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Exam (elaborations)

BUSML 3250 Chapter 1 Exam Questions and Answers

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  • Course
  • BUSML 3250
  • Institution
  • BUSML 3250

BUSML 3250 Chapter 1 Exam Questions and Answers

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  • October 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
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BUSML 3250 Chapter 1 Exam Questions
and Answers
To create and capture customer value, companies must engage the first step of the
marketing process, which is __________. - Answer-understand the marketplace and
customer needs and wants

Marketing was once understood in the sense of making a sale. Today, marketing is
understood in the new sense of __________. - Answer-satisfying customer needs

The key element of successful marketing today is to __________. - Answer-create
value

What is the final step in the marketing process? - Answer-Capture value from
customers.

Engaging customers and managing profitable customer relationships is the simplest
definition of ________. - Answer-marketing

You are thirsty and decide to have an iced tea. Your thirst is a ________ and your
choice of iced tea is a ________. - Answer-need; want

Which of the following correctly identifies the five core customer and marketplace
concepts? - Answer-1. Needs, wants, demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Market

The primary goal of consistently delivering superior value is to ________. - Answer-
build profitable customer relationships

In marketing terms, what is a market? - Answer-The set of actual and potential buyers
of a product or service

Market offerings include ________. - Answer-products, services, and experiences

The actual and potential buyers in a market share which of the following characteristics?
- Answer-They share a particular need and/or want.

The first step to a successful value-driven marketing strategy is to determine whom to
serve with a market offering. To make this decision, marketers engage in which two
activities? - Answer-Segmenting and targeting

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