MARKETING 2500 EXAM 1 WMU (Latest
Update ) Questions & Answers
{Grade A} 100% Correct
market offerings - correct answer some combination of products, services,
information, or experiences offered to a market to satisfy a need or want
marketing management - correct answer the art and science of choosing target
markets and building profitable relationships with them - the manager's aim to find,
attract, keep and grow target customers by creating, delivering, and communicating
superior customer value
what is marketing? - correct answer 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? - correct answer 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? - correct answer a collection
of buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - correct answer production, selling, societal
marketing, marketing, product concepts
production concept - correct answer 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 - correct answer 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... - correct answer the Kodak example - Kodak first
overlooked digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
selling concept - correct answer 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 - correct answer overcapacity issues --
organizations want to sell what they make instead of what the market wants
to design a winning marketing strategy, the marketing manager must answer two
important questions.. - correct answer what customers will we serve? (whats our
target market)
how can we serve these customers best? (whats our value proposition)
customer relationship management - correct answer the overall process of building
and maintaining profitable customer relationships by delivering superior customer
value and satisfaction (the most important concept of modern marketing) ((step 4 in
the marketing process))
Update ) Questions & Answers
{Grade A} 100% Correct
market offerings - correct answer some combination of products, services,
information, or experiences offered to a market to satisfy a need or want
marketing management - correct answer the art and science of choosing target
markets and building profitable relationships with them - the manager's aim to find,
attract, keep and grow target customers by creating, delivering, and communicating
superior customer value
what is marketing? - correct answer 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? - correct answer 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? - correct answer a collection
of buyers and sellers in particular product class (i.e. housing and grain)
marketing management orientations - correct answer production, selling, societal
marketing, marketing, product concepts
production concept - correct answer 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 - correct answer 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... - correct answer the Kodak example - Kodak first
overlooked digital cameras --
Kodak-customers wanted photographic film instead of a way to capture and share
memories
selling concept - correct answer 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 - correct answer overcapacity issues --
organizations want to sell what they make instead of what the market wants
to design a winning marketing strategy, the marketing manager must answer two
important questions.. - correct answer what customers will we serve? (whats our
target market)
how can we serve these customers best? (whats our value proposition)
customer relationship management - correct answer the overall process of building
and maintaining profitable customer relationships by delivering superior customer
value and satisfaction (the most important concept of modern marketing) ((step 4 in
the marketing process))
