MKTG 396 EXAM QUESTIONS WITH CORRECT WELL
DETAILED ANSWERS
Marketing - ✔✔is the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
The Marketing Process - ✔✔In the first four steps of ______________________________, companies
work to understand consumers, create customer value, and build strong customer relationships. In the
final step, companies reap the rewards of creating superior customer value.
marketing myopia - ✔✔Many sellers make the mistake of paying more attention to the specific products
they offer than to the benefits and experiences produced by these products. These sellers suffer from ...
brand experiences - ✔✔Smart marketers look beyond the attributes of the products and services they
sell. By orchestrating several services and products, they create_______________________________for
consumers.
mass marketing - ✔✔Yesterday's companies focused mostly on
____________________________________ to broad segments of customers at arm's length.
customer-engagement marketing - ✔✔The old marketing involved marketing brands to consumers. The
new marketing is ________________________________________________—fostering direct and
continuous customer involvement in shaping brand conversations, brand experiences, and brand
community.
intrusion - ✔✔Today's greater consumer empowerment means that companies can no longer rely on
marketing by ____________________. Instead, they must practice marketing by attraction—creating
market offerings and messages that engage consumers rather than interrupt them.
consumer-generated marketing - ✔✔A growing part of the new customer dialogue is
______________________________________________, by which consumers themselves are playing a
bigger role in shaping their own brand experiences and those of others. This might happen through
uninvited consumer-to-consumer exchanges in blogs, video-sharing sites, and other digital forums.
, Strategic planning - ✔✔is defined in the textbook as "the process of developing and maintaining a
strategic fit between the organization's goals and capabilities and its changing marketing opportunities"
(p. 46). It involves defining a clear company mission, setting supporting objectives, designing a sound
business portfolio, and coordinating functional strategies.
The BCG (Boston Consulting Group) matrix - ✔✔uses two critical dimensions in business: market growth
rate and relative market share.
Portfolio analysis - ✔✔is the "process by which management evaluates the products and businesses that
make up the company (textbook, p. 49), and the BCG matrix is a tool that helps to perform such an
analysis.
Market growth rate - ✔✔is an indicator of how well an industry as a whole performs.
Relative market share - ✔✔shows how strong the company is compared to the main competitors.
the whole organization - ✔✔the strategic plan provides direction to...
the marketing department - ✔✔the marketing plan provides direction to...
secondary data - ✔✔is generally less expensive but also less accurate and current,
Primary Data - ✔✔is generally more accurate but also the most expensive
microenvironment - ✔✔consists of the actors close to the company that affect its ability to serve its
customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and
publics.
Marketing intermediaries - ✔✔help the company promote, sell, and distribute its products to final
buyers. They include resellers, physical distribution firms, marketing services agencies, and financial
intermediaries
DETAILED ANSWERS
Marketing - ✔✔is the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
The Marketing Process - ✔✔In the first four steps of ______________________________, companies
work to understand consumers, create customer value, and build strong customer relationships. In the
final step, companies reap the rewards of creating superior customer value.
marketing myopia - ✔✔Many sellers make the mistake of paying more attention to the specific products
they offer than to the benefits and experiences produced by these products. These sellers suffer from ...
brand experiences - ✔✔Smart marketers look beyond the attributes of the products and services they
sell. By orchestrating several services and products, they create_______________________________for
consumers.
mass marketing - ✔✔Yesterday's companies focused mostly on
____________________________________ to broad segments of customers at arm's length.
customer-engagement marketing - ✔✔The old marketing involved marketing brands to consumers. The
new marketing is ________________________________________________—fostering direct and
continuous customer involvement in shaping brand conversations, brand experiences, and brand
community.
intrusion - ✔✔Today's greater consumer empowerment means that companies can no longer rely on
marketing by ____________________. Instead, they must practice marketing by attraction—creating
market offerings and messages that engage consumers rather than interrupt them.
consumer-generated marketing - ✔✔A growing part of the new customer dialogue is
______________________________________________, by which consumers themselves are playing a
bigger role in shaping their own brand experiences and those of others. This might happen through
uninvited consumer-to-consumer exchanges in blogs, video-sharing sites, and other digital forums.
, Strategic planning - ✔✔is defined in the textbook as "the process of developing and maintaining a
strategic fit between the organization's goals and capabilities and its changing marketing opportunities"
(p. 46). It involves defining a clear company mission, setting supporting objectives, designing a sound
business portfolio, and coordinating functional strategies.
The BCG (Boston Consulting Group) matrix - ✔✔uses two critical dimensions in business: market growth
rate and relative market share.
Portfolio analysis - ✔✔is the "process by which management evaluates the products and businesses that
make up the company (textbook, p. 49), and the BCG matrix is a tool that helps to perform such an
analysis.
Market growth rate - ✔✔is an indicator of how well an industry as a whole performs.
Relative market share - ✔✔shows how strong the company is compared to the main competitors.
the whole organization - ✔✔the strategic plan provides direction to...
the marketing department - ✔✔the marketing plan provides direction to...
secondary data - ✔✔is generally less expensive but also less accurate and current,
Primary Data - ✔✔is generally more accurate but also the most expensive
microenvironment - ✔✔consists of the actors close to the company that affect its ability to serve its
customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and
publics.
Marketing intermediaries - ✔✔help the company promote, sell, and distribute its products to final
buyers. They include resellers, physical distribution firms, marketing services agencies, and financial
intermediaries
