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BUSML 3250 Exam 1 Questions and Answers Latest Update
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BUSML 3250 Exam 1 Questions and Answers Latest Update
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BUSML 3250 Exam 1 Questions andAnswers Latest Update
In the final steps of the 5-step marketing model, companies ______. - Answer-Reap the
rewards of creating customer value
What is marketing? - Answer-A process of creating customer value
The basic concept underlying marketing is _____. - Answer-Customer needs
_______ is the act of obtaining a desired object from someone by offering something in
return - Answer-Exchange
A brand's ________ involves the set of benefits or values it promotes to deliver to
consumers - Answer-Value Proposition
The ______ concept holds that consumers will favor products that are available and
affordable - Answer-Production
Customer relationship building blocks consist of: - Answer-Customer value and
satisfaction
Although a "customer-centered" firm seeks to deliver high customer satisfaction relative
to competitors, it ______. - Answer-Does not attempt to maximize customer satisfaction
Which is the fastest-growing digital marketing platform? - Answer-Mobile Marketing
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
Te 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 corse customer and marketplace
concepts? - Answer-1. Need, wants, & demands
2. Market offerings
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
Which of the following uses a sense-and-respond philosophy to promote a customer-
centered marketing orientation? - Answer-The Market Concept
Customers such as IBM, Walmart, and Google now look beyond economic gain and, in
their marketing strategies, they also consider the well-being of customers, the depletion
of natural resources, the viability of suppliers, and the interest of the local community.
This reflects which marketing philosophy? - Answer-The Societal Marketing Concept
What are the 4 P's of Marketing - Answer-Product
Price
Place
Promotion
What is the key to building lasting customer relationships? - Answer-Creating superior
customer value and satisfaction
______ is the customers evaluation of the difference between all the benefits and all the
costs of a market offering relative to those of competing offers. - Answer-Customer-
perceived value
Which of the following is an accurate statement about building customer relationships in
the modern marketing era? - Answer-Building relationships through consumer-
generated content is expensive and takes time.
The primary goal of consistently delivering superior value is to ______. - Answer-Build
profitable customer relationship
In marketing terms, what is a market? - Answer-The set of actual and potential buyers
of a product or service.
Marketing offerings include: - Answer-Products
Services
Experiences
Te actual and potential buyers in a market share which of the following characteristics?
- Answer-They share a particular need and/or want.
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