BUSML 3250 Marketing Exam 1
What is marketing? - Answer-the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Customer Needs - Answer-something customers require because it is essential or very important rather
than just desirable
Customer Wants - Answer-What people choose to spend their money on, once the weekly bills have
been paid
Customer Demands - Answer-Human wants that are backed by buying power
Marketing Myopia - Answer-defining a business in terms of goods and services rather than in terms of
the benefits customers seek
customer dissatisfaction - Answer-product's performance falls short of expectations
customer satisfaction - Answer-the extent to which a product's perceived performance matches a
buyer's expectations
customer delight - Answer-Exceeding customer expectations
customer equity - Answer-the total combined customer lifetime values of all of the company's
customers
, customer lifetime value - Answer-total stream of purchases that a customer could contribute to the
company over the length of the relationship
what role does creating and capturing customer value play in marketing? - Answer-By capturing
customer value, firms build a long life relationship with their customers. Customer value is important
because it can help companies generate more financial resources, evaluate their best-selling products,
and have access to capital (final step in the marketing process)
Market Orientation - Answer-Production orientation
Product orientation
Sales orientation
Societal orientation
Market orientation
production orientation - Answer-a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
Product Orientation - Answer-an inward-looking approach that focuses on making products that can be
made - or have been made for a long time - and then trying to sell them
Sales Orientation - Answer-the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
societal marketing orientation - Answer-the idea that an organization exists not only to satisfy customer
wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and
society's long-term best interests
Market Orientation - Answer-a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
What is marketing? - Answer-the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Customer Needs - Answer-something customers require because it is essential or very important rather
than just desirable
Customer Wants - Answer-What people choose to spend their money on, once the weekly bills have
been paid
Customer Demands - Answer-Human wants that are backed by buying power
Marketing Myopia - Answer-defining a business in terms of goods and services rather than in terms of
the benefits customers seek
customer dissatisfaction - Answer-product's performance falls short of expectations
customer satisfaction - Answer-the extent to which a product's perceived performance matches a
buyer's expectations
customer delight - Answer-Exceeding customer expectations
customer equity - Answer-the total combined customer lifetime values of all of the company's
customers
, customer lifetime value - Answer-total stream of purchases that a customer could contribute to the
company over the length of the relationship
what role does creating and capturing customer value play in marketing? - Answer-By capturing
customer value, firms build a long life relationship with their customers. Customer value is important
because it can help companies generate more financial resources, evaluate their best-selling products,
and have access to capital (final step in the marketing process)
Market Orientation - Answer-Production orientation
Product orientation
Sales orientation
Societal orientation
Market orientation
production orientation - Answer-a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
Product Orientation - Answer-an inward-looking approach that focuses on making products that can be
made - or have been made for a long time - and then trying to sell them
Sales Orientation - Answer-the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
societal marketing orientation - Answer-the idea that an organization exists not only to satisfy customer
wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and
society's long-term best interests
Market Orientation - Answer-a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
