Marketing 301 - Exam 1
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: Process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Goals of Marketing - Answer: 1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs - Answer: States of felt deprivation.
Wants - Answer: The form human needs take as shaped by culture and individual personality.
Demands - Answer: Human wants that are backed by buying power.
Market Offerings - Answer: Some combination of products, service information, or experiences
offered to a market to satisfy a need or want.
Market Myopia - Answer: The mistake of paying more attention to the specific products a
company offers that to the benefits and experiences produced by these products.
Exchange - Answer: The act of obtaining a desired object from someone by offering something
in return.
, Market - Answer: The set of all actual and potential buyers of a product or service.
Marketing Management - Answer: The art and science of choosing target markets and building
profitable relationships with them.
Value Proposition - Answer: The set of benefits or values it promises to deliver to consumers to
satisfy their needs.
Production Concept - Answer: The idea that consumers will favor products that are available
and highly affordable and that the organization should therefore focus on improving production
and distribution efficiency - "if you build it they will come."
Product Concept - Answer: The idea that consumers will favor products that offer the most
quality, performance, and features and that the organization should therefore devote its energy
to making continuous product improvements.
Selling Concept - Answer: 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 - Answer: The marketing management philosophy that holds that 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 - Answer: 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 Mix - Answer: The set of controllable tactical marketing tools--product, price, place,
promote--that the firm blends to produce the response it wants in the target market.
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: Process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Goals of Marketing - Answer: 1. Attract new customers by promising superior value
2. Keep and Grow new customers by delivering satisfaction
Needs - Answer: States of felt deprivation.
Wants - Answer: The form human needs take as shaped by culture and individual personality.
Demands - Answer: Human wants that are backed by buying power.
Market Offerings - Answer: Some combination of products, service information, or experiences
offered to a market to satisfy a need or want.
Market Myopia - Answer: The mistake of paying more attention to the specific products a
company offers that to the benefits and experiences produced by these products.
Exchange - Answer: The act of obtaining a desired object from someone by offering something
in return.
, Market - Answer: The set of all actual and potential buyers of a product or service.
Marketing Management - Answer: The art and science of choosing target markets and building
profitable relationships with them.
Value Proposition - Answer: The set of benefits or values it promises to deliver to consumers to
satisfy their needs.
Production Concept - Answer: The idea that consumers will favor products that are available
and highly affordable and that the organization should therefore focus on improving production
and distribution efficiency - "if you build it they will come."
Product Concept - Answer: The idea that consumers will favor products that offer the most
quality, performance, and features and that the organization should therefore devote its energy
to making continuous product improvements.
Selling Concept - Answer: 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 - Answer: The marketing management philosophy that holds that 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 - Answer: 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 Mix - Answer: The set of controllable tactical marketing tools--product, price, place,
promote--that the firm blends to produce the response it wants in the target market.
