Marketing 301 Exam 1 Questions and
Answers Rated A+
Marketing Definition - ANS-The process by which companies create value for
customers and build strog customer relationships in order to capture value from
customers in return.
The 5 Marketing Concepts - ANS-1) Production Concept
2) Product Concept
3) Selling Concept
4) Marketing Concept
5)Societal Marketing Concept
Production Concept - ANS-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 - ANS-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 - ANS-The idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort.
Marketing Concept - ANS-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.
Societal Marketing Concept - ANS-The idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-
run interests, and society's long-run interests.
Marketing Myopia - ANS-The mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products.
(Example: DeWALT company concentrates on selling their electric drills, assuming
that consumers need electric drills. In reality, the consumer needs a four inch hole.
Should a better or cheaper product come out, DeWALT will lose sales of electric
drills.)
The Marketing Mix (How markets implement marketing strategies) - ANS-Product,
Price, Place, Promotion
Marketing Process Model - ANS-
, Customer Relationship Management (CRM) - ANS-The overall process of building
and maintaining profitable customer relationships by delivering superior customer
value and satisfaction.
Customer-Perceived Value - ANS-The customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers.
Customer Satisfaction - ANS-The extent to which a product's perceived
performance matches a buyers expectations.
Customer-engagement Marketing - ANS-Making the brand a meaningful part of
consumers' conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences, and community.
Consumer-generated Marketing - ANS-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 other
consumers.
Partner Relationship Management - ANS-Working closely with partners in other
company departments and outside the company to jointly bring greater value to
customers.
Customer Lifetime Value - ANS-The value of the entire stream of purchases a
customer makes over a lifetime of patronage.
Share of Customer - ANS-The portion of the customer's purchasing that a company
gets in its product categories.
Customer Equity - ANS-The total lifetime values of all of the company's customers.
Customer Relationship Groups - ANS-Stranger: Low profitability, low loyalty
Barnacle: Low profitability, high loyalty
Butterfly: High profitability, low loyalty
True Friend: High profitability, high loyalty
Consumer Evangelists - ANS-A form of word-of-mouth marketing in which
companies develop customers who believe so strongly in a particular product or
service that they freely try to convince others to buy and use it. The customers
become voluntary advocates, actively spreading the word on behalf of the
company.
Actors in the Microenvironment - ANS-1) The company
2) Suppliers
3) Marketing intermediaries
-Resellers, physical distribution firms, marketing services agencies, financial
Answers Rated A+
Marketing Definition - ANS-The process by which companies create value for
customers and build strog customer relationships in order to capture value from
customers in return.
The 5 Marketing Concepts - ANS-1) Production Concept
2) Product Concept
3) Selling Concept
4) Marketing Concept
5)Societal Marketing Concept
Production Concept - ANS-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 - ANS-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 - ANS-The idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort.
Marketing Concept - ANS-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.
Societal Marketing Concept - ANS-The idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-
run interests, and society's long-run interests.
Marketing Myopia - ANS-The mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products.
(Example: DeWALT company concentrates on selling their electric drills, assuming
that consumers need electric drills. In reality, the consumer needs a four inch hole.
Should a better or cheaper product come out, DeWALT will lose sales of electric
drills.)
The Marketing Mix (How markets implement marketing strategies) - ANS-Product,
Price, Place, Promotion
Marketing Process Model - ANS-
, Customer Relationship Management (CRM) - ANS-The overall process of building
and maintaining profitable customer relationships by delivering superior customer
value and satisfaction.
Customer-Perceived Value - ANS-The customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers.
Customer Satisfaction - ANS-The extent to which a product's perceived
performance matches a buyers expectations.
Customer-engagement Marketing - ANS-Making the brand a meaningful part of
consumers' conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences, and community.
Consumer-generated Marketing - ANS-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 other
consumers.
Partner Relationship Management - ANS-Working closely with partners in other
company departments and outside the company to jointly bring greater value to
customers.
Customer Lifetime Value - ANS-The value of the entire stream of purchases a
customer makes over a lifetime of patronage.
Share of Customer - ANS-The portion of the customer's purchasing that a company
gets in its product categories.
Customer Equity - ANS-The total lifetime values of all of the company's customers.
Customer Relationship Groups - ANS-Stranger: Low profitability, low loyalty
Barnacle: Low profitability, high loyalty
Butterfly: High profitability, low loyalty
True Friend: High profitability, high loyalty
Consumer Evangelists - ANS-A form of word-of-mouth marketing in which
companies develop customers who believe so strongly in a particular product or
service that they freely try to convince others to buy and use it. The customers
become voluntary advocates, actively spreading the word on behalf of the
company.
Actors in the Microenvironment - ANS-1) The company
2) Suppliers
3) Marketing intermediaries
-Resellers, physical distribution firms, marketing services agencies, financial
