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Marketing Exam 1 - Karen Hopkins (MKTG-3310 Auburn) || Already Graded A+.
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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. engaging, managing correct answers Marketing is ______________ customers and ______...

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  • August 23, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • marketing

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  • Karen Hopkins (MKTG-3310 Auburn
  • Karen Hopkins (MKTG-3310 Auburn

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Marketing Exam 1 - Karen Hopkins (MKTG-3310 Auburn)
|| Already Graded A+.
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.

engaging, managing correct answers Marketing is ______________ customers and
__________________ profitable customer relationships.

- Attract new customers by promising superior value
-Keep and grow current customers by delivering satisfaction correct answers What are the goals
of marketing?

The Marketing Process correct answers 1. Understand the marketplace
2. Design a strategy
3. Construct program for superior value
4. Engage customers, profitable relationships, consumer delight
5. Capture value and create customer equity

creates correct answers Marketing _____________ value for customers.

-Sales Dollars
-Time
-Loyalty correct answers Marketing captures value from customers through:

1. Needs, wants, and demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets correct answers What are the five core customer and marketplace concepts?

Needs correct answers States of felt deprivation

Physical Needs correct answers Food, clothing, warmth, and safety

Social Needs correct answers Belonging and affection

Individual Needs correct answers Knowledge and self-expression

Wants correct answers Form taken by human needs when shaped by culture and individual
personality (wants/addiction can be triggered if needs have not been met)

Demands correct answers Human wants that are backed by buying power (people are willing to
exchange resources for needs and wants)

, Exchange correct answers Providing value in anticipation of receiving value, giving up
something of value in order to receive something of similar value

facilitate correct answers A market is the sum of all buyers, sellers and products coming to
__________ exchange.

- A group of similar *products*
- A group of *people* (buyers) with similar wants or needs
- A group of *companies* (sellers) correct answers We sometimes use the word "market" to refer
to

Market Offerings correct answers Products, services, information, or experiences - offered to
satisfy a need or want

Value Proposition correct answers A set of benefits a company promises to consumers to satisfy
their needs

Marketing Myopia correct answers Paying more attention to the specific products than to the
benefits and experiences produced

Modern Marketing System correct answers Suppliers provide materials for creating products to a
company and their competitors in which marketing intermediaries advertise to consumers who in
turn buy the products from the company or its competitor.

Segmentation correct answers The art of grouping markets together according to their similar
needs, wants, preferences and other characteristics

Target Marketing correct answers Choosing a particular segment and developing a marketing
mix that will satisfy their wants and needs

Production Concept correct answers Focus on the production process, manufacturing efficiency,
ability to produce large quantities (Consumers will favor products that are available and highly
affordable)

Product Concept correct answers Focus on making the very best product possible, with features
and materials that are the most efficient to include (Consumers will favor products that offer the
most (quality, performance, and features)

Selling Concept correct answers Consumers will not buy enough of the firm's products unless the
firm undertakes a large-scale selling and promotion effort

Marketing Concept correct answers A philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do

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