BUSN Chapter 11 Exam Questions With Revised Answers
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Course
BUSN
Institution
BUSN
BUSN Chapter 11 Exam Questions With
Revised Answers
What's the ultimate benefit that businesses seek from marketing? - answerLong-term
profitability
Define marketing - answerAn organizational function and a set of processes for creating,
communications, and delivering value to customers and fo...
BUSN Chapter 11 Exam Questions With
Revised Answers
What's the ultimate benefit that businesses seek from marketing? - answer✔✔Long-term
profitability
Define marketing - answer✔✔An organizational function and a set of processes for creating,
communications, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders.
True or false: a successful marketer delivers value by filling customer needs in ways that exceed
their expectations. - answer✔✔True
define utility - answer✔✔the ability of goods and services to satisfy consumer "wants."
Define form utility - answer✔✔Satisfies wants by converting inputs into a finished form
Define time utility - answer✔✔satisfies wants by providing goods and services at a convenient
time for customers
Define place utility - answer✔✔satisfies wants by providing goods and services at a convenient
place for customers
define ownership utility - answer✔✔satisfies wants by smoothly transferring ownership of goods
and services from seller to buyer.
True or false: nonprofit organizations employ more people than the federal government and all
50 state governments combined. - answer✔✔True
What are the four main types of marketing? - answer✔✔1. people marketing - sports, politics,
and art dominate this category. Start by figuring out what your customer needs and then ensure
that your product delivers above and beyond expectations
2. place marketing - drawing people to a particular place. cities/states use it to attract businesses
and tourists
3. event marketing - includes marketing or sponsoring of athletic, cultural or charitable events.
Partnerships bt public and private sectors are common.
4. idea marketing - range of public and private organizations market ideas that are meant to
change how people think or act. Ex. recycle, don't drink and drive, etc.
What are the four main eras and briefly explain - answer✔✔1. production era - top business
priority was to produce large quantities of goods as efficiently as possible
2. selling era - supply exceeded demand
3. marketing era - delivering unmatched value to customers is the only effective way to achieve
long-term profitability
4. relationship era - era today. zeros in on long-term customer relationships
Define marketing concept - answer✔✔A business philosophy that makes customer satisfaction -
now and in the future - the central focus of the entire organization
Define customer relationship marketing (crm) - answer✔✔The ongoing process of acquiring,
maintaining, and growing profitable customer relationships by delivering unmatched value.
When does CRM work best? - answer✔✔when marketers combine marketing communication
with one-on-one personalization
What is an integral part of the CRM process? - answer✔✔information. You can't do CRM
without collecting, managing, and applying the right data at the right time for the right person.
What does the scope of your relationships depend on? - answer✔✔Not just on the data you
gather but also on your industry
When are you more likely to pursue a full partnership with each of your key clients? -
answer✔✔When you have a high-ticket product and a smaller customer base
Define value - answer✔✔A customer perception that a product has a better relationship than its
competitors between the cost and the benefits
True or false: low cost always means high value to consumers - answer✔✔False.
You know you've satisfied your customers when you deliver ____ value above and beyond their
______ - answer✔✔perceived; expectations
Define customer satisfaction - answer✔✔When customers perceive that a good or service
delivers value above and beyond their expectations
What two traps to less savvy marketers frequently fall into? - answer✔✔1. overpromising
2. underpromising
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