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Marketing Management Final Exam With Questions And Correct Answers Latest Version
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Marketing Management Final Exam With Questions And Correct Answers Latest Version
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Marketing Management Final Exam WithQuestions And Correct Answers Latest
Version
Marketing Concept Answer: In order for an organization to reach its long-run goals, it must
determine and meet the needs/wants of its targeted customers better than the competition
Three Characteristics of a Market-Oriented Company Answer: (1) Puts customer needs at the center
of all it does
(2) Seeks to create firm value by creating customer value, satisfaction, & loyalty
(3) Focuses everything it does on creating value for one or more customer segments
"Outside-In Model" Answer: 1. Value Identification (Which customers and/or contexts?, what do
they value?)
2. Value Creation (What is the winning solution?)
3. Value Capture (How will we get paid?, is the return "worth it"?)
4. Value Delivery (How will we execute?)
Customer Decision Process Answer: 1. Recognize unmet need
2. Search for alternatives/information
3. Evaluate alternatives
4. Choose/purchase
2024
,5. Evaluate choice
Customer Decision Influencers Answer: 1. Cultural (culture, subculture, social class)
2. Social (reference groups, opinion leaders, family)
3. Individual (demographics, lifecycle, personality, self-concept)
4. Psychological (perception, motivation, learning, beliefs/attitudes
Five Common Decision-Making Approaches Answer: 1. Lexicographic: choose product that does
best on most important need/criterion
2. Elimination-by-aspects: for the most important need/criterion, alternatives are eliminated if they do
not surpass a minimum cutoff. Process continues until only one alternative remains
3. Conjunctive: choose the product that equals or exceeds the customer's performance cutoff on each
key need/criterion
4. Compensatory: consider all salient needs/criteria to create an overall weighted evaluation that is used
to make a choice
5. Hybrid/Phased: two or more decision-making approaches are combined; often one is used to prune
the list of alternatives, then another to make final choice
How companies can create customer value Answer: 1. Ask customers what matters
2. Determine customer value priorities (importance ratings)
2024
, 3. Get customers benefit/cost performance ratings
4. Identify opportunities/gaps
Exchange Answer: Giving up something of value to another party in order to get something of value
from them.
Key idea: a customer will only give up their money, time, or other resources to your organization if what
they get in return is of equal or greater value to them
Four P's of Marketing Answer: Product
Price
Place
Promotion
-The four levers marketing managers can strategically leverage to facilitate unique & valuable exchange
with customers
Calculating Breakeven Volume Answer: BE (Volume) = Total Fixed Costs/Unit Contribution
(Unit-specific revenue - unit-specific variable costs) ÷ Unit-specific revenue
Calculating Sales Revenue Forecast Answer: # of customers in market segment...
2024
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