WMU MARKETING 2500 EXAM 2
QUESTIONS COMPLETE WITH VERIFIED
ANSWERS
\.what is marketing? - ANSWERS✔-definition off slides: a social and managerial
process by which individuals and groups obtain what they need and want through
creating and exchanging products and value with another
book definition: process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
\.what is a market? - ANSWERS✔-the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
\.what did economists use the term "market" to describe? - ANSWERS✔-a
collection of buyers and sellers in particular product class (i.e. housing and grain)
\.marketing management orientations - ANSWERS✔-production, selling, societal
marketing, marketing, product concepts
\.production concept - ANSWERS✔-consumers favor products that are available
and highly affordable, management should focus on improving production and
distribution efficiency (2 situations this is most useful is demand exceeds supply &
product cost is too high)
,\.product concept - ANSWERS✔-customers favor products that offer the most in
quality, performance, and innovative features. thus, an organization should devote
energy to making continuous product improvements
\.example of product concept... - ANSWERS✔-the Kodak example - Kodak first
overlooked digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
\.selling concept - ANSWERS✔-consumers will not buy enough of a firm's product
unless it undertakes a large-scale selling and promotion effort (usually on
unsought goods like insurance and blood donations)
\.disadvantage of the selling concept - ANSWERS✔-overcapacity issues --
organizations want to sell what they make instead of what the market wants
\.marketing concept - ANSWERS✔-achieving organizational goals depends on
knowing the needs and wants of target markets and delivering desired
satisfactions better than the competition do
\.societal marketing concept - ANSWERS✔-a company's marketing decisions
should consider consumers wants, the company's requirements, consumers long
run interests and society's long run interests
, \.marketing process is a five step process in which.. - ANSWERS✔-the first four
steps, companies work to understand consumers, create customer value, and
build strong customer relationships. in the final step, companies reap the rewards
of creating superior customer value
\.the marketing process steps - ANSWERS✔-understand the marketplace and
customer needs and wants >> design a customer driven marketing strategy >>
construct an integrated marketing program that delivers superior value >> build
profitable relationships and create customer delight >> capture value from
customers to create profits and customer equity
\.instead of the "make and sell" philosophy... - ANSWERS✔-the marketing concept
is a customer-centered "sense and respond" philosophy -- not find the right
costumers for the product but find the right products for the customer
\.marketing challenges - ANSWERS✔-technological advances, rapid globalization,
and continuing social and economic shifts are causing marketplace changes
\.major marketing developments can be grouped under the theme of.. -
ANSWERS✔-connecting
\.connecting via technology - ANSWERS✔-advances in computers,
telecommunications, video-conferencing, etc. are major forces because databases
allow for customization of products, messages and analysis of needs -- the
internet facilitates anytime anywhere connections, facilitates CRM, creates
marketspaces
QUESTIONS COMPLETE WITH VERIFIED
ANSWERS
\.what is marketing? - ANSWERS✔-definition off slides: a social and managerial
process by which individuals and groups obtain what they need and want through
creating and exchanging products and value with another
book definition: process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return
\.what is a market? - ANSWERS✔-the set of actual or potential buyers of a product
(originally a place where buyers and sellers gather for exchange)
\.what did economists use the term "market" to describe? - ANSWERS✔-a
collection of buyers and sellers in particular product class (i.e. housing and grain)
\.marketing management orientations - ANSWERS✔-production, selling, societal
marketing, marketing, product concepts
\.production concept - ANSWERS✔-consumers favor products that are available
and highly affordable, management should focus on improving production and
distribution efficiency (2 situations this is most useful is demand exceeds supply &
product cost is too high)
,\.product concept - ANSWERS✔-customers favor products that offer the most in
quality, performance, and innovative features. thus, an organization should devote
energy to making continuous product improvements
\.example of product concept... - ANSWERS✔-the Kodak example - Kodak first
overlooked digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
\.selling concept - ANSWERS✔-consumers will not buy enough of a firm's product
unless it undertakes a large-scale selling and promotion effort (usually on
unsought goods like insurance and blood donations)
\.disadvantage of the selling concept - ANSWERS✔-overcapacity issues --
organizations want to sell what they make instead of what the market wants
\.marketing concept - ANSWERS✔-achieving organizational goals depends on
knowing the needs and wants of target markets and delivering desired
satisfactions better than the competition do
\.societal marketing concept - ANSWERS✔-a company's marketing decisions
should consider consumers wants, the company's requirements, consumers long
run interests and society's long run interests
, \.marketing process is a five step process in which.. - ANSWERS✔-the first four
steps, companies work to understand consumers, create customer value, and
build strong customer relationships. in the final step, companies reap the rewards
of creating superior customer value
\.the marketing process steps - ANSWERS✔-understand the marketplace and
customer needs and wants >> design a customer driven marketing strategy >>
construct an integrated marketing program that delivers superior value >> build
profitable relationships and create customer delight >> capture value from
customers to create profits and customer equity
\.instead of the "make and sell" philosophy... - ANSWERS✔-the marketing concept
is a customer-centered "sense and respond" philosophy -- not find the right
costumers for the product but find the right products for the customer
\.marketing challenges - ANSWERS✔-technological advances, rapid globalization,
and continuing social and economic shifts are causing marketplace changes
\.major marketing developments can be grouped under the theme of.. -
ANSWERS✔-connecting
\.connecting via technology - ANSWERS✔-advances in computers,
telecommunications, video-conferencing, etc. are major forces because databases
allow for customization of products, messages and analysis of needs -- the
internet facilitates anytime anywhere connections, facilitates CRM, creates
marketspaces
