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COB 300D TEST 1 QUESTIONS AND ANSWERS
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COB 300D TEST 1 QUESTIONS AND ANSWERS
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COB 300D TEST 1 QUESTIONS ANDANSWERS
marketing - CORRECT ANSWER- k k k
the process of creating, distributing, promoting, and pricing good
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s, services, and ideas to facilitate satisfying exchange relationshi
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ps with customers and to develop and maintain favorable relation
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ships with stakeholders in a dynamic environment
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Marketing Process - CORRECT ANSWER- k k k k
1. Understand the marketplace
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2. Design a marketing strategy
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3. Build and program to deliver value
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4. Manage Customer Relationships
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5. Capture value from customers
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Target Market - CORRECT ANSWER-
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a specific group of customers on whom an organization focuses it
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s marketing efforts
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Exchange - CORRECT ANSWER- k k k
The provision or transfer of goods, services, or ideas in return for
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something of value k k
Conditions that must exist for an exchange -k k k k k k k
CORRECT ANSWER-
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1. Two or more participants who possess something the other wa
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nts
2. Exchange provides benefit to both parties
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3. Confidence in promise of something of value
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4. Both parties meet expectations
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,Value - CORRECT ANSWER-
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Customer Benefits outweigh customer costs
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Marketing Mix - CORRECT ANSWER- k k k k
The activities that a firm can control to meet the needs of its target
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customers (Product, Price, Distribution, Promotion)
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Product - CORRECT ANSWER-Goods, Services, Ideas
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Distribution - CORRECT ANSWER- k k k
Availability of products at the right time in the appropriate location
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s
Promotion - CORRECT ANSWER- k k k
activities used to inform and persuade to create a desired respon
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se
price - CORRECT ANSWER-
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relates to decision and actions associated with pricing objectives
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and policies as well as actual product prices, impacts customers'
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perception of value k k
Marketers must... - CORRECT ANSWER- k k k k
Match needs of customers in target market, monitor competition
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and adapt, collect up to date info
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External forces impact marketing by... - CORRECT ANSWER-
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Impacting customer's lifestyles and standard of living, alters buye
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rs' reactions to the marketing mix
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External forces are... - CORRECT ANSWER-
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closely interrelated, can produce uncertainty, are hard to control
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Evolution of marketing - CORRECT ANSWER-
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1. Product orientation
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2. Sales orientation
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3. market orientation
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, 4. relationship orientation
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fundamental goal of marketing - CORRECT ANSWER- k k k k k k
achieving the full profit potential of each customer relationship
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relationship marketing - CORRECT ANSWER- k k k k
long term mutually beneficial arrangements, focus on value enha
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ncement, more satisfying exchanges k k k
Customer Relationship Management - CORRECT ANSWER-
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builds and sustains desirable customer relationships through the
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use of marketing research and IT
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Customer Lifetime Value - CORRECT ANSWER- k k k k k
Stream of purchases that would occur over a lifetime of patronag
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e- 5-25 times more expensive to acquire new customers
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strategic marketing management - CORRECT ANSWER-
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the process of planning, implementing, and evaluating the perfor
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mance of marketing activities and strategies in terms of effectiven
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ess and efficiency
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effectiveness - CORRECT ANSWER-degree to which long- k k k k k k
term customer relationships help achieve an organization's objec
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tives
efficiency - CORRECT ANSWER- k k k
refers to minimizing the resources an organization uses to achiev
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e a specific level or desired customer relationships
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business strategy - CORRECT ANSWER- k k k k
provides a framework for action across all parts of a company, en
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sures a fit across a company's goals, capabilities, and the market
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place
strategic planning - CORRECT ANSWER- k k k k
process of developing and maintaining a strategic fit between the
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