BMGT 355 Exam #1 (Chapters 1-2)
questions n answers graded A+
Marketing - correct answer ✔✔The process by which companies engage customers, build
strong customer relationships, and create customer value to capture value in return
Aim of marketing - correct answer ✔✔Create value for customers to capture value in return
Two-fold goal of marketing - correct answer ✔✔Attract new customers by promising superior
value & to keep/grow current customers by delivering satisfaction
Marketing mix - correct 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 - correct 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 - correct answer ✔✔Needs, wants, and demands;
market offerings; value and satisfaction; exchanges and relationships; and markets
Needs - correct answer ✔✔States of felt deprivation (physical)
Wants - correct answer ✔✔Form human needs & shaped by culture
Demands - correct answer ✔✔Wants backed by buying power
, Market offerings - correct answer ✔✔Combo of products, services, info etc. offered to a market
to satisfy a need or want (services and entities)
Marketing myopia - correct answer ✔✔Paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
Exchanges - correct answer ✔✔Obtaining a desired object by offering something in return
Market - correct answer ✔✔Set of actual and potential buyers of a product/service (share same
needs and wants)
How to create profitable customer relationships - correct answer ✔✔Research, design market
offerings, promote products, comm, services
Customer-managed relationships - correct answer ✔✔Customers connect with companies and
with each other to help forge their own brand experiences
Is advertising the same as marketing? - correct answer ✔✔NO!
Marketing system - correct answer ✔✔Suppliers --> company or competitors --> market
intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management - correct answer ✔✔The art and science of choosing target markets
and building profitable relationships with them
Two questions within marketing management - correct answer ✔✔What customers are served
& how can we serve them best
questions n answers graded A+
Marketing - correct answer ✔✔The process by which companies engage customers, build
strong customer relationships, and create customer value to capture value in return
Aim of marketing - correct answer ✔✔Create value for customers to capture value in return
Two-fold goal of marketing - correct answer ✔✔Attract new customers by promising superior
value & to keep/grow current customers by delivering satisfaction
Marketing mix - correct 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 - correct 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 - correct answer ✔✔Needs, wants, and demands;
market offerings; value and satisfaction; exchanges and relationships; and markets
Needs - correct answer ✔✔States of felt deprivation (physical)
Wants - correct answer ✔✔Form human needs & shaped by culture
Demands - correct answer ✔✔Wants backed by buying power
, Market offerings - correct answer ✔✔Combo of products, services, info etc. offered to a market
to satisfy a need or want (services and entities)
Marketing myopia - correct answer ✔✔Paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
Exchanges - correct answer ✔✔Obtaining a desired object by offering something in return
Market - correct answer ✔✔Set of actual and potential buyers of a product/service (share same
needs and wants)
How to create profitable customer relationships - correct answer ✔✔Research, design market
offerings, promote products, comm, services
Customer-managed relationships - correct answer ✔✔Customers connect with companies and
with each other to help forge their own brand experiences
Is advertising the same as marketing? - correct answer ✔✔NO!
Marketing system - correct answer ✔✔Suppliers --> company or competitors --> market
intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management - correct answer ✔✔The art and science of choosing target markets
and building profitable relationships with them
Two questions within marketing management - correct answer ✔✔What customers are served
& how can we serve them best
