MKTG 301 - Exam 1 Coupland (with Complete Solutions)

Marketing correct answers the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return Telling not selling, product should sell itself The marketing concept correct answers a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do Sales concept correct answers the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort production concept correct answers the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency product concept correct answers the idea that consumers will favor products that offer the most quality, performance, and features; therefore the organization should devote its energy to making continuous product improvements marketing myopia correct answers the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products societal marketing concept correct answers the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests, and society's long run interests the marketing mix correct answers the set tactical marketing tools - product price place, and promotion - that the firm blends to produce the response it wants in the target market product correct answers variety, quality, design, features, brand name, packaging services price correct answers list price, discounts, allowances, payment period, credit terms place correct answers channels, coverage, locations, inventory, transportation, logistics promotion correct answers advertising, personal selling, sales promotion public relations person correct answers the target customer or intended positioning customer loyalty and retention correct answers creating good experience for the consumer leading them to talk favorably to others about the company and its products