Marketing 301 Exam 1 PSU Questions With Correct Answers
32 views 0 purchase
Course
MKTG 301
Institution
MKTG 301
State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) - Answer Need
Form that needs take as they are shaped by culture and individual personality - Answer Want
Wants backed by buying power - Answer Demand
Goal of any busines...
Marketing 301 Exam 1 PSU Questions With Correct
Answers
State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-
expression) - Answer Need
Form that needs take as they are shaped by culture and individual personality - Answer Want
Wants backed by buying power - Answer Demand
Goal of any business. - Answer Stay in business/Maximize revenue/Market share
Why is marketing extra important? - Answer Only major whose sole purpose/reason for being is
revenue. All others are costs.
Why study marketing? - Answer Affects life everyday, key to affect business strategies and business
models, vital to profitability and growth of business.
4 ways of thinking about marketing - Answer The production concept, the product concept, the selling
concept, the marketing concept.
The Production Concept - Answer economies of scale
The Product Concept - Answer Product Innovation
The Selling Concept - Answer Take production concept (economies of scale) one step further. High
quality/high performance. Sales reps going out and selling.
-Factory, existing products, selling and promoting, profits through sales volume
, The Marketing Concept - Answer A better understanding of yourself, your customers, your competitors,
and the environment.
Start with customer needs
-Market, customer needs, integrated marketing, profits through customer satisfaction
-Company continues to alter, adapt, and develop offerings to keep pace with customer's changing desires
and preferences.
*Not only current needs but also long-term needs of society.
Marketing Myopia - Answer short sightedness (ex: "Coolest" saw coolers not only as something to keep
drinks cold but as the center of a party.)
The process by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return. (Based on perceptions, not necessarily reality.) -
Answer Marketing
Benefits you receive for the burdens you endure. - Answer Value
Why do we care about value? - Answer -Perceived value leads to customer satisfaction.
-Satisfaction leads to customer retention.
4 types of product offerings - Answer -Physical/tangible objects (P&G)
-Services (UPS)
-Ideas ("Truth" app)
-People (Southwest Airlines)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Grademasters. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
