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.
engaging, managing correct answers Marketing is ______________ customers and ______...
Marketing Exam 1 - Karen Hopkins (MKTG-3310 Auburn)
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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.
engaging, managing correct answers Marketing is ______________ customers and
__________________ profitable customer relationships.
- Attract new customers by promising superior value
-Keep and grow current customers by delivering satisfaction correct answers What are the goals
of marketing?
The Marketing Process correct answers 1. Understand the marketplace
2. Design a strategy
3. Construct program for superior value
4. Engage customers, profitable relationships, consumer delight
5. Capture value and create customer equity
creates correct answers Marketing _____________ value for customers.
-Sales Dollars
-Time
-Loyalty correct answers Marketing captures value from customers through:
1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets correct answers What are the five core customer and marketplace concepts?
Needs correct answers States of felt deprivation
Physical Needs correct answers Food, clothing, warmth, and safety
Social Needs correct answers Belonging and affection
Individual Needs correct answers Knowledge and self-expression
Wants correct answers Form taken by human needs when shaped by culture and individual
personality (wants/addiction can be triggered if needs have not been met)
Demands correct answers Human wants that are backed by buying power (people are willing to
exchange resources for needs and wants)
, Exchange correct answers Providing value in anticipation of receiving value, giving up
something of value in order to receive something of similar value
facilitate correct answers A market is the sum of all buyers, sellers and products coming to
__________ exchange.
- A group of similar *products*
- A group of *people* (buyers) with similar wants or needs
- A group of *companies* (sellers) correct answers We sometimes use the word "market" to refer
to
Market Offerings correct answers Products, services, information, or experiences - offered to
satisfy a need or want
Value Proposition correct answers A set of benefits a company promises to consumers to satisfy
their needs
Marketing Myopia correct answers Paying more attention to the specific products than to the
benefits and experiences produced
Modern Marketing System correct answers Suppliers provide materials for creating products to a
company and their competitors in which marketing intermediaries advertise to consumers who in
turn buy the products from the company or its competitor.
Segmentation correct answers The art of grouping markets together according to their similar
needs, wants, preferences and other characteristics
Target Marketing correct answers Choosing a particular segment and developing a marketing
mix that will satisfy their wants and needs
Production Concept correct answers Focus on the production process, manufacturing efficiency,
ability to produce large quantities (Consumers will favor products that are available and highly
affordable)
Product Concept correct answers Focus on making the very best product possible, with features
and materials that are the most efficient to include (Consumers will favor products that offer the
most (quality, performance, and features)
Selling Concept correct answers Consumers will not buy enough of the firm's products unless the
firm undertakes a large-scale selling and promotion effort
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
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