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BUSML 3250 Exam 1 Ch 1-3 Questions and Answers
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BUSML 3250 Exam 1 Ch 1-3 Questions and Answers
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BUSML 3250 Exam 1 Ch 1-3 Questionsand Answers
Marketing - Answer-the process which companies create value for customers and build strong
customer relationships to capture value in return
needs - Answer-states of felt deprivation
wants - Answer-the form human needs take as they are shaped by culture and individual
personality
demands - Answer-human wants that are backed up by buying power
Market Offerings - Answer-some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
Marketing Myopia - Answer-the mistake of paying more attention to specific products a
company offers than the benefits and experiences produced by the products; focus on existing
wants & lose focus on consumers' underlying needs
The Marketing Process: step 1 - Answer-Understand the marketplace needs and wants
The Marketing Process: step 2 - Answer-Design a customer value-driven market strategy
The Marketing Process: step 3 - Answer-Construct an integrated marketing program that
delivers superior value
The Marketing Process: step 4 - Answer-Build profitable relationships and create customer
delight
The Marketing Process: step 5 - Answer-Capture value from customers to create profit and
customer equity
, Exchange - Answer-the act of obtaining a desired object from someone by offering something in
return
Market - Answer-the set of actual and potential buyers of a product or service
Marketing Management - Answer-the art/science of choosing target markets and building
profitable relationships with them; "customer and demand management"
Value Proposition - Answer-differentiating and positioning a brand through a set of
benefits/values it promises to deliver to satisfy customer needs
Production Concept - Answer-idea that consumers will favor products that are available and
highly affordable; focus should be on improving production and distribution efficiency
Product Concept - Answer-idea that consumers favor products that offer most quality,
performance, and features; focus should be on continuous product improvements
Selling Concept - Answer-idea that consumers will not buy enough of firm's product unless firm
undertakes large-scale selling and promotion effort; inside-out view
Marketing Concept - Answer-idea that achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than competitors;
outside-in view
Societal Marketing concept - Answer-sustainable marketing; idea that a company's marketing
decisions should consider consumers wants, company requirements, and consumer and
society's long-run interests
Marketing Mix - Answer-set of marketing tools the firm uses to implement its marketing strategy
Marketing Mix 4 P's - Answer-Product, Price, Place, Promotion
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