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MKT 300 Exam 1 Questions And Accurate Answers Graded A+
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MKT 300 Exam 1 Questions And AccurateAnswers Graded A+
Customer Focused
Interested in or concentration on what the customer really wants
why companies should define themselves by the benefits they offer rather than by the
products they sell
*Customer Centric*: It matches customer needs and desires.
*Differentiation*: It sets you apart in a crowded marketplace.
*Long-term loyalty*: Companies can build long-term relationships.
*Flexibility: *It allows for innovation and adaptation.
*Deeper Emotional Connection*: It taps into deeper customer motivations.
*Sustainable Competitive Advantage*: Benefits endure; products do not.
Why part of our brains is the mesolimbic dopamine system - which makes it so difficult to
keep a consistent customer focus?
it's like reward system in the brain. Increased activity occurs here when experiencing
pleasureful things. It's hard to keep a consistent customer focus because usually this is
like a short term reward system and everybody's focus on what triggers it is different.
The four elements - P's - of marketing mix
Product, Price, Place, and Promotion
Product
Distinctive mixture of goods, services, or ideas that a firm offers to the marketplace. The
1st thing that is considered.
Price
The amount of something (money, time, or effort) that a buyer surrenders to a seller in
exchange for a product. Most flexible and easiest to change.
Place/Distribution
The includes everything done by an organization to make its product accessible to its
, prospective consumers. The products need to be distributed to the customers at a
location from where they can easily access them to buy and use. Place includes
location, distribution, inventory management, and where they are placed within a store.
Promotion
Includes all activities that help in communicating and persuading the customer about
the value of a product.
Which of the 4 P's are easiest to change
Price or promotion
Which of the 4 P's are the hardest to change
probably the place(distribution) or the product.
What are the 4 dimensions of Corporate Social Responsibility
1. economic
2. legal
3. ethical
4. Philanthropic
Corporate Social Responsibility
refers to an organization's obligation to maximize its positive impact and minimize its
negative impact on society
economic dimension of CSR
For-profit firms have an obligation to their stakeholders to be profitable
Legal dimension of CSR
Companies are required to take a conscious effort to know and operate within the laws
and regulations of the communities they belong to, this will mean compliance to the
various sets of laws, including federal, state and local laws; for companies operating
outside their country of origin, foreign laws have also to be observed.
Ethical Dimension of CSR -
Marketers are responsible to be held accountable and making ethical decisions.
Marketers who identify ethical issues and see how it will affect their firms stakeholders
are more likely to make the right decision and be successful.
Philanthropic Dimension of CSR
Marketers must ensure they contribute to the community. It is the right thing to do, but
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