Marketing Management Final Exam Review –
Complete Study Guide 2026
Marketing - ANSWER ✔✨---process by which companies create value for customers and build
strong relationships in order to capture value from customers in return
Five core marketplace concepts - ANSWER ✔✨---1. needs, wants, demands
2. market offerings
3. value and satisfaction
4. exchange relationships
5. markets
needs - ANSWER ✔✨---are states of felt deprivation
wants - ANSWER ✔✨---the form that human needs take as they are shaped by culture and
individual personality (New Guinea person needs food but wants rice and pork)
demands - ANSWER ✔✨---when wants are backed by buying power.
,marketing offerings - ANSWER ✔✨---what fulfills consumer wants and demands. (ex. product-
candy, service-hotel)
value and satisfaction - ANSWER ✔✨---depends on the product's perceived performance relative
to buyer expectations. If the product perf. falls short of expectations than the customer is dissatisfied.
(ex. L.L bean promises no matter how long you have had the product is you are dissatisfied then you can
return the product.)
exchange relationships - ANSWER ✔✨---act of obtaining a desired object from someone by
offering something in return. In the broadest sense, the marketer tries to bring about a response to
some market offering. The response may be more than simply buying or trading practices
(Ex. A political candidate wants votes, will promise better benefits for the exchange of votes.)
market - ANSWER ✔✨---set of actual and potential buyers of a product or service. These buyers
share a particular need or want that can be satisfied through exchange relationships.
Marketing Process Model - ANSWER ✔✨---1. Understand the marketplace and customer needs
and wants.
2.Design a customer value-driven marketing strategy
3.Construct an integrated marketing programs that delivers superior value
4.Engage customers, build profitable relationships, and create customer delight
5.Capture value from customers to create profits and customer equity
Marketing offering - ANSWER ✔✨---some combo of products, services, info, people, places,
experiences offered to a market to satisfy a want or need.
product positioning - ANSWER ✔✨---arranging for a product to occupy a clear and distinctive, and
desirable place relative to competing product in the minds of target customers
Define Marketing Management (short essay) - ANSWER ✔✨---the art and science of choosing
target markets and building profitable relationships with them.
1. what's our target market (market segmentation and target marketing)
,2.what's our value proposition aka how can we serve our customers best
Market Management Orientation Concepts (short essay) - ANSWER ✔✨---the production, product,
selling, marketing, and societal marketing concepts
Production concept - ANSWER ✔✨---consumers will favor products that are available and highly
affordable. There fore management should focus on improving production and distribution efficiency.
Ex. Lenovo computers dominate the Chinese market through low labor costs, high production and mass
distribution.
Challenges: marketing myopia
Product concept - ANSWER ✔✨---consumers will favor products that offer the most in quality,
performance, and innovative features. Under this concept, marketing strategy focuses on making
continuous product improvement.
Ex. Apple by always trying to improve their phone and put out newer models.
Challenges: Marketing myopia, can focus too on product improvement and not about satisfying
customer needs/ wants
Selling concept - ANSWER ✔✨---customers will not buy enough of the firm's products unless it
undertakes a large scale selling and promotion effort.
Ex. (most companies follow this) Life insurance-people do not usually think of buying health insurance
unless they are sold on the products benefits
Challenges: focus too much on transweraction and not about building customer relationships.
Marketing concept - ANSWER ✔✨---a philosophy in which achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desired satisfactions better than
competitors do. (basically what customers on what focus and value are the path to sales and profits)
, sense and respond philosophy- the job is not to find the right customers for your product but to find the
right products for your customers.
Ex. Customer driven companies will research customers and gather new product ideas.
societal marketing concept - ANSWER ✔✨---the idea that a company's marketing decisions should
consider consumers' wants, the comp's requirements, consumers' long term interests, and society's long
run interests
MARKETING STRATEGY should deliver value to customers in a way that maintains or improves both the
consumer's and society's well-being.
Calls for sustainable marketing.
Ex. Toms
Market, Target Marketing, vs. Market segmentation - ANSWER ✔✨---define and know differences.
give examples
Target Marketing - ANSWER ✔✨---Involves evaluating each market segments attractiveness and
selecting one or more segments to enter. A company should target segments in which it can profitable
generate the greatest customer value and sustain it overtime.
Market Segmentation - ANSWER ✔✨---process of dividing a market into distinct groups of buyers
who have different needs, characteristics or behaviors and who might require separate marketing
strategies or mixes.
Market Segment - ANSWER ✔✨---Consists of consumers who respond in a similar way to a given
set of marketing efforts.
Marketing Strategy - ANSWER ✔✨---marketing logic by which the company hopes to create
customer value and achieve profitable customer relationships
process of segmentation and targeting, differentiation, and positioning
Complete Study Guide 2026
Marketing - ANSWER ✔✨---process by which companies create value for customers and build
strong relationships in order to capture value from customers in return
Five core marketplace concepts - ANSWER ✔✨---1. needs, wants, demands
2. market offerings
3. value and satisfaction
4. exchange relationships
5. markets
needs - ANSWER ✔✨---are states of felt deprivation
wants - ANSWER ✔✨---the form that human needs take as they are shaped by culture and
individual personality (New Guinea person needs food but wants rice and pork)
demands - ANSWER ✔✨---when wants are backed by buying power.
,marketing offerings - ANSWER ✔✨---what fulfills consumer wants and demands. (ex. product-
candy, service-hotel)
value and satisfaction - ANSWER ✔✨---depends on the product's perceived performance relative
to buyer expectations. If the product perf. falls short of expectations than the customer is dissatisfied.
(ex. L.L bean promises no matter how long you have had the product is you are dissatisfied then you can
return the product.)
exchange relationships - ANSWER ✔✨---act of obtaining a desired object from someone by
offering something in return. In the broadest sense, the marketer tries to bring about a response to
some market offering. The response may be more than simply buying or trading practices
(Ex. A political candidate wants votes, will promise better benefits for the exchange of votes.)
market - ANSWER ✔✨---set of actual and potential buyers of a product or service. These buyers
share a particular need or want that can be satisfied through exchange relationships.
Marketing Process Model - ANSWER ✔✨---1. Understand the marketplace and customer needs
and wants.
2.Design a customer value-driven marketing strategy
3.Construct an integrated marketing programs that delivers superior value
4.Engage customers, build profitable relationships, and create customer delight
5.Capture value from customers to create profits and customer equity
Marketing offering - ANSWER ✔✨---some combo of products, services, info, people, places,
experiences offered to a market to satisfy a want or need.
product positioning - ANSWER ✔✨---arranging for a product to occupy a clear and distinctive, and
desirable place relative to competing product in the minds of target customers
Define Marketing Management (short essay) - ANSWER ✔✨---the art and science of choosing
target markets and building profitable relationships with them.
1. what's our target market (market segmentation and target marketing)
,2.what's our value proposition aka how can we serve our customers best
Market Management Orientation Concepts (short essay) - ANSWER ✔✨---the production, product,
selling, marketing, and societal marketing concepts
Production concept - ANSWER ✔✨---consumers will favor products that are available and highly
affordable. There fore management should focus on improving production and distribution efficiency.
Ex. Lenovo computers dominate the Chinese market through low labor costs, high production and mass
distribution.
Challenges: marketing myopia
Product concept - ANSWER ✔✨---consumers will favor products that offer the most in quality,
performance, and innovative features. Under this concept, marketing strategy focuses on making
continuous product improvement.
Ex. Apple by always trying to improve their phone and put out newer models.
Challenges: Marketing myopia, can focus too on product improvement and not about satisfying
customer needs/ wants
Selling concept - ANSWER ✔✨---customers will not buy enough of the firm's products unless it
undertakes a large scale selling and promotion effort.
Ex. (most companies follow this) Life insurance-people do not usually think of buying health insurance
unless they are sold on the products benefits
Challenges: focus too much on transweraction and not about building customer relationships.
Marketing concept - ANSWER ✔✨---a philosophy in which achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desired satisfactions better than
competitors do. (basically what customers on what focus and value are the path to sales and profits)
, sense and respond philosophy- the job is not to find the right customers for your product but to find the
right products for your customers.
Ex. Customer driven companies will research customers and gather new product ideas.
societal marketing concept - ANSWER ✔✨---the idea that a company's marketing decisions should
consider consumers' wants, the comp's requirements, consumers' long term interests, and society's long
run interests
MARKETING STRATEGY should deliver value to customers in a way that maintains or improves both the
consumer's and society's well-being.
Calls for sustainable marketing.
Ex. Toms
Market, Target Marketing, vs. Market segmentation - ANSWER ✔✨---define and know differences.
give examples
Target Marketing - ANSWER ✔✨---Involves evaluating each market segments attractiveness and
selecting one or more segments to enter. A company should target segments in which it can profitable
generate the greatest customer value and sustain it overtime.
Market Segmentation - ANSWER ✔✨---process of dividing a market into distinct groups of buyers
who have different needs, characteristics or behaviors and who might require separate marketing
strategies or mixes.
Market Segment - ANSWER ✔✨---Consists of consumers who respond in a similar way to a given
set of marketing efforts.
Marketing Strategy - ANSWER ✔✨---marketing logic by which the company hopes to create
customer value and achieve profitable customer relationships
process of segmentation and targeting, differentiation, and positioning
