MKT201 Exam 1Questions and
Answers
Marketing ✅✅the activity, set of institutions and processes for creating, capturing,
communicating, delivering and exchanging offerings that have value for customers, clients,
partners and society at large.
5 Step marketing process ✅✅1. Understand the marketplace and customer needs and
wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Marketing myopia ✅✅the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
, Marketing management ✅✅the art and science of choosing target markets and building
profitable relationships with them
Marketing management orientations ✅✅1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
The societal marketing concept ✅✅questions whether the pure marketing concept
overlooks possible conflicts between consumer short-run wants and consumer long-run
welfare
Share of customer ✅✅the share they get of the customer's purchasing in their product
categories
Customer classification ✅✅butterfly(high potential profitability, short term loyalty)
Answers
Marketing ✅✅the activity, set of institutions and processes for creating, capturing,
communicating, delivering and exchanging offerings that have value for customers, clients,
partners and society at large.
5 Step marketing process ✅✅1. Understand the marketplace and customer needs and
wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Marketing myopia ✅✅the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
, Marketing management ✅✅the art and science of choosing target markets and building
profitable relationships with them
Marketing management orientations ✅✅1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
The societal marketing concept ✅✅questions whether the pure marketing concept
overlooks possible conflicts between consumer short-run wants and consumer long-run
welfare
Share of customer ✅✅the share they get of the customer's purchasing in their product
categories
Customer classification ✅✅butterfly(high potential profitability, short term loyalty)
