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MKTG 3310 test 1 || with Error-free Solutions.
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  • MKTG 3310

Who determines the value of a product? correct answers The Customers If companies don't determine value, what do they do? correct answers They offer product propositions- A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. Valu...

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  • August 23, 2024
  • 11
  • 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 test 1 || with Error-free Solutions.
Who determines the value of a product? correct answers The Customers

If companies don't determine value, what do they do? correct answers They offer product
propositions- A brand's value proposition is the set of benefits or values it promises to deliver to
consumers to satisfy their needs. Value propositions answer the customer's question: "Why
should I buy your brand rather than a competitor's?"

The customers evaluation of the difference between all the benefits and all the costs of a
marketing offering relative to those of competing offers. (What you get) - (what you give)
correct answers Customer perceived value

A pleasurable fulfillment response to a consumption experience. correct answers Satisfaction

How is satisfaction determined? What does this tell us about McDonald's? correct answers It is
driven by disconfirmation, You can go into a place (like McDonalds) with low expectations and
the company meets it, then you'll leave satisfied

What is the ACSI and why does it matter? correct answers ACSI is American Customer
Satisfaction Index and it matters because it shows the satisfaction of different companies

The set of actual and potential buyers of a product

Buyers= people with both the desire and ability to buy a specific offering correct answers market

Is there such a thing as an Auburn target market? Why or why not? correct answers No, because
the way we define marketing every-one customer has their won demands, needs and wants

Do markets share a common need or want? correct answers no, the value of the product is
determined by the customer and is wanted or needed by the value they put in it

What does the definition of a market tell us about Chik-Fil-A's customer satisfaction in relation
to the LGBTQ controversy? correct answers Chick Fil A has the best rated quality food, along
with great customer service. People who aren't happy with Chick Fil A such as those affected by
the LGBTQ controversy aren't rated because they haven't attended in the last 6 months, so they
are no longer apart of the market for Chick Fil A

What is the unique contribution of marketing to a firm? correct answers It can enhance
competition and increase sales

acquire cash flows from customers. Stimulate demand and evaluate and manage customer value

resource of customers
customer advertising
loyalty

, development of new products

The art and science of co-creating value correct answers Marketing

Why is marketing an art and science? correct answers • It is a science because the data is proven
• It is an art because figuring when the science doesn't hold there is a change

What do I mean when I say marketing is a philosophy, a discipline, a unit, and a set of activities?
correct answers It's a business philosophy (marketing concept)

discipline (marketing ideas)

unit (marketing department)

a set of business activities (market research, etc.)

How would you answer the statements that marketing is advertising, snot necessary, selling more
things to more people..., or the devil? correct answers It is necessary for all businesses- it is
managing customer relationship

• Can be true, for luxury brands selling more things isn't a good thing for the brand; truth
campaign: wanted to reduce the usage of cigarettes

Achieving the organizations goals depend on knowing the needs and wants of target markets and
delivering the desired satisfactions better then competitors do. correct answers the marketing
concept

What are the different concepts that compete with the marketing concept? correct answers
Selling
production
product
societal marketing
shareholder concept

Holds that consumers will not buy enough of the firms products unless it undertakes a large-scale
selling and promotion effort. The selling concept is typically practiced with unsought goods -
those that buyers do not normally think of buying, such as life insurance or blood donations
correct answers Selling concept

Holds that consumers will favor products that are available and highly affordable; therefore, the
organization should focus on improving production and distribution efficiency. One of the oldest
orientations that guides sellers correct answers Production concept

Holds that consumers will favor products that offer the most in quality, performance, and
innovative features; therefore, the organization should devote its energy to making continuous
product improvements correct answers Product concept

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