MKTG 3340 EXAM 1 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
What is marketing? - answers - the management process involved in identifying,
anticipating, and satisfying customer wants profitably
What are the 2 goals of marketing? - answers - 1. Discover (assess) the needs and
wants of prospective customers
2. Satisfy these needs & wants through exchange (each are better off after exchange)
What are the 4 requirements for marketing to occur? - answers - 1. Two or more parties
with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
What are the 4 p's/controllable factors in solving a marketing mix/program? - answers -
1. Product
2. Place
3. Price
4. Promotion
Customer is in center
What are uncontrollable factors in solving a marketing program/mix? - answers -
competitive forces, regulatory forces, social forces, economic forces, technological
forces
What is customer value proposition? - answers - what are we promising the customer?
What is their benefit?
What are key marketing issue? - answers - - retain customer loyalty
- manage customer relationships effectively
- redefine the term "go shopping"
- does this marketing action payout?
- consumer engagement in an ever-changing digital world
What is customer value? - answers - benefits received by buyers that includes quality,
convenience, on-time delivery, and both before-sale & after-sale service at a specific
price
How to manage customer relationships effectively? - answers - - one-to-one marketing
opportunities, datamining, customer relationship marketing
, What does it mean redefine the term "go shopping" - answers - shoppertainment,
adding hands on testing, in person experience
What is the evolution of customer relationship era? - answers - production concept >
product concept > selling concept > marketing concept
What is production concept? - answers - high distribution, low costs (ex: ford's factory
line)
What is product concept? - answers - focus on producing better products to attract new
customers ("if you build it, they will come")
What is selling concept? - answers - shove ads down consumers throats & hope they
will eventually buy it; commonly used for unsold goods
What is marketing concept? - answers - assess & satisfy consumer wants and needs
more effectively/efficiently
What 4 pillars does the marketing concept rest on? - answers - - target market (one or
more specific groups of potential consumers toward which a company will direct its
marketing program)
- customer needs
- internal marketing (hiring, training, motivating employees to want to serve customers
well)
- profitability
What is market orientation? - answers - customer focus - firm focuses on constantly
collecting info on consumers and using this info to generate sales
What is customer relationship? - answers - firms seek continuously to satisfy the high
expectations of customers
What is customer relationship management? - answers - identifying future customers,
understanding them, and developing long-term perceptions of the firm so that
customers will continue to choose them
What is customer experience - answers - - internal response that customers have to an
organization through direct/indirect contact
- ex: able to get the same product elsewhere but like the feel/service of one place
What are 3 considerations in setting marketing policies - answers - - consumers wants
& satisfactions
- company profits
- public interest
ACCURATE ANSWERS
What is marketing? - answers - the management process involved in identifying,
anticipating, and satisfying customer wants profitably
What are the 2 goals of marketing? - answers - 1. Discover (assess) the needs and
wants of prospective customers
2. Satisfy these needs & wants through exchange (each are better off after exchange)
What are the 4 requirements for marketing to occur? - answers - 1. Two or more parties
with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
What are the 4 p's/controllable factors in solving a marketing mix/program? - answers -
1. Product
2. Place
3. Price
4. Promotion
Customer is in center
What are uncontrollable factors in solving a marketing program/mix? - answers -
competitive forces, regulatory forces, social forces, economic forces, technological
forces
What is customer value proposition? - answers - what are we promising the customer?
What is their benefit?
What are key marketing issue? - answers - - retain customer loyalty
- manage customer relationships effectively
- redefine the term "go shopping"
- does this marketing action payout?
- consumer engagement in an ever-changing digital world
What is customer value? - answers - benefits received by buyers that includes quality,
convenience, on-time delivery, and both before-sale & after-sale service at a specific
price
How to manage customer relationships effectively? - answers - - one-to-one marketing
opportunities, datamining, customer relationship marketing
, What does it mean redefine the term "go shopping" - answers - shoppertainment,
adding hands on testing, in person experience
What is the evolution of customer relationship era? - answers - production concept >
product concept > selling concept > marketing concept
What is production concept? - answers - high distribution, low costs (ex: ford's factory
line)
What is product concept? - answers - focus on producing better products to attract new
customers ("if you build it, they will come")
What is selling concept? - answers - shove ads down consumers throats & hope they
will eventually buy it; commonly used for unsold goods
What is marketing concept? - answers - assess & satisfy consumer wants and needs
more effectively/efficiently
What 4 pillars does the marketing concept rest on? - answers - - target market (one or
more specific groups of potential consumers toward which a company will direct its
marketing program)
- customer needs
- internal marketing (hiring, training, motivating employees to want to serve customers
well)
- profitability
What is market orientation? - answers - customer focus - firm focuses on constantly
collecting info on consumers and using this info to generate sales
What is customer relationship? - answers - firms seek continuously to satisfy the high
expectations of customers
What is customer relationship management? - answers - identifying future customers,
understanding them, and developing long-term perceptions of the firm so that
customers will continue to choose them
What is customer experience - answers - - internal response that customers have to an
organization through direct/indirect contact
- ex: able to get the same product elsewhere but like the feel/service of one place
What are 3 considerations in setting marketing policies - answers - - consumers wants
& satisfactions
- company profits
- public interest
