Marketing 300 Exam 1 CMU – Questions and Answers
Marketing - -the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return
-needs - -states off felt deprivation
-wants - -the form human needs take as they are shaped by culture and individual
personality
-demands - -human wants that are backed by buying power
-market offerings - -some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
-marketing myopia - -the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
-exchange - -the act of obtaining a desired object from someone by offering something in
return
-market - -the set of all actual and potential buyers of a product or service
-marketing management - -the art and science of choosing target markets and building
profitable relationships with them
-production concept - -the idea that consumers will favor products that are available and
highly affordable , therefore, the organization should focus on improving production and
distribution efficiency
-product concept - -the idea that consumers will favor products that offer the most quality,
performance, and features, therefore, the organization should devote its energy to making
continuous product improvements
-selling concept - -the idea that consumers will not buy enough of the firms products
unless the firm undertakes a large scale selling and promotion effort. Takes an inside out
perspective. ex. unsought goods like insurance
-marketing concept - -holds that achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do. Takes a outside in perspective
, -societal marketing concept - -the idea that a company's marketing decisions should
consider consumers wants, the company requirements, consumers long-run interests, and
society long run-interests. Calls for sustainable marketing.
-Four P's of marketing - -product, price, place, promotion
-customer relationship management - -the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
-customer-perceived value - -the customers evaluation of the difference between all the
benefits and all the costs of a market offering relative to those of competing offers
-customer satisfaction - -the extent to which a products perceived performance matches a
buyers expectations
-frequent marketing programs - -reward customers who buy frequently or in large
amounts. ex. airlines
-shared value - -recognizes social needs, not just economic needs, that defines a market
-outside-in-view - -focuses on satisfying customer needs as a path towards profits
-inside out view - -focuses on existing products and heavy selling.
-customer engagement marketing - -making the brand a meaningful part on consumers
conversations and lives by fostering direct and continuous customer involvement in
shaping brand conversations, experiences and community.
-consumer generated marketing - -brand exchanges created by consumers themselves -
both invited and uninvited - by which consumers are playing an increasing role in shaping
their own brand experiences and those of consumers
-partner relationship management - -working closely with partners in other company
departments and outside the company to jointly bring greater value to customers
-customer lifetime value - -the value of the entire stream of purchases a customer makes
over a lifetime of patronage
-share of customer - -the portion of the customer's purchasing that a company gets in its
product categories
-customer equity - -the total combined customer lifetime values of all the company
current and political customers
-butterflies - -high profitability, not loyal(short term)
Marketing - -the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return
-needs - -states off felt deprivation
-wants - -the form human needs take as they are shaped by culture and individual
personality
-demands - -human wants that are backed by buying power
-market offerings - -some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
-marketing myopia - -the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
-exchange - -the act of obtaining a desired object from someone by offering something in
return
-market - -the set of all actual and potential buyers of a product or service
-marketing management - -the art and science of choosing target markets and building
profitable relationships with them
-production concept - -the idea that consumers will favor products that are available and
highly affordable , therefore, the organization should focus on improving production and
distribution efficiency
-product concept - -the idea that consumers will favor products that offer the most quality,
performance, and features, therefore, the organization should devote its energy to making
continuous product improvements
-selling concept - -the idea that consumers will not buy enough of the firms products
unless the firm undertakes a large scale selling and promotion effort. Takes an inside out
perspective. ex. unsought goods like insurance
-marketing concept - -holds that achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do. Takes a outside in perspective
, -societal marketing concept - -the idea that a company's marketing decisions should
consider consumers wants, the company requirements, consumers long-run interests, and
society long run-interests. Calls for sustainable marketing.
-Four P's of marketing - -product, price, place, promotion
-customer relationship management - -the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
-customer-perceived value - -the customers evaluation of the difference between all the
benefits and all the costs of a market offering relative to those of competing offers
-customer satisfaction - -the extent to which a products perceived performance matches a
buyers expectations
-frequent marketing programs - -reward customers who buy frequently or in large
amounts. ex. airlines
-shared value - -recognizes social needs, not just economic needs, that defines a market
-outside-in-view - -focuses on satisfying customer needs as a path towards profits
-inside out view - -focuses on existing products and heavy selling.
-customer engagement marketing - -making the brand a meaningful part on consumers
conversations and lives by fostering direct and continuous customer involvement in
shaping brand conversations, experiences and community.
-consumer generated marketing - -brand exchanges created by consumers themselves -
both invited and uninvited - by which consumers are playing an increasing role in shaping
their own brand experiences and those of consumers
-partner relationship management - -working closely with partners in other company
departments and outside the company to jointly bring greater value to customers
-customer lifetime value - -the value of the entire stream of purchases a customer makes
over a lifetime of patronage
-share of customer - -the portion of the customer's purchasing that a company gets in its
product categories
-customer equity - -the total combined customer lifetime values of all the company
current and political customers
-butterflies - -high profitability, not loyal(short term)
