MKTG 3600 Final Review UPDATED Questions and CORRECT Answers
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Course
MKTG 3600
Institution
MKTG 3600
MKTG 3600 Final Review UPDATED
Questions and CORRECT Answers
___ is the set of actual and potential buyers of a product - CORRECT ANSWER- a
market
___ is the set of benefits a company promises to deliver to its consumers to satisfy their
needs. - CORRECT ANSWER- the value proposition
Accor...
MKTG 3600 Final Review UPDATED
Questions and CORRECT Answers
___ is the set of actual and potential buyers of a product - CORRECT ANSWER✔✔- a
market
___ is the set of benefits a company promises to deliver to its consumers to satisfy their
needs. - CORRECT ANSWER✔✔- the value proposition
According to the five-step model of the marketing process, a company needs to ___ before
designing a customer-driven marketing strategy. - CORRECT ANSWER✔✔- understand the
market place and customer needs and wants
The product concept says that a company should ___. - CORRECT ANSWER✔✔- Devote its
energy to making continuous product improvements
A customer will buy from the company that offers the highest ___. - CORRECT
ANSWER✔✔- customer perceived value
The set of marketing tools a firm uses to implement its marketing strategy is called the ___. -
CORRECT ANSWER✔✔- marketing mix
Provides the consumer with information about unit pricing, open dating, and nutritional info.
- CORRECT ANSWER✔✔- labeling
Involves designing and producing the container or outside structure of a product - CORRECT
ANSWER✔✔- packaging
consists of all the product lines and items that a particular seller offers for sale - CORRECT
ANSWER✔✔- product mix
Developing a product involves defining the benefits that it will offer. These benefits are
communicated and delivered by ___ such as quality, features, style, and design. - CORRECT
ANSWER✔✔- product attributes
, Products exist on three levels. The most basic level is the ___, which addresses the question,
"What is the buyer really buying?" - CORRECT ANSWER✔✔- core customer value
While advertising campaigns can help to create name recognition, brand knowledge, and
even some brand preference, brands are not maintained by advertising by the customer's ___.
- CORRECT ANSWER✔✔- brand experience
A ___ is a name, term, sign, symbol, design, or a combo of these, that identifies the maker or
seller of a product or service - CORRECT ANSWER✔✔- brand
To differentiate themselves or stand out from their competitors, many companies go beyond
offering products and services - they are also developing and delivering customer ____. -
CORRECT ANSWER✔✔- experiences
A ___ is defined as anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need. - CORRECT ANSWER✔✔- product
___ means that services cannot be separated from their providers, whether the providers are
people or machines. - CORRECT ANSWER✔✔- service inseparability
Product improvements, product modifications, and original products can all be classified as
___. - CORRECT ANSWER✔✔- new products
New product development starts with ___. - CORRECT ANSWER✔✔- idea generation
According to the text, which of the following is perhaps the most important external source of
new product ideas? - CORRECT ANSWER✔✔- Customers
The major purpose of test marketing is to provide management with the information needed
to make a final decision about ___. - CORRECT ANSWER✔✔- whether to launch the new
product
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