MBA 650 Exam 1 || with 100% Correct Answers.
- financial success often depends on marketing ability
- success marketing builds demand for products and services, which, in turn, creates jobs correct
answers the value of marketing
to be a marketer, you need to understand what marketing is, how it works, who does it, and what
is marketed correct answers the scope of marketing
is 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 correct
answers marketing
the art and science of choosing target markets and getting, keeping, and growing customers
through creating, delivering, and communicating superior customer value correct answers
marketing management
What is marketed? (10 main types) correct answers goods, services, events, experiences, persons,
places, properties, organizations, information, ideas
____________ is someone who seeks a response—attention, a purchase, a vote, a donation—
from another party, called the _____________ correct answers marketer, prospect
the diet-seeking market correct answers need markets
the shoe market correct answers product markets
the "millennium" youth market correct answers demographic markets
the Chinese market correct answers geographic markets
What are the four key customer markets? correct answers consumer, business, global, nonprofit
the basic human requirements such as for air, food, water, clothing, and shelter correct answers
needs
specific objects that might satisfy the need; shape society correct answers wants
wants for specific products backed by an ability to pay correct answers demands
the customer wants an inexpensive car correct answers stated needs
the customer wants a car whose operating cost, not initial price is low correct answers real needs
the customer expects good service from the dealer correct answers unstated needs
, the customer would like the dealer to include an onboard GPS system correct answers delight
needs
the customer wants friends to see him or her as a savvy consumer correct answers secret needs
marketers identify distinct segments of buyers by identifying demographic, psychographic, and
behavioral differences between them - they then decide which segment(s) present the greatest
opportunities correct answers target markets
for each of these target markets, the firm develops a __________________ that it __________ in
target buyers' minds as delivering some key benefit(s) correct answers market offering, positions
a set of benefits that satisfy those needs correct answers value proposition
a combination of products, services, information, and experiences correct answers offerings
an offering from a known source correct answers brands
deliver and receive messages from target buyers and include newspapers, magazines, radio,
television, mail, telephone, smart phone, billboards, posters, fliers, CDs, audiotapes, and the
Internet correct answers communication channels
help display, sell, or deliver the physical product or service(s) to the buyer or user correct
answers distribution channels
to carry out transactions with potential buyers, the marketer also uses these marketing channels
that include warehouses, transportation companies, banks, and insurance companies correct
answers service channels
allow marketers to show their ad or brand for a fee (TV, magazine and display ads, paid search,
and sponsorships) correct answers paid media
are communication channels marketers actually own (a company or brand brochure, web site,
blog, facebook page, or twitter account) correct answers owned media
are streams in which consumers, the press, or other outsiders voluntarily communicate something
about the brand (word of mouth, buzz, or viral marketing) correct answers earned media
occur when consumers view a communication, are a useful metric for tracking the scope or
breadth of a communication's reach that can also be compared across all communication types
(the downside: don't provide any insight into the results of communication types) correct answers
impressions
the extent of a customer's attention and active involvement with a communication, which is more
likely to create value for the firm (online measures: Facebook "likes", Twitter tweets, comments
on a blog or Web site, sharing of video or other content) correct answers engagement
