MKTG 3310 Final Exam || with 100% Error-free Solutions.
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Course
MKTG 3310
Institution
MKTG 3310
Who determines the value of a product? correct answers the customer
What do companies do? correct answers offer value propositions
customer perceived value correct answers the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to t...
MKTG 3310 Final Exam || with 100% Error-free Solutions.
Who determines the value of a product? correct answers the customer
What do companies do? correct answers offer value propositions
customer perceived value correct answers the customer's evaluation of the difference between all
the benefits and all the costs of a marketing offer relative to those of competing offers
What is satisfaction drive by? correct answers disconformation
ACSI correct answers American Customer Satisfaction Index
Market correct answers the set of all actual and potential buyers of a product or service
Do markets share a common need or want? correct answers No, because they are comprised of
many different people
What is the unique contribution of marketing to a firm? correct answers Acquire cash flow from
customers, stimulate demand, and evaluate and manage customer value
Marketing correct answers the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Is marketing the devil? correct answers It can be, but not always
What is the marketing Concept correct answers achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better
than competitors do
Selling Concept correct answers Profits through sales volume
Marketing Concept correct answers Profits through customer satisfaction
Market Oreintation correct answers The implementations of the marketing concept throughout an
organization. Represented as the generation, dissemination, and use of customer information
across an organization
What three characteristics of a firm are needed to be market oriented? correct answers Generate,
disseminate, and incentivize
Shareholder concept correct answers a focus on maximizing shareholder value
Needs correct answers states of felt depravation
, Wants correct answers the form human needs take as they are shaped by culture and individual
personality
Demands correct answers Human wants that are backed by buying power
Milton Friedman's view on the business world correct answers generate profits for shareholders
Societal Marketing Concept correct answers a company's marketing decisions should focus on
creating economic value in a way that also creates value for the surrounding environment
Value Creation correct answers Performing activities that increase the value of goods or services
to consumers
Value Appropriation correct answers influences the amount of the advantage the firm is able to
capture and the length of time the advantage persists
Main Appropriators correct answers firm, society, competitors
Marketing Strategy correct answers specifies a target market and a related marketing mix
Market Segment correct answers consumers who respond similarly to a firm's marketing efforts
Positioning correct answers Arranging for a product to occupy a clear, distinctive, and desirable
place relative to competing products in the minds of target consumers
Differentiation correct answers actually differentiating the market offering to create superior
customer value
Marketing Mix correct answers the set of tactical marketing tools (product, price, place, and
promotion) that the firm blends to produce the response it wants in the target market
Customer Lifetime Value correct answers total stream of purchases that a customer could
contribute to the company over the length of the relationship
Share of Customer correct answers the share a company gets of the customers purchasing in their
product categories
Customer Equity correct answers the total combined customer lifetime values of all of the
company's customers
Market Share correct answers the ratio of sales revenue of the firm to the total sales revenue of
all firms in the industry, including the firm itself
How is market share related to customer satisfaction? correct answers negatively
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