needs and to meet organization objectives but also to preserve and
enhance the individual and society
Customer lifetime value* - CORRECT ANSWER is a prediction of all the value a business
will derive from their entire relationship with a customer
Cash cow - CORRECT ANSWER a business units that generates more cash than it needs to
maintain market share
Competitive advantage - CORRECT ANSWER A set of unique features of a company and its
products that are perceived by the target makert as superior
Diversification* - CORRECT ANSWER Introducing a new product to a new markets
Four Ps - CORRECT ANSWER Product,place promotion and price which together make up
marketing mix.
Product development - CORRECT ANSWER A marketing strategy that entails the creation of
a new products for present markets
Market opportunity * - CORRECT ANSWER Newly identified need, want, or demand trend
that a firm can exploit because it is not being addressed by the competitors.
Market penetration - CORRECT ANSWER a marketing strategy that tries to increase market
share among existing customers
