1
hft4502 test 1 Questions with Correct Answers |
Updated (100% Correct Answers)
Best definition of marketing Answer: the science of exchange
IMC (integrated marketing communications) Answer: conscious use of all
marketing mix elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) Answer: 1.
identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs Answer: a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger in
china
wants Answer: needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands Answer: given unlimited wants and limited resources, consumers must
make choices.
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, 2
-these choices are the essence of the demand function
product Answer: anything offered to market to satisfy want/need
types of market offerings/products Answer: -tangible
-service
-experience
-information
value proposition Answer: the set of benefits or values that a market offering
promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same need
as you
customer value Answer: difference between benefits and costs of obtaining
product
delight Answer: expectation < value
dissatisfied Answer: expectation > value
type of transactions Answer: -discrete
-continuous
discrete transaction Answer: individually separate and distinct (opposite of
continuous)
© 2026 All rights reserved
hft4502 test 1 Questions with Correct Answers |
Updated (100% Correct Answers)
Best definition of marketing Answer: the science of exchange
IMC (integrated marketing communications) Answer: conscious use of all
marketing mix elements to promote a unified image of a company or brand
marketing process (question may be which of the following is not) Answer: 1.
identify/understand need
2. once understood, make marketing strategy that meets need
3. constructs a marketing strategy that delivers SUPERIOR value
4.build profitable relationships and create customer delight
5. capture value from customers to create profit and customer equity
needs Answer: a state of deprivation (NOT invented by marketers
ex: food/hunger: hungry and need food in US is the same feeling as hunger in
china
wants Answer: needs that are influenced by culture and personality
ex: you're getting chick fil a but in china they're not, they're not convinced
demands Answer: given unlimited wants and limited resources, consumers must
make choices.
© 2026 All rights reserved
, 2
-these choices are the essence of the demand function
product Answer: anything offered to market to satisfy want/need
types of market offerings/products Answer: -tangible
-service
-experience
-information
value proposition Answer: the set of benefits or values that a market offering
promises to deliver to consumers to meet their wants/needs
- what differentiates you from organizations that are trying to fill the same need
as you
customer value Answer: difference between benefits and costs of obtaining
product
delight Answer: expectation < value
dissatisfied Answer: expectation > value
type of transactions Answer: -discrete
-continuous
discrete transaction Answer: individually separate and distinct (opposite of
continuous)
© 2026 All rights reserved
