BMGT 355 EXAM #1 (CHAPTERS 1-2)
QUESTIONS AND ANSWERS 100%
CORRECT
Marketing - ANSWER-The process by which companies engage customers, build
strong customer relationships, and create customer value to capture value in return
Aim of marketing - ANSWER-Create value for customers to capture value in return
Two-fold goal of marketing - ANSWER-Attract new customers by promising superior
value & to keep/grow current customers by delivering satisfaction
Marketing mix - ANSWER-A set of marketing tools that work tg to engage customers,
satisfy needs and build customer relationships -- only thing that a marketer can control
Marketing process - ANSWER-Understand market & needs, design a customer value-
driven marketing strategy, construct a marketing program, engage customers & capture
value from customers
Five core customer and marketplace concepts - ANSWER-Needs, wants, and
demands; market offerings; value and satisfaction; exchanges and relationships; and
markets
Needs - ANSWER-States of felt deprivation (physical)
Wants - ANSWER-Form human needs & shaped by culture
Demands - ANSWER-Wants backed by buying power
Market offerings - ANSWER-Combo of products, services, info etc. offered to a market
to satisfy a need or want (services and entities)
Marketing myopia - ANSWER-Paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
Exchanges - ANSWER-Obtaining a desired object by offering something in return
Market - ANSWER-Set of actual and potential buyers of a product/service (share same
needs and wants)
How to create profitable customer relationships - ANSWER-Research, design market
offerings, promote products, comm, services
, Customer-managed relationships - ANSWER-Customers connect with companies and
with each other to help forge their own brand experiences
Is advertising the same as marketing? - ANSWER-NO!
Selling concept - ANSWER-A large-scale selling and promotion effort from the company
When selling concept typically occurs - ANSWER-With unsought goods -- things
consumers don't normally think about buying
Risks of selling concept - ANSWER-Focuses too much on sales rather than on
relationships
Inside-out perspective - ANSWER-(selling concept) Starts w/ factory, focuses on
existing products, calls for heavy selling & ends w profits through sales
Marketing concept - ANSWER-Achieving org goals depends on knowing the needs
target markets and delivering the desired satisfactions better than competitors do (focus
on value & customer)
Outside-in perspective - ANSWER-(Marketing concept) Starts w market, focuses on
needs and integrates all activities that affect customers -- profits = customer satisfaction
Marketing system - ANSWER-Suppliers --> company or competitors --> market
intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management - ANSWER-The art and science of choosing target markets and
building profitable relationships with them
Two questions within marketing management - ANSWER-What customers are served &
how can we serve them best
Processes to select customers to serve - ANSWER-Market segmentation and target
marketing
Value proposition - ANSWER-Set of benefits or values promised to be delivered to
consumers to satisfy needs (ex. JetBlue puts "You Above All" by bringing "humanity
back to travel"
How value propositions differ - ANSWER-Different companies position themselves
differently in the marketplace to give the customer something they can't get from anyone
else
QUESTIONS AND ANSWERS 100%
CORRECT
Marketing - ANSWER-The process by which companies engage customers, build
strong customer relationships, and create customer value to capture value in return
Aim of marketing - ANSWER-Create value for customers to capture value in return
Two-fold goal of marketing - ANSWER-Attract new customers by promising superior
value & to keep/grow current customers by delivering satisfaction
Marketing mix - ANSWER-A set of marketing tools that work tg to engage customers,
satisfy needs and build customer relationships -- only thing that a marketer can control
Marketing process - ANSWER-Understand market & needs, design a customer value-
driven marketing strategy, construct a marketing program, engage customers & capture
value from customers
Five core customer and marketplace concepts - ANSWER-Needs, wants, and
demands; market offerings; value and satisfaction; exchanges and relationships; and
markets
Needs - ANSWER-States of felt deprivation (physical)
Wants - ANSWER-Form human needs & shaped by culture
Demands - ANSWER-Wants backed by buying power
Market offerings - ANSWER-Combo of products, services, info etc. offered to a market
to satisfy a need or want (services and entities)
Marketing myopia - ANSWER-Paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
Exchanges - ANSWER-Obtaining a desired object by offering something in return
Market - ANSWER-Set of actual and potential buyers of a product/service (share same
needs and wants)
How to create profitable customer relationships - ANSWER-Research, design market
offerings, promote products, comm, services
, Customer-managed relationships - ANSWER-Customers connect with companies and
with each other to help forge their own brand experiences
Is advertising the same as marketing? - ANSWER-NO!
Selling concept - ANSWER-A large-scale selling and promotion effort from the company
When selling concept typically occurs - ANSWER-With unsought goods -- things
consumers don't normally think about buying
Risks of selling concept - ANSWER-Focuses too much on sales rather than on
relationships
Inside-out perspective - ANSWER-(selling concept) Starts w/ factory, focuses on
existing products, calls for heavy selling & ends w profits through sales
Marketing concept - ANSWER-Achieving org goals depends on knowing the needs
target markets and delivering the desired satisfactions better than competitors do (focus
on value & customer)
Outside-in perspective - ANSWER-(Marketing concept) Starts w market, focuses on
needs and integrates all activities that affect customers -- profits = customer satisfaction
Marketing system - ANSWER-Suppliers --> company or competitors --> market
intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management - ANSWER-The art and science of choosing target markets and
building profitable relationships with them
Two questions within marketing management - ANSWER-What customers are served &
how can we serve them best
Processes to select customers to serve - ANSWER-Market segmentation and target
marketing
Value proposition - ANSWER-Set of benefits or values promised to be delivered to
consumers to satisfy needs (ex. JetBlue puts "You Above All" by bringing "humanity
back to travel"
How value propositions differ - ANSWER-Different companies position themselves
differently in the marketplace to give the customer something they can't get from anyone
else
