FOXMAN MARKETING 3340 EXAM 1 QUESTIONS WITH
VERIFIED ACCURATE ANSWERS
What elements are necessary for marketing to occur? - Answers - 1) Two or more
parties with unsatisfied needs
2) The desire/ability to satisfy those needs
3) A way for the parties to communicate
4) Some sort of exchange
What are the goals of marketing? - Answers - -Discover/assess the needs/wants of
prospective customers
-Satisfy those needs and wants through exchanges
e.x. buy SEC championship tickets --> exchanging money for the experience
4 P's of Marketing - Answers - Product, place, price, promotion (customer at the center)
1. What do customers want or need? --> People
2. How much should customers pay? --> Price
3. How will we get it to the customers? --> Place
4. How will we communicate w/ customers? ---> Promotion
Customer Value Proposition - Answers - Promise to target customer of the value of your
product/service
usually communicates: 1. the problem you solve 2. the benefits of your product of
service 3. why you are better than competition. e.x. Target Slogan: "Expect More. Pay
Less."
Marketing Concept - Answers - Assess and satisfy customer wants and needs more
effectively/efficiently than competitors while trying to achieve the organizations
objectives
4 Main Pillars:
1) Target Market
2) Customer Needs
3) Internal Marketing - hiring, training, motivating employees to want to serve customers
well
4) Profitability
"Consumers will buy a product or service that they perceive is of value to them"
Societal Marketing Concept - Answers - Marketers must balance consumer wants,
company profits, and societal interests when setting their marketing policies
, Example: Patagonia manufactures many of its products with polyester made from
recycled plastic bottles. In addition, Patagonia's Common Threads Initiative encourages
its customers to repair, trade, and eventually recycle all of its products. Patagonia says,
"One of the most responsible things we can do as a company is to make high-quality
stuff that lasts for years and can be repaired, so you don't have to buy more of it."
Consumer Insights - Answers - People say that they don't want ice cream but then they
go to the store and buy it.
- what people say that are going to do is very different than what they actually do
History - Answers - 1950-1980's: Brands understood customers by using research
principles borrowed from social sciences
Then big data, the Internet of Things (IOT), and mobile and smart phone technology
began to be used as well
Market Orientation - Answers - Customer focus - firm focuses on constantly collecting
info on consumers/competitors and using this info to create customer value
Customer Relationship - Answers - firm seeks continuously to satisfy the high
expectations of customers
Customer Relationship Management (CRM) - Answers - Combo of branding and
studying potential buyers
- id potential buyers, understand them, develop favorable long term perceptions of the
organization and its offerings so buyers will choose them in the marketplace
Customer Value - Answers - Combo of product quality, on-time delivery, and
before/after-sale service
Customer Experience - Answers - response of customer to aspects of the organization
- both indirect and direct
Direct: Personal Experience
- example: Starbucks --> selling the ambiance of the store, want that lifetime customer
Indirect: Word of Mouth
- friends telling each other about their experiences, hearing about a company on the
news, etc.
Trader Joes: one of America's favorite supermarket chains - Fortune Magazine wrote,
"Trader Joe's is no ordinary grocery chain. It's an offbeat, fun discovery zone that
elevates food shopping from a chore to a cultural experience.".....
- have low prices (offers its own brand)
VERIFIED ACCURATE ANSWERS
What elements are necessary for marketing to occur? - Answers - 1) Two or more
parties with unsatisfied needs
2) The desire/ability to satisfy those needs
3) A way for the parties to communicate
4) Some sort of exchange
What are the goals of marketing? - Answers - -Discover/assess the needs/wants of
prospective customers
-Satisfy those needs and wants through exchanges
e.x. buy SEC championship tickets --> exchanging money for the experience
4 P's of Marketing - Answers - Product, place, price, promotion (customer at the center)
1. What do customers want or need? --> People
2. How much should customers pay? --> Price
3. How will we get it to the customers? --> Place
4. How will we communicate w/ customers? ---> Promotion
Customer Value Proposition - Answers - Promise to target customer of the value of your
product/service
usually communicates: 1. the problem you solve 2. the benefits of your product of
service 3. why you are better than competition. e.x. Target Slogan: "Expect More. Pay
Less."
Marketing Concept - Answers - Assess and satisfy customer wants and needs more
effectively/efficiently than competitors while trying to achieve the organizations
objectives
4 Main Pillars:
1) Target Market
2) Customer Needs
3) Internal Marketing - hiring, training, motivating employees to want to serve customers
well
4) Profitability
"Consumers will buy a product or service that they perceive is of value to them"
Societal Marketing Concept - Answers - Marketers must balance consumer wants,
company profits, and societal interests when setting their marketing policies
, Example: Patagonia manufactures many of its products with polyester made from
recycled plastic bottles. In addition, Patagonia's Common Threads Initiative encourages
its customers to repair, trade, and eventually recycle all of its products. Patagonia says,
"One of the most responsible things we can do as a company is to make high-quality
stuff that lasts for years and can be repaired, so you don't have to buy more of it."
Consumer Insights - Answers - People say that they don't want ice cream but then they
go to the store and buy it.
- what people say that are going to do is very different than what they actually do
History - Answers - 1950-1980's: Brands understood customers by using research
principles borrowed from social sciences
Then big data, the Internet of Things (IOT), and mobile and smart phone technology
began to be used as well
Market Orientation - Answers - Customer focus - firm focuses on constantly collecting
info on consumers/competitors and using this info to create customer value
Customer Relationship - Answers - firm seeks continuously to satisfy the high
expectations of customers
Customer Relationship Management (CRM) - Answers - Combo of branding and
studying potential buyers
- id potential buyers, understand them, develop favorable long term perceptions of the
organization and its offerings so buyers will choose them in the marketplace
Customer Value - Answers - Combo of product quality, on-time delivery, and
before/after-sale service
Customer Experience - Answers - response of customer to aspects of the organization
- both indirect and direct
Direct: Personal Experience
- example: Starbucks --> selling the ambiance of the store, want that lifetime customer
Indirect: Word of Mouth
- friends telling each other about their experiences, hearing about a company on the
news, etc.
Trader Joes: one of America's favorite supermarket chains - Fortune Magazine wrote,
"Trader Joe's is no ordinary grocery chain. It's an offbeat, fun discovery zone that
elevates food shopping from a chore to a cultural experience.".....
- have low prices (offers its own brand)
