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1.BUSML 3250 Marketing Exam 1 Questions and Answers
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1.BUSML 3250 Marketing Exam 1 Questions and Answers
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1.BUSML 3250 Marketing Exam 1Questions and Answers
What is marketing? - Answer-the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Customer Needs - Answer-something customers require because it is essential or very
important rather than just desirable
Customer Wants - Answer-What people choose to spend their money on, once the
weekly bills have been paid
Customer Demands - Answer-Human wants that are backed by buying power
Marketing Myopia - Answer-defining a business in terms of goods and services rather
than in terms of the benefits customers seek
customer dissatisfaction - Answer-product's performance falls short of expectations
customer satisfaction - Answer-the extent to which a product's perceived performance
matches a buyer's expectations
customer delight - Answer-Exceeding customer expectations
customer equity - Answer-the total combined customer lifetime values of all of the
company's customers
customer lifetime value - Answer-total stream of purchases that a customer could
contribute to the company over the length of the relationship
what role does creating and capturing customer value play in marketing? - Answer-By
capturing customer value, firms build a long life relationship with their customers.
Customer value is important because it can help companies generate more financial
resources, evaluate their best-selling products, and have access to capital (final step in
the marketing process)
Market Orientation - Answer-Production orientation
Product orientation
Sales orientation
Societal orientation
Market orientation
, production orientation - Answer-a philosophy that focuses on the internal capabilities of
the firm rather than on the desires and needs of the marketplace
Product Orientation - Answer-an inward-looking approach that focuses on making
products that can be made - or have been made for a long time - and then trying to sell
them
Sales Orientation - Answer-the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits
societal marketing orientation - Answer-the idea that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives but also to
preserve or enhance individuals' and society's long-term best interests
Market Orientation - Answer-a philosophy that assumes that a sale does not depend on
an aggressive sales force but rather on a customer's decision to purchase a product; it
is synonymous with the marketing concept
Customer-Driven Marketing Strategy - Answer-market segmentation, market targeting,
differentiation, and positioning
Market Segmentation - Answer-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
Market Targeting - Answer-the process of evaluating each market segment's
attractiveness and selecting one or more segments to enter
market differentiation - Answer-differentiating the market offering to create superior
customer value
market positioning - Answer-involves the process of defining the marketing mix
variables so that target customers have a clear, distinctive, desirable understanding of
what the product does or represents in comparison with competing products
firm mission - Answer-business, objectives, philosophy, self concept, public Image,
stakeholders
BCG Matrix - Answer-a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
product-market matrix - Answer-market penetration, market development, product
development, diversification
Macroenvironment - Answer-the larger societal forces that affect the microenvironment -
demographic, economic, natural, technological, political, and cultural forces
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