ACCURACY IS GUARANTEED
MKT 320F Final Questions with Detailed Verified
Answers for Accuracy
Which marketing management philosophy focuses on the
question, "What do customers want and need?"
Market
Product
Sales
Internal
Production
✓✓ Market
Market mkt management philosophy focuses on what
customers _____ and _____
✓✓ Want, need
A company that wants to implement a market orientation
would need to:
do all of the activities listed.
, ACCURACY IS GUARANTEED
establish and maintain mutually satisfying relationships with
customers.
do research on its customers, competitors, and markets.
determine how to deliver superior customer value.
implement actions that provide value to customers.
✓✓ Do all of the activities listed
_____ is defined as the relationship between benefits and the
sacrifice necessary to obtain those benefits.
Opportunity cost
Market quality
Customer value
Marketing utility
Satisfaction percentage
, ACCURACY IS GUARANTEED
✓✓ Customer value
Customer value is the relationship btwn _____ and the
_____ necessary to obtain them
✓✓ Benefits, sacrifice
_____ is a strategy that focuses on keeping and improving
relationships with current customers.
Market engineering
Transactional marketing
Commitment selling
Relationship marketing
Organization-customer synergy
✓✓ Relationship marketing
Relationship mkt focuses on keeping and improving
relationships with _____ _____
✓✓ Current customers
, ACCURACY IS GUARANTEED
A business is concerned with many day-to-day activities. Some
of the most important of these activities are the planning and
development of a product, its ability to communicate value, its
pricing policy, and the distribution strategy. These activities are
all a part of:
production.
human resources.
accounting.
marketing.
a control system.
✓✓ Marketing
Earl is starting a new bank. Before the opening day, Earl had a
meeting with all employees. He discussed their mission, defined
objectives for the bank for the coming years, and shared who
their target market is. He talked about their product offerings
and where their future branches would be located. Earl is
sharing the bank's:
reengineering.
MKT 320F Final Questions with Detailed Verified
Answers for Accuracy
Which marketing management philosophy focuses on the
question, "What do customers want and need?"
Market
Product
Sales
Internal
Production
✓✓ Market
Market mkt management philosophy focuses on what
customers _____ and _____
✓✓ Want, need
A company that wants to implement a market orientation
would need to:
do all of the activities listed.
, ACCURACY IS GUARANTEED
establish and maintain mutually satisfying relationships with
customers.
do research on its customers, competitors, and markets.
determine how to deliver superior customer value.
implement actions that provide value to customers.
✓✓ Do all of the activities listed
_____ is defined as the relationship between benefits and the
sacrifice necessary to obtain those benefits.
Opportunity cost
Market quality
Customer value
Marketing utility
Satisfaction percentage
, ACCURACY IS GUARANTEED
✓✓ Customer value
Customer value is the relationship btwn _____ and the
_____ necessary to obtain them
✓✓ Benefits, sacrifice
_____ is a strategy that focuses on keeping and improving
relationships with current customers.
Market engineering
Transactional marketing
Commitment selling
Relationship marketing
Organization-customer synergy
✓✓ Relationship marketing
Relationship mkt focuses on keeping and improving
relationships with _____ _____
✓✓ Current customers
, ACCURACY IS GUARANTEED
A business is concerned with many day-to-day activities. Some
of the most important of these activities are the planning and
development of a product, its ability to communicate value, its
pricing policy, and the distribution strategy. These activities are
all a part of:
production.
human resources.
accounting.
marketing.
a control system.
✓✓ Marketing
Earl is starting a new bank. Before the opening day, Earl had a
meeting with all employees. He discussed their mission, defined
objectives for the bank for the coming years, and shared who
their target market is. He talked about their product offerings
and where their future branches would be located. Earl is
sharing the bank's:
reengineering.
