HTM 231 MIDETERM EXAM QUESTIONS WITH
100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
Marketing Mix - Product, Price, Place, Promotion
Marketing - the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
Core customer and marketplace concepts - 1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
Customer Value - the difference between the benefits a customer sees from a market offering and
the costs of obtaining those benefits
exchange - the act of obtaining a desired object from someone by offering something in return
transaction - A trade of values between two parties
Markets - the set of all actual and potential buyers of a product or service
Core market activities - - product development
- research
- communication
- distribution
- pricing
- service
Marketing Management - the art and science of choosing target markets and building profitable
relationships with them
marketing manager - a person who is involved in marketing analysis, planning, implementation,
and control activities
alternative marketing concepts - 1. production
2. product
3. selling
4. marketing
5. societal marketing
, Production Concept - consumers will favor products that are available and highly affordable
product concept - 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 - The idea that consumers will not buy enough of an organization's products
unless the organization undertakes a large selling and promotion effort.
Marketing Concept - 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 - the view that organizations should satisfy the needs of consumers in
a way that provides for society's well-being
Customer Relationship Management (CRM) - a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
Customer-engagement marketing - fosters direct and continuous customer involvement in
shaping brand conversations, experiences, and community
marketing channels - distributors, retailers, people who connect company to its buyers
customer lifetime value - total stream of profits that a customer could contribute to the company
over the length of the relationship
share of customer - the portion of the customer's purchasing that a company gets in its product
categories
fastest digital marketing platform - mobile marketing
open innovation - opening up the search for new ideas beyond the organization's boundaries and
allowing innovations to easily transfer inward and outward
Customer-generated marketing - using consumers to help market for you
characteristics of service - intangibility, inseparability, variability, perishability
inseperability - the inability of the production and consumption of a service to be separated;
consumers must be present during the production
variability - manage consistency
Perishability - the inability of services to be stored, warehoused, or inventoried
100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
Marketing Mix - Product, Price, Place, Promotion
Marketing - the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
Core customer and marketplace concepts - 1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
Customer Value - the difference between the benefits a customer sees from a market offering and
the costs of obtaining those benefits
exchange - the act of obtaining a desired object from someone by offering something in return
transaction - A trade of values between two parties
Markets - the set of all actual and potential buyers of a product or service
Core market activities - - product development
- research
- communication
- distribution
- pricing
- service
Marketing Management - the art and science of choosing target markets and building profitable
relationships with them
marketing manager - a person who is involved in marketing analysis, planning, implementation,
and control activities
alternative marketing concepts - 1. production
2. product
3. selling
4. marketing
5. societal marketing
, Production Concept - consumers will favor products that are available and highly affordable
product concept - 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 - The idea that consumers will not buy enough of an organization's products
unless the organization undertakes a large selling and promotion effort.
Marketing Concept - 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 - the view that organizations should satisfy the needs of consumers in
a way that provides for society's well-being
Customer Relationship Management (CRM) - a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
Customer-engagement marketing - fosters direct and continuous customer involvement in
shaping brand conversations, experiences, and community
marketing channels - distributors, retailers, people who connect company to its buyers
customer lifetime value - total stream of profits that a customer could contribute to the company
over the length of the relationship
share of customer - the portion of the customer's purchasing that a company gets in its product
categories
fastest digital marketing platform - mobile marketing
open innovation - opening up the search for new ideas beyond the organization's boundaries and
allowing innovations to easily transfer inward and outward
Customer-generated marketing - using consumers to help market for you
characteristics of service - intangibility, inseparability, variability, perishability
inseperability - the inability of the production and consumption of a service to be separated;
consumers must be present during the production
variability - manage consistency
Perishability - the inability of services to be stored, warehoused, or inventoried
