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MKTG 3340 EXAM 1/124 QUESTIONS AND ANSWERS
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MKTG 3340 EXAM 1/124 QUESTIONS AND ANSWERS
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MKTG 3340 EXAM 1/124 QUESTIONSAND ANSWERS
what is marketing? - - the management process involved in identifying,
anticipating, and satisfying customer wants profitably
- what are the 2 goals of marketing? - - 1. discover (assess) the needs and
wants of prospective customers
2. satisfy these needs & wants through EXCHANGE (each are better off after
exchange)
- what are the 4 requirements for marketing to occur? - - 1. two or more
parties with unsatisfied needs
2. desire and ability to satisfy those needs
3. a way for the parties to communicate
4. something to exchange
- what are the 4 P's/controllable factors in solving a marketing mix/program?
- - 1. product
2. place
3. price
4. promotion
customer is in center
- what are uncontrollable factors in solving a marketing program/mix? - -
competitive forces, regulatory forces, social forces, economic forces,
technological forces
- what is customer value proposition? - - what are we promising the
customer? what is their benefit?
- what are key marketing issue? - - - retain customer loyalty
- manage customer relationships effectively
- redefine the term "go shopping"
- does this marketing action payout?
- consumer engagement in an ever-changing digital world
- what is customer value? - - benefits received by buyers that includes
quality, convenience, on-time delivery, and both before-sale & after-sale
service at a specific price
- how to manage customer relationships effectively? - - - one-to-one
marketing opportunities, datamining, customer relationship marketing
, - what does it mean redefine the term "go shopping" - - shoppertainment,
adding hands on testing, in person experience
- what is the evolution of customer relationship era? - - production concept
> product concept > selling concept > marketing concept
- what is production concept? - - high distribution, low costs (ex: ford's
factory line)
- what is product concept? - - focus on producing better products to attract
new customers ("if you build it, they will come")
- what is selling concept? - - shove ads down consumers throats & hope
they will eventually buy it; commonly used for unsold goods
- what is marketing concept? - - assess & satisfy consumer wants and needs
more effectively/efficiently
- what 4 pillars does the marketing concept rest on? - - - target market (one
or more specific groups of potential consumers toward which a company will
direct its marketing program)
- customer needs
- internal marketing (hiring, training, motivating employees to want to serve
customers well)
- profitability
- what is market orientation? - - customer focus - firm focuses on constantly
collecting info on consumers and using this info to generate sales
- what is customer relationship? - - firms seek continuously to satisfy the
high expectations of customers
- what is customer relationship management? - - identifying future
customers, understanding them, and developing long-term perceptions of
the firm so that customers will continue to choose them
- what is customer experience - - - internal response that customers have to
an organization through direct/indirect contact
- ex: able to get the same product elsewhere but like the feel/service of one
place
- what are 3 considerations in setting marketing policies - - - consumers
wants & satisfactions
- company profits
- public interest
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