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BUSML 3250 Exam 1 Questions and Answers Complete Solutions
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BUSML 3250 Exam 1 Questions and Answers Complete Solutions
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BUSML 3250 Exam 1 Questions andAnswers Complete Solutions
What is marketing? - Answer-The process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing Process - Answer-1st 4 steps create value for customers, last step captures
value from customers
1. Understand marketplace and customer needs and wants (Analysis)
2. Design a customer-driven marketing strategy (STP)
3. Construct an integrated marketing program that delivers superior value (4 P's)
4. Build profitable relationships and create customer delight (Execution)
5. Capture value from customers to create profits and customer equity (Execution)
Customer Needs - Answer-states of deprivation
Physical- food, clothing, warmth and safety
Social- belonging and affection
Individual- knowledge and self-expression
Customer Wants - Answer-form that needs take as they are shaped by culture and
individual personality
Customer Demands - Answer-wants backed by buying power
Market Offerings - Answer-some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Marketing Myopia - Answer-Focusing only on existing wants and losing sight of
underlying consumer needs
Market Definition - Answer-The set of actual and potential buyers of a product
Who will we serve? - Answer-Target Market
How will we serve the target market? - Answer-value proposition
4 P's- Product - Answer-The starting point of the "4 Ps"
Includes: Physical unit, Package, Warranty, Service, Brand, Image, & Value
Products can be...Tangible goods, Ideas, Services
,4 P's- Price - Answer-What a customer must give up for the product.
The most flexible of the 4 P's
Quickest to change
Competitive weapon, but easily copied
4 P's- Place (AKA Distribution) - Answer-Product availability when/where customers
want them
All activities from raw materials to finished products
Goal: Ensure products arrive in usable condition at designated places where & when
needed!
4 P's- Promotion - Answer-Role is to bring about exchanges with target markets by:
Informing, Educating, Persuading, Reminding
Any type of communication with consumers!!
Includes integration of: Personal selling, Advertising, Sales promotion, Public relations,
Online marketing (e.g., social media, company website)
Customer Satisfaction - Answer-product's perceived performance matches the buyer's
expectations
Customer Dissatisfaction - Answer-product's performance falls short of expectations
Customer Delight - Answer-performance exceeds expectation
Ultimate goal of customer relationship management - Answer-produce high customer
equity
Customer Equity - Answer-the total combined customer lifetime values of all of the
company's customers
Customer Lifetime Value - Answer-value of the entire stream of purchases a customer
makes over a lifetime of patronage
Lifetime revenue-Operating Expenses-Cost of Aquisition-Implementation & Delivery
Costs=Customer Lifetime Value
Production Concept - Answer-idea that consumers will favor products that are available
and highly affordable
Company should focus on improving production and distribution efficiency
Product Concept - Answer-consumers will favor products that offer the most quality,
performance, and features
Selling Concept - Answer-consumers won't buy enough of the firm's products unless the
firm undertakes a large-scale selling and promotion effort
, Marketing Concept - Answer-philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than the competitors do
Societal Marketing Concept - Answer-company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and
society's long-run interests
Butterflies - Answer-potentially profitable but not loyal
Strangers - Answer-low potential profitability and little projected loyalty
True Friends - Answer-both profitable and loyal
Barnacles - Answer-highly loyal but not very profitable
Customer-Driven Marketing - Answer-o Find, attract, keep, and grow target customers
by creating, delivering, and communicating superior customer value
o Who will company serve?
Market segmentation
Target marketing
o How will it serve targeted customers?
Differentiation
Positioning
Strategic Planning - Answer-the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
Steps in Strategic Planning - Answer-o Define company mission
o Set company goals and objectives
o Design business portfolio
o Plan marketing and other functional strategies
Mission Statement - Answer-o A statement of the organization's purpose- what it wants
to accomplish in the larger environment
o Organization's purpose: what it wants to accomplish in the larger environment
o What business are we in? What customers should we serve? How should we develop
the firm's capabilities and focus its efforts?
How do an organization's goals relate to its mission? - Answer-o Goals measure how
well the organization's mission is being accomplished
o Organizations set their goals/ objectives from their mission statement. "The company
needs to turn its mission statement into detailed supporting objectives for each level of
management. Each manager should have objectives and be responsible for reaching
them" (42).
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