1
BUSML 3250 Exam 1 Questions with
100% Correct Answers
What is marketing? Correct Answer: The process by which companies create
value for customers and build strong customer relationships in order to capture
value from customers in return
Marketing Process Correct Answer: 1st 4 steps create value for customers, last
step captures value from customers
Understand marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct an integrated marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
Customer Needs Correct Answer: states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants Correct Answer: form that needs take as they are shaped by
culture and individual personality
:
vPretest - Stuvia US
,2
Customer Demands Correct Answer: wants backed by buying power
Marketing Myopia Correct Answer: Focusing only on existing wants and losing
sight of underlying consumer needs
Customer Satisfaction Correct Answer: product's perceived performance
matches the buyer's expectations
Customer Dissatisfaction Correct Answer: product's performance falls short of
expectations
Customer Delight Correct Answer: performance exceeds expectation
Customer Equity Correct Answer: the total combined customer lifetime values of
all of the company's customers
Customer Lifetime Value Correct Answer: value of the entire stream of
purchases a customer makes over a lifetime of patronage
Production Concept Correct Answer: idea that consumers will favor products
that are available and highly affordable
Company should focus on improving production and distribution efficiency
Product Concept Correct Answer: consumers will favor products that offer the
most quality, performance, and features
Selling Concept Correct Answer: consumers won't buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort
:
vPretest - Stuvia US
,3
Marketing Concept Correct Answer: philosophy in which achieving
organizational goals depends on knowing the needs and wants of target
markets and delivering the desired satisfactions better than the competitors do
Societal Marketing Concept Correct Answer: company's marketing decisions
should consider consumers' wants, the company's requirements, consumers'
long-run interests, and society's long-run interests
Customer-Driven Marketing Correct Answer: o Find, attract, keep, and grow
target customers by creating, delivering, and communicating superior customer
value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Steps in Strategic Planning Correct Answer: o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
:
vPretest - Stuvia US
, 4
Mission Statement Correct Answer: o A statement of the organization's purpose-
what it wants to accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we
develop the firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? Correct Answer: o Goals
measure how well the organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The
company needs to turn its mission statement into detailed supporting objectives
for each level of management. Each manager should have objectives and be
responsible for reaching them" (42).
Boston Consulting Group (BCG) Matrix Correct Answer: A portfolio-planning
method that evaluates a company's SBU's (strategic business unit) in terms of
market growth rate and relative market share
Star: high-growth, high-share businesses or products
Cash cow: low-growth, high-share businesses or products
Question mark: low-share business units in high-growth markets
Dogs: low-growth, low-share businesses or products
:
vPretest - Stuvia US
BUSML 3250 Exam 1 Questions with
100% Correct Answers
What is marketing? Correct Answer: The process by which companies create
value for customers and build strong customer relationships in order to capture
value from customers in return
Marketing Process Correct Answer: 1st 4 steps create value for customers, last
step captures value from customers
Understand marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct an integrated marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer equity
Customer Needs Correct Answer: states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants Correct Answer: form that needs take as they are shaped by
culture and individual personality
:
vPretest - Stuvia US
,2
Customer Demands Correct Answer: wants backed by buying power
Marketing Myopia Correct Answer: Focusing only on existing wants and losing
sight of underlying consumer needs
Customer Satisfaction Correct Answer: product's perceived performance
matches the buyer's expectations
Customer Dissatisfaction Correct Answer: product's performance falls short of
expectations
Customer Delight Correct Answer: performance exceeds expectation
Customer Equity Correct Answer: the total combined customer lifetime values of
all of the company's customers
Customer Lifetime Value Correct Answer: value of the entire stream of
purchases a customer makes over a lifetime of patronage
Production Concept Correct Answer: idea that consumers will favor products
that are available and highly affordable
Company should focus on improving production and distribution efficiency
Product Concept Correct Answer: consumers will favor products that offer the
most quality, performance, and features
Selling Concept Correct Answer: consumers won't buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort
:
vPretest - Stuvia US
,3
Marketing Concept Correct Answer: philosophy in which achieving
organizational goals depends on knowing the needs and wants of target
markets and delivering the desired satisfactions better than the competitors do
Societal Marketing Concept Correct Answer: company's marketing decisions
should consider consumers' wants, the company's requirements, consumers'
long-run interests, and society's long-run interests
Customer-Driven Marketing Correct Answer: o Find, attract, keep, and grow
target customers by creating, delivering, and communicating superior customer
value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Steps in Strategic Planning Correct Answer: o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
:
vPretest - Stuvia US
, 4
Mission Statement Correct Answer: o A statement of the organization's purpose-
what it wants to accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we
develop the firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? Correct Answer: o Goals
measure how well the organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The
company needs to turn its mission statement into detailed supporting objectives
for each level of management. Each manager should have objectives and be
responsible for reaching them" (42).
Boston Consulting Group (BCG) Matrix Correct Answer: A portfolio-planning
method that evaluates a company's SBU's (strategic business unit) in terms of
market growth rate and relative market share
Star: high-growth, high-share businesses or products
Cash cow: low-growth, high-share businesses or products
Question mark: low-share business units in high-growth markets
Dogs: low-growth, low-share businesses or products
:
vPretest - Stuvia US
