Intro to Marketing, Maryott- Exam 1
Questions with Complete Solutions.
What is marketing and what is its purpose? - Answer The process of creating,
communicating, delivering, and exchanging offerings that have value for the customer through
product, place, promotion, and pricing.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large.
Understand the marketing concept - Answer the purpose of a company is to satisfy customer
needs, which in turn leads to success for the company. This means that all pieces of a company
should be "marketing" by giving good customer service
Elements of an exchange - Answer For an exchange to take place- two or more parties must
be unsatisfied, two or more parties must hold something of value, they both must have the
desire and ability to satisfy needs, and the parties must have a means of communication
The 4 marketing management orientations/eras and the differences between them - Answer
1.) Production- internal capabilities of the firm (product innovation)- does not consider
customer needs
2.) Sales- aggressive sales tactics, thought that high sales=high revenue (used car salesman).
Turns out to not be the case because unhappy customers will not return- does not consider
customer needs
3.) Market- satisfy needs while meeting objectives
4.) Societal- satisfy needs, but also enhances customer's lives long-term (non GMO, etc.)
Understand how firms create customer value - Answer Customers aren't always just looking
for the lowest price. Some are, but others look at price, product/quality, and service. Compare
what they give for what they give up. Some want best value, others want best quality
Understand relationship marketing - Answer Links businesses to their individual customers.
Leads to long-term benefit for both because the business gets easy, repeat customers and the
customer's know what they're getting and maybe gets reward points for coming back
Understand how marketing discovers and satisfies consumer needs - Answer 1.) Discover
wants and needs-discover what people feel like they're lacking/being deprived of through social
media and observation- including observation of how customers used the product, because it
may be differently than intended and you'll have to re evaluate to see if your product works well
how they're using it
, 2.) Satisfy wants and needs-by using the 4Ps (price, product, position, and promotion) to create
a customer value proposition (promises of what the customer will get when buying this
product)
Understand difference between needs and wants (explanation in slides is probably easier to
understand) - Answer Wants are shaped by knowledge of what's available, needs arise when
deprived of a basic need
Understand customer relationship management (CRM) - Answer A way of tracking
customer's throughout the product lifecycle, in order to better serve the customers and create
better customer service (because company now knows what they're looking for)
Understand social responsibility - Answer Organizations are apart of a larger society and are
accountable to that society for their actions
What are the 4 P's/Marketing Mix? - Answer Price, promotion, product (quality), place
(distribution)
What is a target market and what are the environmental elements that affect it? - Answer
One or more specific groups of potential consumers towards which an organization directs it's
marketing program. Impacted by: social factors, economic conditions, legal/regulatory,
competition, technological
Understand environmental management - Answer Managing the uncontrollable factors
listed above
Understand social trends that have impacted business - Answer Demographics
(characteristics of populations), culture (values, ideas, attitudes that are learned- health,
diversity inclusion, sustainability)
What are demographics and the various categories (be able to identify these categories) -
Answer Information about the characteristics of human populations and segments,
especially those used to ID consumer markets
Marketing to growing ethnic markets (Hispanic, African & Asian Americans) - Answer Many
companies make products geared toward specific ethnic groups and create targeted promotions
as these groups continue to grow
What impact do competitors, demographics, social, economic situation, technological advances,
political/regulatory factors have on marketing? - Answer Change the environment which you
market/do business in
Questions with Complete Solutions.
What is marketing and what is its purpose? - Answer The process of creating,
communicating, delivering, and exchanging offerings that have value for the customer through
product, place, promotion, and pricing.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large.
Understand the marketing concept - Answer the purpose of a company is to satisfy customer
needs, which in turn leads to success for the company. This means that all pieces of a company
should be "marketing" by giving good customer service
Elements of an exchange - Answer For an exchange to take place- two or more parties must
be unsatisfied, two or more parties must hold something of value, they both must have the
desire and ability to satisfy needs, and the parties must have a means of communication
The 4 marketing management orientations/eras and the differences between them - Answer
1.) Production- internal capabilities of the firm (product innovation)- does not consider
customer needs
2.) Sales- aggressive sales tactics, thought that high sales=high revenue (used car salesman).
Turns out to not be the case because unhappy customers will not return- does not consider
customer needs
3.) Market- satisfy needs while meeting objectives
4.) Societal- satisfy needs, but also enhances customer's lives long-term (non GMO, etc.)
Understand how firms create customer value - Answer Customers aren't always just looking
for the lowest price. Some are, but others look at price, product/quality, and service. Compare
what they give for what they give up. Some want best value, others want best quality
Understand relationship marketing - Answer Links businesses to their individual customers.
Leads to long-term benefit for both because the business gets easy, repeat customers and the
customer's know what they're getting and maybe gets reward points for coming back
Understand how marketing discovers and satisfies consumer needs - Answer 1.) Discover
wants and needs-discover what people feel like they're lacking/being deprived of through social
media and observation- including observation of how customers used the product, because it
may be differently than intended and you'll have to re evaluate to see if your product works well
how they're using it
, 2.) Satisfy wants and needs-by using the 4Ps (price, product, position, and promotion) to create
a customer value proposition (promises of what the customer will get when buying this
product)
Understand difference between needs and wants (explanation in slides is probably easier to
understand) - Answer Wants are shaped by knowledge of what's available, needs arise when
deprived of a basic need
Understand customer relationship management (CRM) - Answer A way of tracking
customer's throughout the product lifecycle, in order to better serve the customers and create
better customer service (because company now knows what they're looking for)
Understand social responsibility - Answer Organizations are apart of a larger society and are
accountable to that society for their actions
What are the 4 P's/Marketing Mix? - Answer Price, promotion, product (quality), place
(distribution)
What is a target market and what are the environmental elements that affect it? - Answer
One or more specific groups of potential consumers towards which an organization directs it's
marketing program. Impacted by: social factors, economic conditions, legal/regulatory,
competition, technological
Understand environmental management - Answer Managing the uncontrollable factors
listed above
Understand social trends that have impacted business - Answer Demographics
(characteristics of populations), culture (values, ideas, attitudes that are learned- health,
diversity inclusion, sustainability)
What are demographics and the various categories (be able to identify these categories) -
Answer Information about the characteristics of human populations and segments,
especially those used to ID consumer markets
Marketing to growing ethnic markets (Hispanic, African & Asian Americans) - Answer Many
companies make products geared toward specific ethnic groups and create targeted promotions
as these groups continue to grow
What impact do competitors, demographics, social, economic situation, technological advances,
political/regulatory factors have on marketing? - Answer Change the environment which you
market/do business in
