MKTG 3340 EXAM 1 Questions With Complete Solutions
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Course
MKTG 3340
Institution
MKTG 3340
Role of Marketing correct answer: marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return
goal: attract new customers by promising superior value and to keep and grow...
MKTG 3340 EXAM 1 Questions With
Complete Solutions
Role of Marketing correct answer: marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return
goal: attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction
marketing is selling and advertising but also satisfying customer needs. the aim of marketing is to make selling unnecessary. engage consumers effectively, understand needs, develop products that provide superior customer value and prices, distribute and promote well.
5-step marketing process model correct answer: for creating and
capturing customer value 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, CREATE CUSTOMER DELIGHT 5. CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFITS AND CUSTOMER EQUITY
1. Understand the marketplace and customer needs and wants correct answer: 1. NEEDS, WANTS, DEMANDS: needs = states of felt deprivation, basic physical, social, individual needs.
wants = form human needs take as they are shaped by culture/society and individual personality. demands: wants become demands when backed by buying power
2. MARKET OFFERINGS (PRODUCTS, SERVICES, EXPERIENCES): combination of products, services, information, experiences offered to a market to satisfy a need/want
3. VALUE AND SATISFACTION: customers form expectations abt the value and satisfaction that various market offerings will deliver and buy accordingly. satisfied customers buy again and tell others, dissatisfied customers switch to competitors. key for developing and managing customer relationships 4. EXCHANGES AND RELATIONSHIPS: obtaining a desired object from someone by offering something in return. marketing
= actions taken to create, maintain and grow desireable exchange relationships with target audiences involving a product, service, idea or other object. companies want to build strong relationships by consistently delivering superior customer
value 5. MARKETS: set of actual and potential buyers of a product or service. buyers share a particular need/want that can be satisfied through exchange relationships. marketing = managing markets to bring profitable customer relationships. buyers and sellers both carry out marketing
2. Design a customer value-driven marketing strategy correct answer: marketing management: art and science of choosing target markets and building profitable relationships with them. aim to engage, keep, grow target customers by creating, delivering and communicating superior customer value
1. SELECT CUSTOMERS TO SERVE (TARGET MARKET): dividing the market into segments of customers and selecting which segments it will go after (target marketing). select only customers it can serve well and profitably 2. HOW CAN WE BEST SERVE THESE CUSTOMERS (VALUE PROPOSITION): how it will differentiate and position
itself in the marketplace. value proposition: set of benefits or values it promises to deliver to customers to satisfy their needs. differentiate one brand from another, must design strong value propositions that give them the greatest advantage in their target markets.
3. Construct an integrated marketing program that delivers superior value correct answer: deliver the intended value to target customers. the marketing program builds customer relationships by transforming the marketing strategy into action. firms marketing mix (set of tools the firm uses to implement marketing strategy)
PRODUCT: to deliver on value proposition, firm must create a need satisfying market offering, the product
PRICE: must decide how much it will charge for the offering
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