BUAD 332 - Exam #1 Questions and Correct Answers 2026/2027

BUAD 332 - Exam #1 Questions and Correct Answers 2026/2027 What is marketing? - Correct Answer managing profitable customer relationships What are two Goals of Marketing - Correct Answer 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction What are 4 steps to create value for customers and build customer relationships? - Correct Answer 1. understand the marketplace and customer needs and wants 2. design a customer driven marketing strategy 3. construct a marketing program that delivers superior value 4. build profitable customer relationships and create customer delight What is a need? - Correct Answer state of felt deprivation Needs can be: - physical (food, clothing, shelter, safety) -social (belonging, affectionate) - individual (learning, knowledge, self-expression) ex. hunger is a need.a piece of white toast will do just fine to satisfy that need What is a want? - Correct Answer a form that a human need takes as shaped by culture, individual personality, and marketing activity ex. while white toast might satisfy my hunger need, I might really want a piece of cake Demand - Correct Answer wants + buying power = demand - not all wants represent real demand