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COB 300 McMillen Marketing final exam Questions and Answers 100% Pass
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COB 300 McMillen Marketing final exam Questions and Answers 100% Pass Need - states of felt deprivation Wants - the form human needs take as they are shaped by culture and individual personality Demands - human wants that are backed by buying power Marketing offerings - some combo of products...

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  • January 8, 2025
  • 42
  • 2024/2025
  • Exam (elaborations)
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  • cob 300 mcmillen marketing final exam questions an

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COB 300 McMillen Marketing final
exam Questions and Answers 100%
Pass

Need - ✔✔states of felt deprivation


Wants - ✔✔the form human needs take as they are shaped by culture and individual personality


Demands - ✔✔human wants that are backed by buying power


Marketing offerings - ✔✔some combo of products, services, information, or experiences offered to a

market to satisfy a need or want


Marketing myopia - ✔✔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 - ✔✔Understand the marketplace and customer needs and wants


Marketing Process: Step 2 - ✔✔Design a customer value-driven marketing strategy


Marketing Process: Step 3 - ✔✔Construct an integrated marketing program that delivers superior value


Marketing Process: Step 4 - ✔✔Build profitable relationships and create customer delight


Marketing Process: Step 5 - ✔✔Capture value from customers to create profits and customer equity




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Emily Charlene
Lead Athor

©All Rights Reserved, 2025

,2|Page


Exchange - ✔✔the act of obtaining a desired object from someone by offering something in return


Value proposition - ✔✔set of benefits or values it promises to deliver to consumers to satisfy their needs.

What sets you apart from other companies.


Production concept - ✔✔consumers will favor products that are available and highly affordable, the

organization should focus on improving production and distribution efficiency.


Product concept - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔product, price, place and promotion




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Lead Athor

©All Rights Reserved, 2025

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Customer relationship management - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔*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 - ✔✔customers connect with companies and with each other to help

forge their own brand experiences.


Consumer-generated marketing - ✔✔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.




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Emily Charlene
Lead Athor

©All Rights Reserved, 2025

, 4|Page


Partner relationship management - ✔✔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 - ✔✔the value of the entire stream of purchases a customer makes over a lifetime

of patronage.


Share of customer - ✔✔the portion of the customer's purchasing that a company gets in its product

categories.


Customer equity - ✔✔the total combined customer lifetime values of all of the company's customer base.


Strategic planning - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔Develop formal mission statement




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Lead Athor

©All Rights Reserved, 2025

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