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MKTG 3310 Exam 1 || with 100% Accurate Solutions.
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  • Course
  • MKTG 3310
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  • MKTG 3310

engaging customers and managing profitable customer relationships correct answers marketing the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return correct answers marketing the *perform...

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  • August 22, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • engaging customers and managing profitable custome

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  • MKTG 3310
  • MKTG 3310

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MKTG 3310 Exam 1 || with 100% Accurate Solutions.
engaging customers and managing profitable customer relationships correct answers marketing

the process by which companies engage customers, build strong customer relationships, and
create customer value in order to capture value from customers in return correct answers
marketing

the *performance of activities* that seek to accomplish an organizations objectives by
anticipating customer or client needs and directing a flow of need-satisfying goods and services
from producer to customer or client correct answers marketing

what is marketing used to identify: correct answers -production demand forecasting
-customer "needs" identification
-determine distribution paths
-estimate customer price
-how do we promote our products?
-marketing model(s) identification
-identifying target markets
-how do we serve our customers?
-identify current and future competition positions

what is the Marketer's goal? correct answers to identify customer needs and meet those needs so
well that the resulting product "sells itself"

5 core customer and marketplace concepts correct answers 1. voice of the customer (needs,
wants, and demands)
2. market offerings (products, services, and experiences)
3. value and satisfaction
4. exchanges and relationships
5. markets

all actual and potential buyers of a product (buying units) correct answers markets

customer relationship management is a key need in which market? correct answers business
market

state of felt deprivation correct answers needs

what 3 things are involved in the voice of the customer? correct answers needs
wants
demands

what are the 3 different types of needs and what do they involve? correct answers -physical
needs (food, clothing, warmth, and safety)
-social needs (belonging and affection)

, -individual needs (knowledge and self-expression)

Form taken by human needs when shaped by culture and individual personality correct answers
wants

*human wants* that are backed by buying power correct answers demands

what are types of market offerings? correct answers products
services
information
experience

market offerings are offered to satisfy customer _____ or ____ correct answers need or want

Paying more attention to the specific products a company offers than to the benefits and
experiences produced by these products correct answers marketing myopia

customer form expectations about the ___ and ____ of market offerings correct answers value
and satisfaction

Satisfied customers ____ again and dissatisfied customer ____ to _____. correct answers -buy
-switch to competitors

Setting the right level of expectations correct answers -Low expectations may fail to attract
buyers
-High expectations may disappoint buyers

the difference between the benefits a customer sees from a market offering and the costs
obtaining those benefits correct answers customer value

Some "Customer Value" Truths correct answers 1. perception is reality
2. competition is always disrupting
3. relationships can be built on customer value

the extent to which a firm fulfills a customer's *needs, desires, and expectations* (USUALLY
PLACED FIRMLY ON THE SHOULDERS OF THE MARKETING ORGANIZATION)
correct answers customer satisfaction

the act of obtaining a desired object by offering something in return correct answers exchange

marketing consists of ____, ____, and ____ desirable exchange relationships correct answers -
creating
-maintaining
-growing

strong relationships are built by consistently delivering correct answers superior customer value

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