BMGT 355 Exam #1 (Chapters 1-2) Questions and Answers
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Course
BMGT
Institution
BMGT
Marketing - Answer-The process by which companies engage customers, build strong customer relationships, and create customer value to capture value in return
Aim of marketing - Answer-Create value for customers to capture value in return
Two-fold goal of marketing - Answer-Attract new custome...
BMGT 355 Exam #1 (Chapters 1-2)
Questions and Answers
Marketing - Answer-The process by which companies engage customers, build strong
customer relationships, and create customer value to capture value in return
Aim of marketing - Answer-Create value for customers to capture value in return
Two-fold goal of marketing - Answer-Attract new customers by promising superior value
& to keep/grow current customers by delivering satisfaction
Marketing mix - Answer-A set of marketing tools that work tg to engage customers,
satisfy needs and build customer relationships -- only thing that a marketer can control
Marketing process - Answer-Understand market & needs, design a customer value-
driven marketing strategy, construct a marketing program, engage customers & capture
value from customers
Five core customer and marketplace concepts - Answer-Needs, wants, and demands;
market offerings; value and satisfaction; exchanges and relationships; and markets
Needs - Answer-States of felt deprivation (physical)
Wants - Answer-Form human needs & shaped by culture
Demands - Answer-Wants backed by buying power
Market offerings - Answer-Combo of products, services, info etc. offered to a market to
satisfy a need or want (services and entities)
Marketing myopia - Answer-Paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
Exchanges - Answer-Obtaining a desired object by offering something in return
Market - Answer-Set of actual and potential buyers of a product/service (share same
needs and wants)
How to create profitable customer relationships - Answer-Research, design market
offerings, promote products, comm, services
Customer-managed relationships - Answer-Customers connect with companies and
with each other to help forge their own brand experiences
, Is advertising the same as marketing? - Answer-NO!
Marketing system - Answer-Suppliers --> company or competitors --> market
intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management - Answer-The art and science of choosing target markets and
building profitable relationships with them
Two questions within marketing management - Answer-What customers are served &
how can we serve them best
Processes to select customers to serve - Answer-Market segmentation and target
marketing
Value proposition - Answer-Set of benefits or values promised to be delivered to
consumers to satisfy needs (ex. JetBlue puts "You Above All" by bringing "humanity
back to travel"
How value propositions differ - Answer-Different companies position themselves
differently in the marketplace to give the customer something they can't get from anyone
else
Market management orientations - Answer-How to decide on marketing strategy
(production, product, selling, marketing and societal marketing concepts)
Production concept - Answer-Consumers will favor products that are available and
highly affordable
What marketing strategies using the production concept focus on - Answer-Improving
distribution and production efficacy
Ex. of production concept - Answer-Lenovo (computers) dominates the Chinese market
through low labor costs and mass distribution
Product concept - Answer-Consumers will favor products that offer the most in quality,
performance and innovative features
What marketing strategies using the product concept focus on - Answer-Making
continuous product improvements
Ex. of product concept - Answer-Building a better mousetrap or a chemical spray to get
rid of mice
Selling concept - Answer-A large-scale selling and promotion effort from the company
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