BUSML 3250 Principles of Marketing
Exam Questions with Correct Answers
To create and capture customer value, companies must engage the first step of the
marketing process, which is: - Answer-understand the marketplace and customer needs
and wants
Marketing was once understood in the sense of making a sale. Today, marketing is
understood in the new sense of: - Answer-satisfying customer needs
The key element of successful marketing today is to: - Answer-create value
What is the final step in the marketing process? - Answer-Capture value from customers
Engaging customers and managing profitable customer relationships is the simplest
definition of: - Answer-marketing
You are thirsty and decided to have an iced tea. Your thirst is a _________ and your
choice of iced tea is a ________. - Answer-need, want
Which of the following correctly identifies the five core customer and marketplace
concepts? - Answer-1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
The primary goal of consistently delivering superior value is to: - Answer-build profitable
customer relationships
In marketing terms, what is a market? - Answer-The set of actual and potential buyers
of a product or service
Market offerings include: - Answer-products, services, and experiences
The actual and potential buyers in a market share which of the following characteristics?
- Answer-They share a particular need and/or want
, The first step to a successful value-driven marketing strategy is to determine whom to
service with a market offering. To make this decision, marketers engage in which two
activities? - Answer-Segmenting and targeting
What is the purpose of a value proposition? - Answer-To differentiate and position a
market offerings in the marketplace
Which marketing orientation states that consumers will favor products that offer the
most in quality, performance, and innovative features? - Answer-The product concept
Which of the following uses a sense-and-respond philosophy to promote a customer-
centered marketing orientation? - Answer-The marketing concept
Companies such as IBM, Walmart, and Google now look economic gain and, in their
marketing strategies, they also consider the well-being of customers, the depletion of
natural resources, the viability of suppliers, and the interests of the local community.
This reflects which marketing philosophy? - Answer-The societal marketing concept
What are the 4 Ps of marketing? - Answer-Product, price, place, promotion
What is the key to building lasting customer relationships? - Answer-Creating superior
customer value and satisfaction
Customer-perceived value is the customer's evaluation of the difference between.... -
Answer-all the benefits and all the costs of a market offering relative to those of
competing offers.
Which of the following is an accurate statement about building customer relationships in
the modern marketing era? - Answer-Building relationships through consumer-
generated content is expensive and takes time
The total combined lifetime value of a company's current and potential customers is
called: - Answer-customer equity
For which customer relationship group should a company make continuous relationship
investments to delight, engage, retain, and grow them? - Answer-True friends
How has the Great Recession of 2008-2009 affected marketers in terms of consumer
attitudes? - Answer-Consumers are showing an enthusiasm for frugality
What does a company do to start the strategic planning process? - Answer-Define its
overall purpose and mission
Mission statements should be defined in terms of satisfying basic customer needs. In
other words, they should be: - Answer-Market oriented
Exam Questions with Correct Answers
To create and capture customer value, companies must engage the first step of the
marketing process, which is: - Answer-understand the marketplace and customer needs
and wants
Marketing was once understood in the sense of making a sale. Today, marketing is
understood in the new sense of: - Answer-satisfying customer needs
The key element of successful marketing today is to: - Answer-create value
What is the final step in the marketing process? - Answer-Capture value from customers
Engaging customers and managing profitable customer relationships is the simplest
definition of: - Answer-marketing
You are thirsty and decided to have an iced tea. Your thirst is a _________ and your
choice of iced tea is a ________. - Answer-need, want
Which of the following correctly identifies the five core customer and marketplace
concepts? - Answer-1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
The primary goal of consistently delivering superior value is to: - Answer-build profitable
customer relationships
In marketing terms, what is a market? - Answer-The set of actual and potential buyers
of a product or service
Market offerings include: - Answer-products, services, and experiences
The actual and potential buyers in a market share which of the following characteristics?
- Answer-They share a particular need and/or want
, The first step to a successful value-driven marketing strategy is to determine whom to
service with a market offering. To make this decision, marketers engage in which two
activities? - Answer-Segmenting and targeting
What is the purpose of a value proposition? - Answer-To differentiate and position a
market offerings in the marketplace
Which marketing orientation states that consumers will favor products that offer the
most in quality, performance, and innovative features? - Answer-The product concept
Which of the following uses a sense-and-respond philosophy to promote a customer-
centered marketing orientation? - Answer-The marketing concept
Companies such as IBM, Walmart, and Google now look economic gain and, in their
marketing strategies, they also consider the well-being of customers, the depletion of
natural resources, the viability of suppliers, and the interests of the local community.
This reflects which marketing philosophy? - Answer-The societal marketing concept
What are the 4 Ps of marketing? - Answer-Product, price, place, promotion
What is the key to building lasting customer relationships? - Answer-Creating superior
customer value and satisfaction
Customer-perceived value is the customer's evaluation of the difference between.... -
Answer-all the benefits and all the costs of a market offering relative to those of
competing offers.
Which of the following is an accurate statement about building customer relationships in
the modern marketing era? - Answer-Building relationships through consumer-
generated content is expensive and takes time
The total combined lifetime value of a company's current and potential customers is
called: - Answer-customer equity
For which customer relationship group should a company make continuous relationship
investments to delight, engage, retain, and grow them? - Answer-True friends
How has the Great Recession of 2008-2009 affected marketers in terms of consumer
attitudes? - Answer-Consumers are showing an enthusiasm for frugality
What does a company do to start the strategic planning process? - Answer-Define its
overall purpose and mission
Mission statements should be defined in terms of satisfying basic customer needs. In
other words, they should be: - Answer-Market oriented
