MKTG 3340 Midterm 1 Questions with Correct Solutions

The Customer is... - everyone's responsibility. Goals of Marketing - (1) Discover (assess) the needs and wants of prospective customers. (2) Satisfy these needs and wants through EXCHANGES Requirements for Marketing to Occur - -Two + Parties with Unsatisfied Needs -A Desire and Ability to be Satisfied -A Way for the Parties to Communicate -Something to Exchange customer value proposition - a promise to the target consumer of the value your product will deliver. It is a clear, concise statement of what you uniquely have to offer vs. competition. It communicates: the problem, benefits, and why you are better. Social Sciences - 50s-80s. brands sought to better understand customers Marketing Concept - the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals target market - one or more specific groups of potential consumers toward which an organization directs its marketing program internal marketing - treating employees as customers and developing systems and benefits that satisfy their needs Marketing concept pillars - target market, customer needs, internal marketing, profitability social marketing concept - solving consumer pain-points, company profits, and public interest democratization of technology - increasing connectivity of the world customer relationship management (crm) - the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace customer experience - the internal response that customers have to all aspects of an organization and its offering market definition of business - 1. focus on consumer benefits 2. scope of the business 3. definition of competition business mission - a statement that identifies the purpose of a business and what makes that business different from others objectives (goals) - a targeted level of performance set in advance of work (measurable, time-based) business portfolio analysis - studies a firm's business units as though they were a collection of separate investments diversification analysis - a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products