MKT 300 EXAM 1 QUESTIONS & ANSWERS
What is Marketing? - Answers -Marketing is a process by which companies create
value for customers and build strong customer relationships to capture value
from customers in
return
Customer Needs - Answers -States of deprivation
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression
Customer Wants - Answers -Form that needs take as they are shaped by culture and
individual personality
Customer Demands - Answers -Wants backed by buying power
Market Offerings - Answers -Are some combination of products, services, information,
or experiences offered to a market to satisfy a need or want.
Market Offerings - Answers -Is focusing only on existing wants and losing sight of
underlying consumer needs.
Understanding the Marketplace
and Customer Needs - Answers -*Markets are the set of actual and potential buyers of
a product.
*Exchange is the act of obtaining a desired object from someone by offering something
in return.
Marketing Management - Answers -Is simply customer management and demand
management.
What customers will we serve?
How can we best serve or these customers?
Production concept - Answers -Is the idea that consumers will favor products that are
available or highly affordable
Selling concept - Answers -Is the idea that consumers will not buy enough of the firm's
products unless it undertakes a large scale selling and promotion effort
Marketing concept - Answers -Is the idea that achieving organizational goals depends
on knowing the needs and wants of the target markets and delivering the desired
satisfactions better than competitors do
, Societal Marketing Concept - Answers -the idea that a company should make good
marketing decisions by considering consumers' wants, the company's requirements,
consumers' long-term interests, and society's long-run interests.
The Marketing Mix - Answers -The set of tools (four Ps) the firm uses to implement its
marketing strategy. It includes product, price, promotion, and place.
Integrated marketing program - Answers -A comprehensive plan that communicates
and delivers the intended value to chosen customers.
Customer Relationship Management (CRM) - Answers -The overall process of building
and maintaining profitable customer relationships by delivering superior customer value
and satisfaction
Customer- Perceived Value - Answers -The difference between total customer value
and total customer cost
Customer Satisfaction - Answers -The extent to which a product's perceived
performance matches a buyer's expectations
Partner Relationship Management (Definition) - Answers -involves working closely with
partners in other company departments and outside the company to jointly bring greater
value to customers
Partner Relationship Management
(Explanation) - Answers -*Partners inside the company is every function area
interacting with customers
-Electronically
-Cross-functional teams
*Partners outside the company is how marketers connect with their suppliers, channel
partners, and competitors by developing partnerships
Creating Customer Loyalty and Retention - Answers -Customer lifetime value is the
value of the entire stream of purchases that the customer would
make over a
lifetime of
patronage
Customer Equity - Answers -The total combined customer lifetime values of all of the
company's customers
Building Customer Equity - Answers -*Building the right relationships with the right
customers involves treating customers as assets that need to be managed and
maximized
What is Marketing? - Answers -Marketing is a process by which companies create
value for customers and build strong customer relationships to capture value
from customers in
return
Customer Needs - Answers -States of deprivation
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression
Customer Wants - Answers -Form that needs take as they are shaped by culture and
individual personality
Customer Demands - Answers -Wants backed by buying power
Market Offerings - Answers -Are some combination of products, services, information,
or experiences offered to a market to satisfy a need or want.
Market Offerings - Answers -Is focusing only on existing wants and losing sight of
underlying consumer needs.
Understanding the Marketplace
and Customer Needs - Answers -*Markets are the set of actual and potential buyers of
a product.
*Exchange is the act of obtaining a desired object from someone by offering something
in return.
Marketing Management - Answers -Is simply customer management and demand
management.
What customers will we serve?
How can we best serve or these customers?
Production concept - Answers -Is the idea that consumers will favor products that are
available or highly affordable
Selling concept - Answers -Is the idea that consumers will not buy enough of the firm's
products unless it undertakes a large scale selling and promotion effort
Marketing concept - Answers -Is the idea that achieving organizational goals depends
on knowing the needs and wants of the target markets and delivering the desired
satisfactions better than competitors do
, Societal Marketing Concept - Answers -the idea that a company should make good
marketing decisions by considering consumers' wants, the company's requirements,
consumers' long-term interests, and society's long-run interests.
The Marketing Mix - Answers -The set of tools (four Ps) the firm uses to implement its
marketing strategy. It includes product, price, promotion, and place.
Integrated marketing program - Answers -A comprehensive plan that communicates
and delivers the intended value to chosen customers.
Customer Relationship Management (CRM) - Answers -The overall process of building
and maintaining profitable customer relationships by delivering superior customer value
and satisfaction
Customer- Perceived Value - Answers -The difference between total customer value
and total customer cost
Customer Satisfaction - Answers -The extent to which a product's perceived
performance matches a buyer's expectations
Partner Relationship Management (Definition) - Answers -involves working closely with
partners in other company departments and outside the company to jointly bring greater
value to customers
Partner Relationship Management
(Explanation) - Answers -*Partners inside the company is every function area
interacting with customers
-Electronically
-Cross-functional teams
*Partners outside the company is how marketers connect with their suppliers, channel
partners, and competitors by developing partnerships
Creating Customer Loyalty and Retention - Answers -Customer lifetime value is the
value of the entire stream of purchases that the customer would
make over a
lifetime of
patronage
Customer Equity - Answers -The total combined customer lifetime values of all of the
company's customers
Building Customer Equity - Answers -*Building the right relationships with the right
customers involves treating customers as assets that need to be managed and
maximized
