MARKETING 2500 EXAM 1 WMU
QUESTIONS AND ANSWERS 100% PASS
2026/2027
What is marketing? - ANS 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? - ANS 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? - ANS a collection of buyers and
sellers in particular product class (i.e. housing and grain)
marketing management orientations - ANS production, selling, societal marketing, marketing,
product concepts
production concept - ANS 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)
@2026 ALLRIGHTS RESERVED 1
,product concept - ANS 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... - ANS the Kodak example - Kodak first overlooked digital
cameras --
Kodak-customers wanted photographic film instead of a way to capture and share memories
selling concept - ANS 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 - ANS overcapacity issues -- organizations want to sell
what they make instead of what the market wants
marketing concept - ANS 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 - ANS 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.. - ANS 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 - ANS understand the marketplace and customer needs and
wants >> design a customer driven marketing strategy >> construct an integrated marketing
@2026 ALLRIGHTS RESERVED 2
, 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... - ANS 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 - ANS technological advances, rapid globalization, and continuing social
and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - ANS connecting
connecting via technology - ANS 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
connecting with customers - ANS selective relationship management is key because customer
profitability analysis separates winners from losers -- growing "share of customer" -- cross-
selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - ANS partner relationship management involves:
connecting inside the company, connecting with outside partners (supply chain management,
strategic alliances)
connecting with the world - ANS globalization (competition, new opportunities) -- greater
concern for environmental and social responsibility -- increased marketing by nonprofit and
public-sector entities (social marketing campaigns)
@2026 ALLRIGHTS RESERVED 3
QUESTIONS AND ANSWERS 100% PASS
2026/2027
What is marketing? - ANS 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? - ANS 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? - ANS a collection of buyers and
sellers in particular product class (i.e. housing and grain)
marketing management orientations - ANS production, selling, societal marketing, marketing,
product concepts
production concept - ANS 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)
@2026 ALLRIGHTS RESERVED 1
,product concept - ANS 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... - ANS the Kodak example - Kodak first overlooked digital
cameras --
Kodak-customers wanted photographic film instead of a way to capture and share memories
selling concept - ANS 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 - ANS overcapacity issues -- organizations want to sell
what they make instead of what the market wants
marketing concept - ANS 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 - ANS 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.. - ANS 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 - ANS understand the marketplace and customer needs and
wants >> design a customer driven marketing strategy >> construct an integrated marketing
@2026 ALLRIGHTS RESERVED 2
, 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... - ANS 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 - ANS technological advances, rapid globalization, and continuing social
and economic shifts are causing marketplace changes
major marketing developments can be grouped under the theme of.. - ANS connecting
connecting via technology - ANS 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
connecting with customers - ANS selective relationship management is key because customer
profitability analysis separates winners from losers -- growing "share of customer" -- cross-
selling and up-selling are helpful --
direct sales to buyers are growing
connecting with marketing partners - ANS partner relationship management involves:
connecting inside the company, connecting with outside partners (supply chain management,
strategic alliances)
connecting with the world - ANS globalization (competition, new opportunities) -- greater
concern for environmental and social responsibility -- increased marketing by nonprofit and
public-sector entities (social marketing campaigns)
@2026 ALLRIGHTS RESERVED 3
