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MKTG 3310 Final Exam || with 100% Error-free Solutions.
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Who determines the value of a product? correct answers the customer What do companies do? correct answers offer value propositions customer perceived value correct answers the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to t...

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  • August 22, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • who determines the value of a product

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  • MKTG 3310
  • MKTG 3310

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MKTG 3310 Final Exam || with 100% Error-free Solutions.
Who determines the value of a product? correct answers the customer

What do companies do? correct answers offer value propositions

customer perceived value correct answers the customer's evaluation of the difference between all
the benefits and all the costs of a marketing offer relative to those of competing offers

What is satisfaction drive by? correct answers disconformation

ACSI correct answers American Customer Satisfaction Index

Market correct answers the set of all actual and potential buyers of a product or service

Do markets share a common need or want? correct answers No, because they are comprised of
many different people

What is the unique contribution of marketing to a firm? correct answers Acquire cash flow from
customers, stimulate demand, and evaluate and manage customer value

Marketing correct answers the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large

Is marketing the devil? correct answers It can be, but not always

What is the marketing Concept correct answers achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions better
than competitors do

Selling Concept correct answers Profits through sales volume

Marketing Concept correct answers Profits through customer satisfaction

Market Oreintation correct answers The implementations of the marketing concept throughout an
organization. Represented as the generation, dissemination, and use of customer information
across an organization

What three characteristics of a firm are needed to be market oriented? correct answers Generate,
disseminate, and incentivize

Shareholder concept correct answers a focus on maximizing shareholder value

Needs correct answers states of felt depravation

, Wants correct answers the form human needs take as they are shaped by culture and individual
personality

Demands correct answers Human wants that are backed by buying power

Milton Friedman's view on the business world correct answers generate profits for shareholders

Societal Marketing Concept correct answers a company's marketing decisions should focus on
creating economic value in a way that also creates value for the surrounding environment

Value Creation correct answers Performing activities that increase the value of goods or services
to consumers

Value Appropriation correct answers influences the amount of the advantage the firm is able to
capture and the length of time the advantage persists

Main Appropriators correct answers firm, society, competitors

Marketing Strategy correct answers specifies a target market and a related marketing mix

Market Segment correct answers consumers who respond similarly to a firm's marketing efforts

Positioning correct answers Arranging for a product to occupy a clear, distinctive, and desirable
place relative to competing products in the minds of target consumers

Differentiation correct answers actually differentiating the market offering to create superior
customer value

Marketing Mix correct answers the set of tactical marketing tools (product, price, place, and
promotion) that the firm blends to produce the response it wants in the target market

Customer Lifetime Value correct answers total stream of purchases that a customer could
contribute to the company over the length of the relationship

Share of Customer correct answers the share a company gets of the customers purchasing in their
product categories

Customer Equity correct answers the total combined customer lifetime values of all of the
company's customers

Market Share correct answers the ratio of sales revenue of the firm to the total sales revenue of
all firms in the industry, including the firm itself

How is market share related to customer satisfaction? correct answers negatively

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