BUAD 332 EXAM 1 - Marketing My Lab Questions And Answers

BUAD 332 EXAM 1 - Marketing MyLab
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BUAD 332 EXAM 1 - Marketing My Lab
Questions And Answers
1. Which of the following is included in a broad definition of marketing?: Cre-
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sating customer value, building customer relationships, and engaging customers
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2. The first step of the marketing process is to
s s .: under-
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sstand the marketplace, which includes customer needs and wants
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3. Marketing is the process by which companies s s s s s s s


and build strong customer relationships in order to
s s .: create value for s s s s s s s s s


customers; cap- ture value from customers in return s s s s s s s


4. The marketing process involves five steps. The first four steps focus on
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.: creating value for customers s s s s


5. The marketing process consists of five key steps. Which of the following is th
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e first step?: Understand the marketplace and customer needs and wants
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6. According to Peter Drucker, what is the aim of modern marketing?: To make se
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lling unnecessary
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7. Which of the following correctly identifies the five core customer and mar-
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sketplace concepts?: Needs, wants, and demands; market
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offerings; value and satisfaction; exchanges and
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relationships; and markets s s


8. Which of the following represent market offerings?: Products, services,
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smation, and experiences s s


9. Outstanding marketing companies go to great lengths to learn about and u
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nderstand their customers' s s


.: needs, wants, and demands s s s s


10. Understanding needs, wants, and demands helps companies to design ma s s s s s s s s s


rket offerings and build value-
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laden customer relationships through which they can capture
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.: customer lifetime value and greater share of customer
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11. Satisfied customers buy again and tell others about their good experi-
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sences. What is customer satisfaction based on?: customer expectations
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12. The core marketplace concepts are
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.: needs, wants, and deman market offerings (products, services, and experienc
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s); value and satisfaction; change and relationships; and markets
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, BUAD 332 EXAM 1 - Marketing MyLab
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13. To design a winning marketing strategy, what are the two important ques-
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tions a marketing manager must answer?: What customers will we
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serve? How can we serve these customers
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14. Which marketing management orientation holds that a firm should have a c
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ustomer focus to achieve sales and profits?: The marketing concept
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15. companies research customers deeply to learn about their- s s s s s s s


desires, gather new product ideas, and test product improvements.: Cus-
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tomer-driven
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2s/s
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, BUAD 332 EXAM 1 - Marketing MyLab s s s s s s


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16. The first four steps of the marketing process focus on creating value
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for customers. The next step is designing a
s .: customer value- s s s s s s s s


driven marketing strategy s s


17. Marketing management can adopt one of five competing market orienta- s s s s s s s s s


stions, which include s .: the production concept, the product s s s s s s


concept, t selling concept, the marketing s s s s


concept, and the societal marketing concept s s s s s


18. The marketing concept holds that successful marketing strategies are b
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ased on .: customer satisfaction and value
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19. What are the two keys to building lasting customer relationships?: superior c
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ustomer value and satisfaction s s s


20. A company rarely gets 100 percent of a customer's purchases for a product ca
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tegory. The share it does get of the customer's purchasing in its product categ
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ories is called s .: share of customer
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21. is the overall process of building and maintaining profitable cu s s s s s s s s s


stomer relationships by delivering superior customer value and satisfac-
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stion.: Customer relationship management
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22. The marketing process consists of five distinct steps, with four of them fo
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cused on creating value for customers. One strategy for creating value for cu
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stomers is s s


, which fosters direct and continuous customer involvement in shaping br
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and conversations, brand experiences, and brand community.: customer enga
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gement marketing s


23. Another strategy for creating value and building strong customer relation-
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sships includes s s


, which means working closely with others inside and outside the company t
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o jointly engage and bring more value to customers.: -
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spartner relationship management s s


24. The ultimate aim of customer relationship management is to produce high
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.: customer equity s s


25. Which of the following enhances how marketers learn about and interact w
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ith customers?: big data and marketing analytics
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26. The key to learn about and engage with individual customers is to blend the ne
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w digital technologies and approaches with traditional marketing to create
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.: a smoothly integrated marketing strategy and mix s s s s s s s


27. Advances in s s


are forces that offer exciting new opportunities to target customers more s
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electively and engage them more deeply.: digital and social media
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28. Which major trend is ideal for engaging customers anytime, anywhere, as th
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ey move through the buying process?: mobile marketing
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