Marketing 301 - Exam 1(All answered)

Marketing correct answers Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Goals of Marketing correct answers 1. Attract new customers by promising superior value 2. Keep and Grow new customers by delivering satisfaction Needs correct answers States of felt deprivation. Wants correct answers The form human needs take as shaped by culture and individual personality. Demands correct answers Human wants that are backed by buying power. Market Offerings correct answers Some combination of products, service information, or experiences offered to a market to satisfy a need or want. Market Myopia correct answers The mistake of paying more attention to the specific products a company offers that to the benefits and experiences produced by these products. Exchange correct answers The act of obtaining a desired object from someone by offering something in return. Market correct answers The set of all actual and potential buyers of a product or service. Marketing Management correct answers The art and science of choosing target markets and building profitable relationships with them. Value Proposition correct answers The set of benefits or values it promises to deliver to consumers to satisfy their needs. Production Concept correct answers The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency - "if you build it they will come." Product Concept correct answers The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. Selling Concept correct answers The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. Marketing Concept correct answers The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.