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COB 300 McMillen Marketing final exam questions and answers
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COB 300 McMillen Marketing final exam questions and answers
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COB 300 McMillen Marketing final examquestions and answers
Need - Answers -states of felt deprivation
Wants - Answers -the form human needs take as they are shaped by culture and
individual personality
Demands - Answers -human wants that are backed by buying power
Marketing offerings - Answers -some combo of products, services, information, or
experiences offered to a market to satisfy a need or want
Marketing myopia - Answers -the mistake of paying more attention to the specific
products a company offers than to the benefit and experiences produced by these
products
Marketing Process: Step 1 - Answers -Understand the marketplace and customer needs
and wants
Marketing Process: Step 2 - Answers -Design a customer value-driven marketing
strategy
Marketing Process: Step 3 - Answers -Construct an integrated marketing program that
delivers superior value
Marketing Process: Step 4 - Answers -Build profitable relationships and create customer
delight
Marketing Process: Step 5 - Answers -Capture value from customers to create profits
and customer equity
Exchange - Answers -the act of obtaining a desired object from someone by offering
something in return
Value proposition - Answers -set of benefits or values it promises to deliver to
consumers to satisfy their needs. What sets you apart from other companies.
Production concept - Answers -consumers will favor products that are available and
highly affordable, the organization should focus on improving production and distribution
efficiency.
,Product concept - Answers -consumers will favor product that offer the most in quality,
performance, and features , the organization should devote its energy to making
continuous product improvements.
Selling concept - Answers -consumers will not buy enough of the firm's product unless it
undertakes a large-scales selling and promotion effort. Typically practiced with
unsought goods, those goods that buyers do not normally think of buying. Inside-out
perspective.
Marketing concept - Answers -achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than
competitors do. Customer focus and value are the paths to sales and profits, its a
customer-centered sense and respond philosophy. Outside-in perspective.
Societal marketing concept - Answers -a company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long-run
interests, and society's long-run interests. Holds that marketing strategy should deliver
value to customers in a way that maintains or improves both the consumer's and
society's well-being. Sustainable marketing, meets the present needs of consumers and
businesses while preserving or enhancing the ability of future generations to meet their
needs.
Marketing mix tools: the four Ps of marketing - Answers -product, price, place and
promotion
Customer relationship management - Answers -is the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction. *Most important concept in modern marketing.
Customer-perceived value - Answers -the customer's evaluation of the difference
between all the benefits and all the costs of a market offering relative to those of
competing offers. Customers often do not judge values and costs "accurately" or
"objectively"
Customer satisfaction - Answers -depends on the product's perceived performance
relative to a buyer's expectations. Product performance falls short of
expectations=dissatisfied, product performance matches expectations=satisfied,
product performance exceeds expectations=highly satisfied/delighted.
Customer-engagement marketing - Answers -*new marketing. Fostering direct and
continuous customer involvement in shaping brand conversations, brand experiences,
and brand community. The goal is to make the brand a meaningful part of consumers
conversations and lives.
, Customer-managed relationships - Answers -customers connect with companies and
with each other to help forge their own brand experiences.
Consumer-generated marketing - Answers -brand exchanges created by consumers
themselves-both invited and uninvited- by which consumers are playing an increasing
role in shaping their own brand experiences and those of other consumers.
*can be time consuming and costly process, and companies may find it difficult to glean
even a little gold from all the garbage.
Partner relationship management - Answers -working closely with partners in other
company departments and outside the company to jointly bring greater value to
customers. Marketers must also partner with suppliers, channel partners, and others
outside the company.
Customer lifetime value - Answers -the value of the entire stream of purchases a
customer makes over a lifetime of patronage.
Share of customer - Answers -the portion of the customer's purchasing that a company
gets in its product categories.
Customer equity - Answers -the total combined customer lifetime values of all of the
company's customer base.
Strategic planning - Answers -the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities. Companies prepare annual plans, long-range plans, and strategic plans.
Steps in strategic planning - Answers -At corporate level
1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
Product/Market level
1. Planning marketing and other functional strategies
Mission statement - Answers -is a statement of the organization's purpose, it should be
meaningful and specific yet motivating and focus on customers and the customer
experience the company seeks to create.
Defining a market-oriented mission - Answers -Develop formal mission statement
Setting company objectives and goals - Answers -The company needs to turn its
mission into detailed supporting objectives for each level of management. This broad
mission and vision leads to a hierarchy of objectives, including objectives and marketing
objectives. Marketing strategies and programs must be developed to support these
marketing objectives.
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