MKTG 396 Midterm review questions 2023 with correct answers
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Course
MKTG 396
Institution
MKTG 396
Marketing
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Needs
are states of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety; social needs for be...
MKTG 396 Midterm review
Marketingcorrect answerthe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Needscorrect answerare states of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression
Wantscorrect answerare from human needs take as they are shaped by culture and individual personality. Wants are shaped by one's society and are described in terms of objects that will satisfy those needs.
Demandscorrect answerWhen backed by buying power wants become demands. Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction
Market Offeringscorrect answerA combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketcorrect answerIs the set and potential buyers of a product or service
Marketing Managementcorrect answerThe art and science of choosing target markets and building profitable relationships with them
Production conceptcorrect answerIs the idea that consumers will favour products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
Product Conceptcorrect answerThe idea that consumers will favour products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continual product improvements Selling Conceptcorrect answerThe idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
Marketing Conceptcorrect answerA 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
Societal Marketing Conceptcorrect answerThe idea that a company's marketing decisions should consider consumers' wants, the company requirements, consumers' long-run interests, and society's long-run interests
Customer Relationship Managementcorrect answerIs the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer-Perceived Valuecorrect answerThe customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
Customer Satisfactioncorrect answerThe extent to which a product's perceived performance matches a buyer's expectations
Customer-Engagement Marketingcorrect answerMaking the brand a meaningful part of consumers' conversations and lives by fostering direct and continual customer involvement in shaping brand conversations, experiences, and community
Consumer-generated Marketingcorrect answerWhere brand exchanges created by consumers themselves by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
Partner Relationship Managementcorrect answerWhich is working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Customer Lifetime Valuecorrect answerWhich is the value of the entire stream of purchases a customer makes over a lifetime of patronage
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