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hft4502 test 1 Questions and Correct
Answers/ Latest Update / Already Graded
Best definition of marketing
Ans: the science of exchange
IMC (integrated marketing communications)
Ans: conscious use of all marketing mix elements to promote a
unified image of a company or brand
marketing process (question may be which of the following is not)
Ans: 1. identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR
value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer
equity
needs
Ans: a state of deprivation (NOT invented by marketers
All rights reserved © 2025/ 2026 |
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ex: food/hunger: hungry and need food in US is the same
feeling as hunger in china
wants
Ans: needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not
convinced
demands
Ans: given unlimited wants and limited resources, consumers
must make choices.
-these choices are the essence of the demand function
product
Ans: anything offered to market to satisfy want/need
types of market offerings/products
Ans: -tangible
-service
-experience
-information
All rights reserved © 2025/ 2026 |
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value proposition
Ans: the set of benefits or values that a market offering
promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to
fill the same need as you
customer value
Ans: difference between benefits and costs of obtaining
product
delight
Ans: expectation < value
dissatisfied
Ans: expectation > value
type of transactions
Ans: -discrete
-continuous
All rights reserved © 2025/ 2026 |
hft4502 test 1 Questions and Correct
Answers/ Latest Update / Already Graded
Best definition of marketing
Ans: the science of exchange
IMC (integrated marketing communications)
Ans: conscious use of all marketing mix elements to promote a
unified image of a company or brand
marketing process (question may be which of the following is not)
Ans: 1. identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR
value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer
equity
needs
Ans: a state of deprivation (NOT invented by marketers
All rights reserved © 2025/ 2026 |
, Page |2
ex: food/hunger: hungry and need food in US is the same
feeling as hunger in china
wants
Ans: needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not
convinced
demands
Ans: given unlimited wants and limited resources, consumers
must make choices.
-these choices are the essence of the demand function
product
Ans: anything offered to market to satisfy want/need
types of market offerings/products
Ans: -tangible
-service
-experience
-information
All rights reserved © 2025/ 2026 |
, Page |3
value proposition
Ans: the set of benefits or values that a market offering
promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to
fill the same need as you
customer value
Ans: difference between benefits and costs of obtaining
product
delight
Ans: expectation < value
dissatisfied
Ans: expectation > value
type of transactions
Ans: -discrete
-continuous
All rights reserved © 2025/ 2026 |
