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BUSML 3250 Chapter 1 Exam Questions and Answers
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BUSML 3250 Chapter 1 Exam Questions and Answers
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BUSML 3250 Chapter 1 Exam Questionsand Answers
To create and capture customer value, companies must engage the first step of the
marketing process, which is __________. - Answer-understand the marketplace and
customer needs and wants
Marketing was once understood in the sense of making a sale. Today, marketing is
understood in the new sense of __________. - Answer-satisfying customer needs
The key element of successful marketing today is to __________. - Answer-create
value
What is the final step in the marketing process? - Answer-Capture value from
customers.
Engaging customers and managing profitable customer relationships is the simplest
definition of ________. - Answer-marketing
You are thirsty and decide to have an iced tea. Your thirst is a ________ and your
choice of iced tea is a ________. - Answer-need; want
Which of the following correctly identifies the five core customer and marketplace
concepts? - Answer-1. Needs, wants, demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Market
The primary goal of consistently delivering superior value is to ________. - Answer-
build profitable customer relationships
In marketing terms, what is a market? - Answer-The set of actual and potential buyers
of a product or service
Market offerings include ________. - Answer-products, services, and experiences
The actual and potential buyers in a market share which of the following characteristics?
- Answer-They share a particular need and/or want.
The first step to a successful value-driven marketing strategy is to determine whom to
serve with a market offering. To make this decision, marketers engage in which two
activities? - Answer-Segmenting and targeting
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