MRKT 341 EXAM 1 (UNL)
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: engaging customers and managing profitable customer relationships
process by which companies engage customers, build strong customer relationships and create
customer value in order to capture value from customers in return
Marketing Process - 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
Needs, wants, and demands - Answer: Needs: states of felt deprivation
Wants: form human needs take as they are shaped by culture and individual personality
Demands: human wants that are backed by buying power
Market offering - Answer: some combination of products, services, information or experiences
offered to a market to satisfy a need or want
, Market myopia - Answer: the mistake of paying more attention to specific products a company
offers than 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: 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
Production concept - Answer: idea that consumers will favor products that are available and
highly affordable; org should focus on improving production and distribution efficiently
Product concept - Answer: idea that consumers will favor products that offer the most quality,
performance and features; org should devote its energy to making continuous product
improvements
selling concept - Answer: idea that consumers will not buy enough of the firm's product unless
the firm undertakes a large-scale selling promotion effort
Marketing concept - Answer: philosophy in which achieving org goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do
Social marketing concept - Answer: 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
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: engaging customers and managing profitable customer relationships
process by which companies engage customers, build strong customer relationships and create
customer value in order to capture value from customers in return
Marketing Process - 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
Needs, wants, and demands - Answer: Needs: states of felt deprivation
Wants: form human needs take as they are shaped by culture and individual personality
Demands: human wants that are backed by buying power
Market offering - Answer: some combination of products, services, information or experiences
offered to a market to satisfy a need or want
, Market myopia - Answer: the mistake of paying more attention to specific products a company
offers than 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: 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
Production concept - Answer: idea that consumers will favor products that are available and
highly affordable; org should focus on improving production and distribution efficiently
Product concept - Answer: idea that consumers will favor products that offer the most quality,
performance and features; org should devote its energy to making continuous product
improvements
selling concept - Answer: idea that consumers will not buy enough of the firm's product unless
the firm undertakes a large-scale selling promotion effort
Marketing concept - Answer: philosophy in which achieving org goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do
Social marketing concept - Answer: 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
