Exam (elaborations) MKTG301 Principles of Marketing MCQS solved
Principles Of Marketing 13e Kotler | Questions and Answers
TEST BANK FOR MKT 305 PRINCIPLE OF MARKETING GRADED A+ WITH CORRECT SOLUTIONS AND REFERENCES
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MScBA
Marketing
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CH1 Marketing: Creating Customer Value and Engagement
Cases: Amazon.com l Jet Blue Airlines
What is marketing?
We define marketing as the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Steps of the Marketing Process
1. Understand the marketplace and customer needs, wants and demands.
2. Design a customer value-driven marketing strategy.
3. Construct an integrated marketing program that delivers superior value.
4. Build profitable relationships and create customer delight.
5. Capture value from customers to create profits and customer equity.
THE MAIN GOAL IS TO CREATE VALUE FOR CUSTOMERS AND BUILD RELATIONSHIPS!
1. Understanding the marketplace and customer needs
Needs: a state of felt deprivation
Physical – food, clothing, warmth & safety
Social – need for belonging and affection
Individual – need for knowledge and self-expression
Wants: the form human needs take, as shaped by our culture and individual personality.
Eg. A hungry person in China may want to indulge in some Peking duck whereas, an American may
want to eat some KFC.
PEOPLE HAVE ALMOST UNLIMITED WANTS, BUT HAVE LIMITED RESOURCES (TIME + MONEY)
Demands: human wants that are backed by buying power – these revolve around satisfaction.
Market offering: some combination of products, services, information or experiences offered to a
market to satisfy a need or want.
Market myopia: the mistake of paying more attention to the specific products a company offers
than to the benefits and experiences produced by these products.
Exchange: the act of obtaining a desired object from someone by offering them something in return.
Transaction: a trade between two parties that involves at least two things of value, agreed-upon
conditions, and a time and place of engagement. Eg. Buying shoes at the shop (shoes for money),
conditions may include the ability to return the item if unsatisfied and the place would be the shoe
shop.
Markets: set of actual and potential buyers of a product. Elements of the market include; suppliers,
company (marketer), marketing intermediaries, consumers & competitors, whereby each party in
the system adds value for the next level.
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