Social Science Questions with Correct Answers
Question 1:
Define Marketing
Answer:
The process by which companies engage customers, build strong customer relationships, and create
customer value in order to capture value from customers in return.
Question 2:
The Marketing Process (5-steps)
Answer:
Understand the Marketplace (Consumer Needs/Wants)
Design A Customer Value-Driven Strategy (ie. 4 P's)
Construct & Integrate Marketing Program (Deliver Superior Value)
Engage Customers & Build Profitable Relationships
Capture Value From Customers (Create Profits & Customer Equity)
Question 3:
Differentiate Between Customer Needs, Wants, & Demands
Answer:
Needs: are states of felt deprivation (physical and social).
Wants: the form human needs take as they are shaped by culture and individual personality.
Demands: human needs that are backed by buying power.
Question 4:
Define Market Offerings
Answer:
Whatever A Business Offers In An Exchange Relationship (ie. Physical Good, Services, Idea, Person,
Place, etc.)
Question 5:
Customer vs. Consumer
Answer:
Customer: The Person Who Pays For The Product
Consumer: The Person Who Uses The Product (Or Takes It Home)
Question 6:
Define Value Proposition
Answer:
The Set Of Benefits Or Values It Promises To Deliver To Consumers To Satisfy Their Needs.
, Question 7:
Describe Digital & Social Media Marketing
Answer:
The use of technology-intensive platforms such as the internet, mobile networks and devices, and social
media to engage directly with carefully targeted individual consumers, consumer communities, and
businesses.
Question 8:
Customer Lifetime Value (CLV) Equation
Answer:
CLV = Avg. $ Purchase x Avg. # Of Purchases Per Year x # Of Years As Customer
(The value of the entire stream of purchases a customer makes over a lifetime of patronage.)
Question 9:
Total Customer Equity Equation
Answer:
TCE = CLV x # Of Current/Potential Future Customers
(The total combined customer lifetime values of all of the company's customers.)
Question 10:
Define Strategic Planning
Answer:
The process of developing and maintaining a profitable long-term fit between the organization's goals
and capabilities and its changing marketing opportunities.
Question 11:
Strategic Planning Process
Answer:
Define Company Mission
Setting Company Objectives/Goals
Designing The Business Portfolio
Planning Marketing & Strategies
Question 12:
Product-Oriented & Market-Oriented Mission Statements
Answer:
Product-Oriented: Defines the business by the products or services it makes. Market Oriented: Defines
the business by the customer needs it fulfills.
Question 13:
Explain How Marketing Works With Partners To Create & Deliver Customer Value
Answer:
Marketers must practice partner relationship management, working closely with partners in other
Question 1:
Define Marketing
Answer:
The process by which companies engage customers, build strong customer relationships, and create
customer value in order to capture value from customers in return.
Question 2:
The Marketing Process (5-steps)
Answer:
Understand the Marketplace (Consumer Needs/Wants)
Design A Customer Value-Driven Strategy (ie. 4 P's)
Construct & Integrate Marketing Program (Deliver Superior Value)
Engage Customers & Build Profitable Relationships
Capture Value From Customers (Create Profits & Customer Equity)
Question 3:
Differentiate Between Customer Needs, Wants, & Demands
Answer:
Needs: are states of felt deprivation (physical and social).
Wants: the form human needs take as they are shaped by culture and individual personality.
Demands: human needs that are backed by buying power.
Question 4:
Define Market Offerings
Answer:
Whatever A Business Offers In An Exchange Relationship (ie. Physical Good, Services, Idea, Person,
Place, etc.)
Question 5:
Customer vs. Consumer
Answer:
Customer: The Person Who Pays For The Product
Consumer: The Person Who Uses The Product (Or Takes It Home)
Question 6:
Define Value Proposition
Answer:
The Set Of Benefits Or Values It Promises To Deliver To Consumers To Satisfy Their Needs.
, Question 7:
Describe Digital & Social Media Marketing
Answer:
The use of technology-intensive platforms such as the internet, mobile networks and devices, and social
media to engage directly with carefully targeted individual consumers, consumer communities, and
businesses.
Question 8:
Customer Lifetime Value (CLV) Equation
Answer:
CLV = Avg. $ Purchase x Avg. # Of Purchases Per Year x # Of Years As Customer
(The value of the entire stream of purchases a customer makes over a lifetime of patronage.)
Question 9:
Total Customer Equity Equation
Answer:
TCE = CLV x # Of Current/Potential Future Customers
(The total combined customer lifetime values of all of the company's customers.)
Question 10:
Define Strategic Planning
Answer:
The process of developing and maintaining a profitable long-term fit between the organization's goals
and capabilities and its changing marketing opportunities.
Question 11:
Strategic Planning Process
Answer:
Define Company Mission
Setting Company Objectives/Goals
Designing The Business Portfolio
Planning Marketing & Strategies
Question 12:
Product-Oriented & Market-Oriented Mission Statements
Answer:
Product-Oriented: Defines the business by the products or services it makes. Market Oriented: Defines
the business by the customer needs it fulfills.
Question 13:
Explain How Marketing Works With Partners To Create & Deliver Customer Value
Answer:
Marketers must practice partner relationship management, working closely with partners in other
