MIE 201 exam 3 Questions With Solutions
100% Solved
What are needs and wants - how is demand created? You're hungry and you don't want to
be hungry. You NEED to eat. Needs create the motivation to buy products and are the core of any
decision of marketing. Your wants are based on your needs but are more specific. Producers try
to shape your wants by exposing you to attractive choices. For ex. when you need food you may
WANT a Snickers bar.
What are the four utilities (know examples of each)? Form utility- change raw materials
into into finished goods EX. when supermarkets provide fresh, ready-to-eat dishes as an
alternative to food ingredients
Time and Place utility- marketers try to make their products available when and where customers
want to buy them EX. overnight couriers such as FedEx and UPS creat time utility, whereas
coffee carts in office buildings and ATMs in shopping malls create place utility
Possession utility- the satisfaction that buyers get when they actually possess a product. EX.
mortgage companies create it by offering loans that allow ppl to buy homes they otherwise could
not afford.
Compare product, sales and marketing concept. Product- the bundle of value offered for
the purpose of satisfying a want of need in a marketing exchange.
Sales-
, MIE 201 exam 3 Questions With Solutions
100% Solved
Marketing concept- the idea that companies should respond to customers needs and want while
seeking long-term profitability and coordinating their own marketing efforts to achieve the comp
nays long-term goals
Define relationship marketing and what are the goals? A focus on developing and
maintaining long-term relationships w customers, suppliers, and distribution partners for mutual
benefit
The main goal is customer loyalty, the degree to which customers continue to buy from a
particular retailer.
What two sets of technologies foster communication between companies and
their customers? Define and give examples. Customer relationship management (CRM) -
a type of info system that captures, organizes, and capitalizes on all the interactions that a
company has w its customers EX marketing surveys
Social commerce- the creation and sharing of product-related info among customers and
potential customers EX social networks
100% Solved
What are needs and wants - how is demand created? You're hungry and you don't want to
be hungry. You NEED to eat. Needs create the motivation to buy products and are the core of any
decision of marketing. Your wants are based on your needs but are more specific. Producers try
to shape your wants by exposing you to attractive choices. For ex. when you need food you may
WANT a Snickers bar.
What are the four utilities (know examples of each)? Form utility- change raw materials
into into finished goods EX. when supermarkets provide fresh, ready-to-eat dishes as an
alternative to food ingredients
Time and Place utility- marketers try to make their products available when and where customers
want to buy them EX. overnight couriers such as FedEx and UPS creat time utility, whereas
coffee carts in office buildings and ATMs in shopping malls create place utility
Possession utility- the satisfaction that buyers get when they actually possess a product. EX.
mortgage companies create it by offering loans that allow ppl to buy homes they otherwise could
not afford.
Compare product, sales and marketing concept. Product- the bundle of value offered for
the purpose of satisfying a want of need in a marketing exchange.
Sales-
, MIE 201 exam 3 Questions With Solutions
100% Solved
Marketing concept- the idea that companies should respond to customers needs and want while
seeking long-term profitability and coordinating their own marketing efforts to achieve the comp
nays long-term goals
Define relationship marketing and what are the goals? A focus on developing and
maintaining long-term relationships w customers, suppliers, and distribution partners for mutual
benefit
The main goal is customer loyalty, the degree to which customers continue to buy from a
particular retailer.
What two sets of technologies foster communication between companies and
their customers? Define and give examples. Customer relationship management (CRM) -
a type of info system that captures, organizes, and capitalizes on all the interactions that a
company has w its customers EX marketing surveys
Social commerce- the creation and sharing of product-related info among customers and
potential customers EX social networks
