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BUSML 3250 - Exam 1 Questions with Correct Answers
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BUSML 3250 - Exam 1 Questions with Correct Answers
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BUSML 3250 - Exam 1 Questions withCorrect Answers
marketing definition - Answer-identifying, understanding, & satisfying buyer demands
through exchanges
what are the 3 important factors of marketing? - Answer-identifying, understanding, &
satisfying
how many times more likely are satisfied customers to buy from a competitor that a ver
satisfied customer - Answer-3 times
what are the 3 types of customers? - Answer-1. make you money
2. could make you money
3. one's that cost you. money
80-20 principle - Answer-20% of all customers generate 80% of the demand
_______ customers are crucial - Answer-repeat
repeat customers are a source of powerful _____________ - Answer-word of mouth
what two components are common of all marketing definitions? - Answer-1. satisfying
buyers
2. exchange process
what is the tip of the marketing iceberg- only a small part of the whole - Answer-
advertising
how much money is spent on advertising in companies (%) - Answer-6-8 %
if there is a ______________, marketing is taking place - Answer-voluntary exchange
what are the core questions a business needs to ask about their marketing? - Answer-1.
is marketing done well
2. does marketing matter
__________ is about how effectively you are relating to your customer & the importance
depends on competition - Answer-marketing
much of marketing is done by who - Answer-middlemen
only ___% of consumer expenditures were made online - Answer-10
,who are the middlemen in marketing - Answer-wholesalers & retailers
what do manufacturers do - Answer-create form utility
marketing activitiés affect form utility (indirectly/directly) - Answer-indirectly
what are the three times of value - Answer-1. time utility
2. place utility
3. possession utility
what are the 4 organizational orientations important for marketing? - Answer-1.
production orientation
2. product orientation
3. selling orientation
4. marketing orientation
(production, product, selling, or marketing orientation?)
- stress on making products - Answer-production
(production, product, selling, or marketing orientation?)
- maximize output, minimize cost - Answer-production
(production, product, selling, or marketing orientation?)
- producer priorities - Answer-production
(production, product, selling, or marketing orientation?)
- offer highest quality as expert producer sees it - Answer-product
(production, product, selling, or marketing orientation?)
- telling customers to trust them b/c they "know best" - Answer-product
(production, product, selling, or marketing orientation?)
- marketing myopia - Answer-product
marketing myopia - Answer-the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products
(production, product, selling, or marketing orientation?)
- associated with excess demand (2) - Answer-production & product
what is a beginners mistake in marketing? - Answer-only focusing on one p
(production, product, selling, or marketing orientation?)
promoting the product is crucial, push prospects to buy with strong ads - Answer-selling
, (production, product, selling, or marketing orientation?)
- focuses to much on advertising - Answer-selling
(production, product, selling, or marketing orientation?)
- customer satisfaction focus - Answer-marketing
(production, product, selling, or marketing orientation?)
- opposite of selling orientation - Answer-marketing
(production, product, selling, or marketing orientation?)
- nee deep understanding of customers - Answer-marketing
(production, product, selling, or marketing orientation?)
- must do better than competition - Answer-marketing
(production, product, selling, or marketing orientation?)
- we must sell what we make - Answer-selling
(production, product, selling, or marketing orientation?)
- we must make what we can sell - Answer-marketing
who is responsible for marketing? - Answer-EVERYONE
(top management, marketing management, or lower level management?)
- sets direction an tone - Answer-top management
(top management, marketing management, or lower level management?)
- makes the big decisions - Answer-top management
(top management, marketing management, or lower level management?)
- plans the 4 ps - Answer-marketing management
(top management, marketing management, or lower level management?)
- thinks about how to better satisfy the customer better than the competition - Answer-
marketing mangament
(top management, marketing management, or lower level management?)
- delivers daily customer satisfaction - Answer-lower level
(top management, marketing management, or lower level management?)
- most important for customer satisfaction - Answer-lower level
(top management, marketing management, or lower level management?)
- internal marketing - Answer-lower level
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