Exam (elaborations)
Marketing Exam 1 (Ch 1 - 6) With Complete Solutions Latest Update
Marketing Exam 1 (Ch 1 - 6) With Complete Solutions Latest Update
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Marketing Exam 1 (Ch 1 - 6) With CompleteSolutions Latest Update
What is marketing? - correct answers Marketing is a process by which companies
create value for customers and build strong customer relationships to capture
value from customers in return
What are needs? - correct answers Needs are states of deprivation
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
What are wants? - correct answers Wants are the form that needs take as they are
shaped by culture and individual personality
What are demands? - correct answers Demands are wants backed by buying
power
What is an exchange? - correct answers A exchange is the act of obtaining a
desired object from someone by offering something in return
Marketers want to build and maintain strong _______________ by consistently
delivering superior customer value. - correct answers Relationships
,What are market offerings? - correct answers Market offerings are some
combination of products, services, information, or experiences offered to a market
to satisfy a need or want
What are markets? - correct answers Markets are the set of actual and potential
buyers of a product
Elements of a Marketing System - correct answers Supplier --> Company
(marketer), Competitors --> Marketing Intermediaries --> End Users
What is marketing management? - correct answers Marketing management is the
art and science of choosing target markets and building profitable relationships
with them
What is marketing segmentation? - correct answers Market segmentation refers to
dividing the markets into segments of customers
What is target marketing? - correct answers Target marketing refers to which
segments to go after
What is demarketing? - correct answers Demarketing is marketing to reduce
demand temporarily or permanently; the aim is not to destroy demand but to
reduce or shift it.
, What is a value proposition? - correct answers The value proposition is the set of
benefits or values a company promises to deliver to customers to satisfy their
needs
List some of the Marketing Management Orientations - correct answers
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
What is the production concept? - correct answers Production concept is the idea
that consumers will favor products that are available or highly affordable
What is the product concept? - correct answers Product concept is the idea that
consumers will favor products that offer the most quality, performance, and
features that the organization should therefore devote its energy to making
continuous improvements
What is the selling concept? - correct answers Selling concept is the idea that
consumers will not buy enough of the firm's products unless it undertakes a large
scale selling and promotion effort
What is the marketing concept? - correct answers Marketing concept is the idea
that achieving organizational goals depends on knowing the needs and wants of
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