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Marketing Exam 1 Practice Questions With Complete Solutions Latest Update
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Marketing Exam 1 Practice Questions With Complete Solutions Latest Update
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Marketing 301 - Exam 1 With Complete SolutionsLatest Update
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.
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