340 Final Exam UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (179)
Exchange the act of obtaining a desired object from someone by offering something in
return.
Exchange relationships marketing consists of creating, maintaining, and growing desirable this with target
audiences. Marketers build strong relationship by consistently delivering superior
customer value
Marketing is a cost center not a profit center. Involves creating value for customers and
building strong customer relationships in order to capture value from customers
in return. Through the use of the 4 Ps, marketing facilitates a satisfying exchange
relationship with customers and develop/maintains favorable relationships with
stakeholders
Core customer and market place concepts needs/wants/demands, market offerings (products, services, and experiences),
value and satisfaction, exchanges and relationships, markets
Needs not recognized unless there is a state of felt deprivation - physical, social, and
individual needs
Wants form taken by human needs when shaped by culture and individual personality
Demands human wants that are backed by buying power
Market offerings products, services, and experiences offered to a market to satisfy a need or want
Customer value and satisfaction customers form expectations about this of the market offerings, setting low
expectations may satisfy those who buy but fail to attract enough buyers
Markets set of all actual and potential buyers of a product or service, buyers share a
particular need or want that can be satisfied by an exchange relationship
Marketing management orientations production concept, product concept, selling concept, marketing concept,
societal marketing concept
Societal marketing concept marketing considers the future and should consider consumers wants, the
company's requirements, consumers long run interests and society's long run
interests. This calls for sustainable marketing
Production concept the idea that consumers will favor products that are available and highly
affordable, therefore, the organization should focus on improving production and
distribution efficiency. May lead to marketing myopia
, Selling concept the idea that consumers will not buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort. Typically used for unsought
goods, but focuses on making sales transactions instead of relationships
Product concept the idea that consumers will favor products that offer the most quality,
performance, and features. The organization should focus its energy to making
continuous product improvements. May lead to marketing myopia
Marketing concept depends on knowing the needs and wants of target markets and delivering the
desired satisfactions better than competitors. Customer centered sense-and-
respond philosophy. All about the now
Customer expectations customers for this about the value and satisfaction of market offerings - in the
marketing concept - most important is what the customer thinks they are buying -
customer value is not related to company financial measures
Customer relationship management overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction. Deals with all aspects of
acquiring, keeping, and growing customer value and satisfaction
Customer perceived value customer's evaluation of the difference between all the benefits and costs of a
marketing offering relative to those of competing offers: what the customer thinks
they are buying is most important to the marketing concept and market
orientation strategy
Cause related marketing to exercise social responsibility and build more positive images, many companies
are linking themselves to worthwhile causes. Primary form of corporate giving,
Controversy - strategy for selling more than for giving. Ex - Pink garbage cans in
Ames
Four Ps of marketing mix value is created for customer through this, which includes product, price, place,
and promotion. Creation of the product is always the starting point in the
marketing mix
Product: the goods and services combination the company offers to the target
market (variety, quality, design, features, brand name, packaging, and services
Product the goods and services combination the company offers to the target market
(variety, quality, design, features, brand name, packaging, and services
Price the amount of money customers must pay to obtain the product (list price,
discounts, allowances, payment period, credit terms)
Place includes company activities to make the product available to target consumers
(channels, coverage, locations, inventory, transportation, logistics)
Promotion activities that communicate the merits of the product and persuade target
customers to buy it (advertising, personal selling, sales promotion, public
relations)
Macroenvironmental factors demographic, economic, natural, technological, political, cultural
C
Terms in this set (179)
Exchange the act of obtaining a desired object from someone by offering something in
return.
Exchange relationships marketing consists of creating, maintaining, and growing desirable this with target
audiences. Marketers build strong relationship by consistently delivering superior
customer value
Marketing is a cost center not a profit center. Involves creating value for customers and
building strong customer relationships in order to capture value from customers
in return. Through the use of the 4 Ps, marketing facilitates a satisfying exchange
relationship with customers and develop/maintains favorable relationships with
stakeholders
Core customer and market place concepts needs/wants/demands, market offerings (products, services, and experiences),
value and satisfaction, exchanges and relationships, markets
Needs not recognized unless there is a state of felt deprivation - physical, social, and
individual needs
Wants form taken by human needs when shaped by culture and individual personality
Demands human wants that are backed by buying power
Market offerings products, services, and experiences offered to a market to satisfy a need or want
Customer value and satisfaction customers form expectations about this of the market offerings, setting low
expectations may satisfy those who buy but fail to attract enough buyers
Markets set of all actual and potential buyers of a product or service, buyers share a
particular need or want that can be satisfied by an exchange relationship
Marketing management orientations production concept, product concept, selling concept, marketing concept,
societal marketing concept
Societal marketing concept marketing considers the future and should consider consumers wants, the
company's requirements, consumers long run interests and society's long run
interests. This calls for sustainable marketing
Production concept the idea that consumers will favor products that are available and highly
affordable, therefore, the organization should focus on improving production and
distribution efficiency. May lead to marketing myopia
, Selling concept the idea that consumers will not buy enough of the firm's products unless the firm
undertakes a large-scale selling and promotion effort. Typically used for unsought
goods, but focuses on making sales transactions instead of relationships
Product concept the idea that consumers will favor products that offer the most quality,
performance, and features. The organization should focus its energy to making
continuous product improvements. May lead to marketing myopia
Marketing concept depends on knowing the needs and wants of target markets and delivering the
desired satisfactions better than competitors. Customer centered sense-and-
respond philosophy. All about the now
Customer expectations customers for this about the value and satisfaction of market offerings - in the
marketing concept - most important is what the customer thinks they are buying -
customer value is not related to company financial measures
Customer relationship management overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction. Deals with all aspects of
acquiring, keeping, and growing customer value and satisfaction
Customer perceived value customer's evaluation of the difference between all the benefits and costs of a
marketing offering relative to those of competing offers: what the customer thinks
they are buying is most important to the marketing concept and market
orientation strategy
Cause related marketing to exercise social responsibility and build more positive images, many companies
are linking themselves to worthwhile causes. Primary form of corporate giving,
Controversy - strategy for selling more than for giving. Ex - Pink garbage cans in
Ames
Four Ps of marketing mix value is created for customer through this, which includes product, price, place,
and promotion. Creation of the product is always the starting point in the
marketing mix
Product: the goods and services combination the company offers to the target
market (variety, quality, design, features, brand name, packaging, and services
Product the goods and services combination the company offers to the target market
(variety, quality, design, features, brand name, packaging, and services
Price the amount of money customers must pay to obtain the product (list price,
discounts, allowances, payment period, credit terms)
Place includes company activities to make the product available to target consumers
(channels, coverage, locations, inventory, transportation, logistics)
Promotion activities that communicate the merits of the product and persuade target
customers to buy it (advertising, personal selling, sales promotion, public
relations)
Macroenvironmental factors demographic, economic, natural, technological, political, cultural
