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COB 300 McMillen Marketing final exam questions n well answered
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COB 300 McMillen Marketing final examNeed - correct answer ✔✔states of felt deprivation
Wants - correct answer ✔✔the form human needs take as they are shaped by culture and individual
personality
Demands - correct answer ✔✔human wants that are backed by buying power
Marketing offerings - correct answer ✔✔some combo of products, services, information, or experiences
offered to a market to satisfy a need or want
Marketing myopia - correct answer ✔✔the mistake of paying more attention to the specific products a
company offers than to the benefit and experiences produced by these products
Marketing Process: Step 1 - correct answer ✔✔Understand the marketplace and customer needs and
wants
Marketing Process: Step 2 - correct answer ✔✔Design a customer value-driven marketing strategy
Marketing Process: Step 3 - correct answer ✔✔Construct an integrated marketing program that delivers
superior value
Marketing Process: Step 4 - correct answer ✔✔Build profitable relationships and create customer delight
Marketing Process: Step 5 - correct answer ✔✔Capture value from customers to create profits and
customer equity
Exchange - correct answer ✔✔the act of obtaining a desired object from someone by offering something
in return
,Value proposition - correct answer ✔✔set of benefits or values it promises to deliver to consumers to
satisfy their needs. What sets you apart from other companies.
Production concept - correct answer ✔✔consumers will favor products that are available and highly
affordable, the organization should focus on improving production and distribution efficiency.
Product concept - correct answer ✔✔consumers will favor product that offer the most in quality,
performance, and features , the organization should devote its energy to making continuous product
improvements.
Selling concept - correct answer ✔✔consumers will not buy enough of the firm's product unless it
undertakes a large-scales selling and promotion effort. Typically practiced with unsought goods, those
goods that buyers do not normally think of buying. Inside-out perspective.
Marketing concept - correct answer ✔✔achieving organizational goals depends on knowing the needs
and wants of target markets and delivering the desired satisfactions better than competitors do.
Customer focus and value are the paths to sales and profits, its a customer-centered sense and respond
philosophy. Outside-in perspective.
Societal marketing concept - correct answer ✔✔a company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run
interests. Holds that marketing strategy should deliver value to customers in a way that maintains or
improves both the consumer's and society's well-being. Sustainable marketing, meets the present needs
of consumers and businesses while preserving or enhancing the ability of future generations to meet
their needs.
Marketing mix tools: the four Ps of marketing - correct answer ✔✔product, price, place and promotion
Customer relationship management - correct answer ✔✔is the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and satisfaction.
*Most important concept in modern marketing.
,Customer-perceived value - correct answer ✔✔the customer's evaluation of the difference between all
the benefits and all the costs of a market offering relative to those of competing offers. Customers often
do not judge values and costs "accurately" or "objectively"
Customer satisfaction - correct answer ✔✔depends on the product's perceived performance relative to
a buyer's expectations. Product performance falls short of expectations=dissatisfied, product
performance matches expectations=satisfied, product performance exceeds expectations=highly
satisfied/delighted.
Customer-engagement marketing - correct answer ✔✔*new marketing. Fostering direct and continuous
customer involvement in shaping brand conversations, brand experiences, and brand community. The
goal is to make the brand a meaningful part of consumers conversations and lives.
Customer-managed relationships - correct answer ✔✔customers connect with companies and with each
other to help forge their own brand experiences.
Consumer-generated marketing - correct answer ✔✔brand exchanges created by consumers
themselves-both invited and uninvited- by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers.
*can be time consuming and costly process, and companies may find it difficult to glean even a little gold
from all the garbage.
Partner relationship management - correct answer ✔✔working closely with partners in other company
departments and outside the company to jointly bring greater value to customers. Marketers must also
partner with suppliers, channel partners, and others outside the company.
Customer lifetime value - correct answer ✔✔the value of the entire stream of purchases a customer
makes over a lifetime of patronage.
Share of customer - correct answer ✔✔the portion of the customer's purchasing that a company gets in
its product categories.
Customer equity - correct answer ✔✔the total combined customer lifetime values of all of the
company's customer base.
, Strategic planning - correct answer ✔✔the process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities. Companies prepare
annual plans, long-range plans, and strategic plans.
Steps in strategic planning - correct answer ✔✔At corporate level
1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
Product/Market level
1. Planning marketing and other functional strategies
Mission statement - correct answer ✔✔is a statement of the organization's purpose, it should be
meaningful and specific yet motivating and focus on customers and the customer experience the
company seeks to create.
Defining a market-oriented mission - correct answer ✔✔Develop formal mission statement
Setting company objectives and goals - correct answer ✔✔The company needs to turn its mission into
detailed supporting objectives for each level of management. This broad mission and vision leads to a
hierarchy of objectives, including objectives and marketing objectives. Marketing strategies and
programs must be developed to support these marketing objectives.
Marketing Process - correct answer ✔✔Five step process for creating and capturing customer value.
Marketing definition - correct answer ✔✔The Process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in return
Designing the business porfolio - correct answer ✔✔Management now must plan its business portfolio,
the collection of businesses and products that make up the company. The best portfolio is the one that
best fits the company's strengths and weaknesses to opportunities in the environment. First, it must
analyze its current one and determine which companies should receive or more, less, or no investment.
Second, it must shape the future portfolio by developing strategies for growth
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