HFT4502 Test 1 With
Complete Solution
Best definition of marketing - ANSWER the science of exchange
IMC (integrated marketing communications) - ANSWER conscious use of all
marketing mix elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) - ANSWER
1. identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs - ANSWER a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger
in china
wants - ANSWER needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands - ANSWER given unlimited wants and limited resources, consumers
must make choices.
-these choices are the essence of the demand function
, product - ANSWER anything offered to market to satisfy want/need
types of market offerings/products - ANSWER -tangible
-service
-experience
-information
value proposition - ANSWER the set of benefits or values that a market
offering promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same
need as you
customer value - ANSWER difference between benefits and costs of
obtaining product
delight - ANSWER expectation < value
dissatisfied - ANSWER expectation > value
type of transactions - ANSWER -discrete
-continuous
discrete transaction - ANSWER individually separate and distinct (opposite of
continuous)
continuous transaction - ANSWER needs are continuous, you want to be on a
continuous basis with customers, you want them to buy product every time
need arises
management orientations - ANSWER -product
Complete Solution
Best definition of marketing - ANSWER the science of exchange
IMC (integrated marketing communications) - ANSWER conscious use of all
marketing mix elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) - ANSWER
1. identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs - ANSWER a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger
in china
wants - ANSWER needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands - ANSWER given unlimited wants and limited resources, consumers
must make choices.
-these choices are the essence of the demand function
, product - ANSWER anything offered to market to satisfy want/need
types of market offerings/products - ANSWER -tangible
-service
-experience
-information
value proposition - ANSWER the set of benefits or values that a market
offering promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same
need as you
customer value - ANSWER difference between benefits and costs of
obtaining product
delight - ANSWER expectation < value
dissatisfied - ANSWER expectation > value
type of transactions - ANSWER -discrete
-continuous
discrete transaction - ANSWER individually separate and distinct (opposite of
continuous)
continuous transaction - ANSWER needs are continuous, you want to be on a
continuous basis with customers, you want them to buy product every time
need arises
management orientations - ANSWER -product
