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BUSML 3250 MIDTERM 1 EXAM QUESTIONS WITH COMPLETE ANSWERS
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BUSML 3250 MIDTERM 1 EXAM QUESTIONS WITH COMPLETE ANSWERS
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BUSML 3250 MIDTERM 1 EXAMQUESTIONS WITH COMPLETE
ANSWERS
MARKETING - Answer-The process by which companies create value for customers
and build strong customer relationships in order to capture value from customers in
return.
identifying, understanding, satisfying buyer demands through exchanges
BUYER/SELLER INTERACTION/EXCHANGE OF ANY KIND IS MARKETING
WHETHER YOU ARE AWARE OR NOT
Marketing Process - Answer-1. Understand the marketplace and customer needs and
wants
2. Design a customer value- driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Core customer and marketplace concepts - Answer-1. needs, wants, demands
2. market offerings (product, services, and experiences)
3. value and satisfaction
4. exchanges and relationships
5. markets
Needs - Answer-state of felt deprivation. Includes physical, social, and individual.
Wants - Answer-the form human needs take as they are shaped by culture and
individual personality
Demands - Answer-Human wants that are backed by buying power
Market Offerings - Answer-some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
MARKET RESEARCH - Answer-investing in info to help make better decisions
DATA MINING - Answer-type of market research, discovering hidden predictive info,
example: kroger cards, "total reward system"=info on purchases
COMPONENTS COMMON TO ALL DEFINITIONS OF MARKETING - Answer-
satisfying buyers, exchange process
,3 KINDS OF CUSTOMERS - Answer-make you $, can make you $, losing you $
REPEAT CUSTOMERS - Answer-crucial, source of word of mouth, will buy regardless
of sale, tend to buy more
TIP OF MARKETING ICEBERG - Answer-advertising/selling, visible and dramatic but
only small part of the whole
2 QS BUSINESS NEEDS TO ASK ABOUT MARKETING - Answer-1. Is marketing done
well?
rate of repeat customers compared to past/competition, customer satisfaction measures
2. Does Marketing matter?
matters to extent of competition/alternatives, as competition ^ marketing must ^
M--W--R--C - Answer-
MANUFACTURERS - Answer-make things, create form utility, marketing activities only
affect indirectly
MARKETING ACTIVITIES DIRECTLY CONTRIBUTE TO - Answer-time utility (when),
place utility (where) & possession utility (how)
MARKETING MYOPIA - Answer-the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products, thinking there will always be demand for your product
Exchange - Answer-the act of obtaining a desired object from someone by offering
something in return
Market - Answer-the set of all actual and potential buyers of a product or service
Marketing Management - Answer-the art and science of choosing target markets and
building profitable relationships with them
Market Management Orientations - Answer-1. production concept
2. product
3. selling
4. marketing
5. societal marketing concepts
PRODUCTION ORIENTATION/CONCEPT - Answer-consumers will favor products that
are available and highly affordable. therefore management should focus on improving
production and distribution efficiency (excess demand)
,PRODUCT ORIENTATION/CONCEPT - Answer-consumers will favor products that
offer the most in quality, performance, and innovative features. therefore the
organization should devote its energy to making continuous product improvements
(excess demand)
SELLING ORIENTATION/CONCEPT - Answer-consumers will not buy enough of the
firms products unless it undertakes a large scale selling and promotion effort
MARKETING ORIENTATION/CONCEPT - Answer-achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
TOP MANAGEMENT
MARKETING MANAGEMENT
LOWER LEVEL MANAGEMENT/STAFF - Answer-look at big picture, ahead 5-10 years,
how can we change org? sets tone and "corporate culture"
plans 4 ps, marketing execs
delivers daily customer satisfaction, irony
societal marketing concept - Answer-the idea that a company marketing decisions
should consider consumers wants, the company requirements, consumers long run
interests, and societies long run interests
Shared value - Answer-creating economic value in a way that also creates value for
society
marketing mix - Answer-set of marketing tools the firm uses to implement its marketing
strategy.
1. product
2. price
3. place
4. promotion
customer relationship management - Answer-the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction
customer perceived value - Answer-the customers evaluation of the difference between
all the benefits and all the costs of a marketing offer relative to those of competing offers
customer satisfaction - Answer-dependent on the products perceived performance
relative to a buyers expectations
customer relationship levels and tools - Answer-1. basic (brand building advertising)
, 2. full partnership (P&G with retailers)
3. frequency marketing programs (reward customers who buy frequently or in a large
amount)
4. club marketing programs ( special benefits and member communities)
customer engagement marketing - Answer-making the brand a meaningful part of
consumers conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences, and community
uncontrolled
consumer generated marketing - Answer-brand exchanges created by consumers by
which consumers are playing an increasing role in shaping their own brand experiences
and those of other consumers
blogs, social media
partner relationship management - Answer-working closely with others inside and
outside the company to jointly engage and bring more value to customers
supply chain - Answer-a longer channel stretching from raw materials to components to
final products that are carried to final buyers
supply chain management - Answer-companies today are strengthening their
connections with partners along the supply chain
customer lifetime value - Answer-the value of the entire stream of purchases a customer
makes over a lifetime of patronage
share of customers - Answer-the portion of the customers purchasing that a company
gets in its product categories
banks want share of wallet
airlines want share of travel
customer equity - Answer-the total combined customer lifetime values of all the
company's customers. ultimate aim of customer relationship management
Customer relationship groups - Answer-1. butterflies
2. true friends
3. strangers
4. barnacles
strangers - Answer-low potential profitability and littler projected loyalty. Don't invest
anything in them
butterflies - Answer-potentially profitable but not loyal. Good fit between the company
offerings and their needs but don't stay long, look for better deals. Enjoy butterflies for
the moment
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