Marketing 300 Exam 1 CMU Multiple Choices Questions And Verified Accurate Answers Guaranteed Pass.

Marketing - correct answer the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return needs - correct answer states off felt deprivation wants - correct answer the form human needs take as they are shaped by culture and individual personality demands - correct answer human wants that are backed by buying power market offerings - correct answer some combination of products, services, information, or experiences offered to a market to satisfy a need or want marketing myopia - correct answer the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products exchange - correct answer the act of obtaining a desired object from someone by offering something in return market - correct answer the set of all actual and potential buyers of a product or service marketing management - correct answer the art and science of choosing target markets and building profitable relationships with them production concept - correct answer 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 - correct answer 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 - correct answer the idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort. Takes an inside out perspective. ex. unsought goods like insurance marketing concept - correct answer holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Takes a outside in perspective societal marketing concept - correct answer the idea that a company's marketing decisions should consider consumers wants, the company requirements, consumers long-run interests, and society long run-interests. Calls for sustainable marketing. Four P's of marketing - correct answer product, price, place, promotion customer relationship management - correct answer the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction customer-perceived value - correct answer the customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers customer satisfaction - correct answer the extent to which a products perceived performance matches a buyers expectations frequent marketing programs - correct answer reward customers who buy frequently or in large amounts. ex. airlines shared value - correct answer recognizes social needs, not just economic needs, that defines a market outside-in-view - correct answer focuses on satisfying customer needs as a path towards profits inside out view - correct answer focuses on existing products and heavy selling. customer engagement marketing - correct answer making the brand a meaningful part on consumers conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community. consumer generated marketing - correct answer 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 consumers partner relationship management - correct answer working closely with partners in other company departments and outside the company to jointly bring greater value to customers customer lifetime value - correct answer the value of the entire stream of purchases a customer makes over a lifetime of patronage share of customer - correct answer the portion of the customer's purchasing that a company gets in its product categories customer equity - correct answer the total combined customer lifetime values of all the company current and political customers butterflies - correct answer high profitability, not loyal(short term) true friends - correct answer high profitable and loyal (long term) strangers - correct answer low profitability and not loyal(short term) barnacle - correct answer high loyalty(long term), not profitable digital and social media marketing - correct answer using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, email, and blogs to engage customers anywhere , at any time, via their digital devices. How has the economic environment changed since the great depression? - correct answer americans are showing enthusiasm for frugally not seen in decades, growth for non-profits, government agencies have shown an increase for marketing, globalization, sustainable marketing 5 Steps in the marketing process? - correct answer 1)understand the marketplace and customer needs and wants, 2)design a customer value-driven marketing strategy, 3)construct an integrated marketing program 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. market environment - correct answer the actors and forces outside marketing that affect marketing management ability to build and maintain successful relationships with target customers microenvironment - correct answer the actors close to the company that affect its ability to engage and serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics macroenvironment - correct answer the larger socitel forces that affect the mircoenviroment - demographic, economic, natural, technologic