HFT 4502 Test 1 Questions with Correct Answers Latest Update 2025/2026
Best definition of marketing - Answers the science of exchange
IMC (integrated marketing communications) - Answers conscious use of all marketing mix
elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) - Answers 1.
identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs - Answers a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger in china
wants - Answers needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands - Answers given unlimited wants and limited resources, consumers must make
choices.
-these choices are the essence of the demand function
product - Answers anything offered to market to satisfy want/need
types of market offerings/products - Answers -tangible
-service
-experience
-information
value proposition - Answers the set of benefits or values that a market offering promises to
deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same need as you
customer value - Answers difference between benefits and costs of obtaining product
delight - Answers expectation < value
, dissatisfied - Answers expectation > value
type of transactions - Answers -discrete
-continuous
discrete transaction - Answers individually separate and distinct (opposite of continuous)
continuous transaction - Answers needs are continuous, you want to be on a continuous basis
with customers, you want them to buy product every time need arises
management orientations - Answers -product
-sales process
-production/distribution efficiency
-market
market orientation - Answers -marketing management philosophy that holds that achieving
organizational goals depends on determining the needs/wants of target markets more
effectively and efficiently than competitors
- focus on customer need and want better than competitors
CRM (Customer relationship management) - Answers involves managing customers and
carefully managing customer "touch points" in order to maximize customer loyalty
building relationships - Answers 1. financial benefits (ex: loyalty programs)
2. social benefits/social ties (ex: hair dresser) - better than financial but competitors can take
from u
3. structural ties, social, and financial benefits (competitors can't steal time engaged w the
customer, ex: delta points over time you won't leave them)
what is the most effective relationship building strategy? - Answers structural ties, social, and
financial benefits
- *hardest to imitate*
market share - Answers how well you're doing in a marketing standpoint TODAY
customer equity - Answers the discontinued lifetime values of all the company's current and
potential customer
customer expectations - Answers based on past buying experiences, the opinions of friends,
and the market information
Best definition of marketing - Answers the science of exchange
IMC (integrated marketing communications) - Answers conscious use of all marketing mix
elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) - Answers 1.
identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs - Answers a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger in china
wants - Answers needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands - Answers given unlimited wants and limited resources, consumers must make
choices.
-these choices are the essence of the demand function
product - Answers anything offered to market to satisfy want/need
types of market offerings/products - Answers -tangible
-service
-experience
-information
value proposition - Answers the set of benefits or values that a market offering promises to
deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same need as you
customer value - Answers difference between benefits and costs of obtaining product
delight - Answers expectation < value
, dissatisfied - Answers expectation > value
type of transactions - Answers -discrete
-continuous
discrete transaction - Answers individually separate and distinct (opposite of continuous)
continuous transaction - Answers needs are continuous, you want to be on a continuous basis
with customers, you want them to buy product every time need arises
management orientations - Answers -product
-sales process
-production/distribution efficiency
-market
market orientation - Answers -marketing management philosophy that holds that achieving
organizational goals depends on determining the needs/wants of target markets more
effectively and efficiently than competitors
- focus on customer need and want better than competitors
CRM (Customer relationship management) - Answers involves managing customers and
carefully managing customer "touch points" in order to maximize customer loyalty
building relationships - Answers 1. financial benefits (ex: loyalty programs)
2. social benefits/social ties (ex: hair dresser) - better than financial but competitors can take
from u
3. structural ties, social, and financial benefits (competitors can't steal time engaged w the
customer, ex: delta points over time you won't leave them)
what is the most effective relationship building strategy? - Answers structural ties, social, and
financial benefits
- *hardest to imitate*
market share - Answers how well you're doing in a marketing standpoint TODAY
customer equity - Answers the discontinued lifetime values of all the company's current and
potential customer
customer expectations - Answers based on past buying experiences, the opinions of friends,
and the market information
