MKT 449 FINAL LATEST UPDATE) REAL QUESTIONS AND
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
The difference between marketing and selling Ans✓✓✓ marketing:
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large; about identifying and meeting
human and social needs
-marketing goal is to make selling unnecessary, aim to know and
understand customer so they product sells itself
Marketing management* Ans✓✓✓ • The art and science of choosing
target markets and getting, keeping, and growing customers through
creating, delivering, and
communicating superior customer value
• Objective is to increase firm's competitive advantage
The simple marketing system Ans✓✓✓ industry (sellers) communicates
with market (buyers) who provide info to industry and they exchange
goods and services
Needs, wants, and demands Ans✓✓✓ • Needs are basic human
requirements such as air, food, water, clothing, and shelter
• Wants direct to specific objects that might satisfy the need
• Demands are wants for specific products backed by an ability to pay
,• Marketers do not create needs. Needs pre-exist marketers
Three transformative forces in the new marketing realities Ans✓✓✓
technology, globalization, & social responsibility
Value and satisfaction Ans✓✓✓ • Value: the sum of the tangible and
intangible benefits and costs
• Satisfaction: a person's judgment of a product's perceived performance
in relationship to expectations
Changing marketplace* Ans✓✓✓ 1. New consumer capabilities
-Can use the internet as a powerful information and purchasing aid
-Can search, communicate, and purchase on the move
-Can tap into social media to share opinions and express loyalty
-Can actively interact with companies
-Can reject marketing they find inappropriate
2. New company capabilities:
-Can use the internet as a powerful information and sales channel,
including for individually differentiated goods
-Can collect fuller and richer information about markets, customers,
prospects, and competitors
-Can reach customers quickly and efficiently via social media and
mobile marketing, sending targeted ads, coupons, and information
,-Can improve purchasing, recruiting, training, and internal and external
communications
-Can improve cost efficiency
3. Changing channels
-Retail transformation
-Disintermediation (e.g., Amazon.com)
4. Heightened competition
-Private brands
-Mega-brands
-Deregulation
-Privatization
Evolution of marketing philosophies Ans✓✓✓ • The production
concept: consumers prefer products that are widely available and
inexpensive
• The product concept: consumers favor products offering the most
quality, performance, or innovative features
• The selling concept: consumers and businesses, if left alone, won't buy
enough of the organization's products
• The marketing concept: the job is to find not the right customers for
your products, but the right products for your customers
, The holistic marketing concept Ans✓✓✓ -internal marketing: marketing
department, senior management, etc.; hiring, training, and motivating
employees
-performance marketing: sales revenue, brand & customer equity, ethics,
environment, legal, social (ex. financial accountability, environmental &
social impact)
-relationship marketing: customers, employees, partners, financial
community; key stakeholders (customers, employees, suppliers,
distributors, and retailers
-integrated marketing: communications, products and services, channels,
price; activities that create, communicate, and deliver value to whole is
greater than parts
4 Ps Ans✓✓✓ people, processes, programs, performance
Modern marketing management tasks* Ans✓✓✓ • Developing market
strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Creating value
• Delivering value
• Communicating value
• Creating successful long-term growth
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
The difference between marketing and selling Ans✓✓✓ marketing:
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large; about identifying and meeting
human and social needs
-marketing goal is to make selling unnecessary, aim to know and
understand customer so they product sells itself
Marketing management* Ans✓✓✓ • The art and science of choosing
target markets and getting, keeping, and growing customers through
creating, delivering, and
communicating superior customer value
• Objective is to increase firm's competitive advantage
The simple marketing system Ans✓✓✓ industry (sellers) communicates
with market (buyers) who provide info to industry and they exchange
goods and services
Needs, wants, and demands Ans✓✓✓ • Needs are basic human
requirements such as air, food, water, clothing, and shelter
• Wants direct to specific objects that might satisfy the need
• Demands are wants for specific products backed by an ability to pay
,• Marketers do not create needs. Needs pre-exist marketers
Three transformative forces in the new marketing realities Ans✓✓✓
technology, globalization, & social responsibility
Value and satisfaction Ans✓✓✓ • Value: the sum of the tangible and
intangible benefits and costs
• Satisfaction: a person's judgment of a product's perceived performance
in relationship to expectations
Changing marketplace* Ans✓✓✓ 1. New consumer capabilities
-Can use the internet as a powerful information and purchasing aid
-Can search, communicate, and purchase on the move
-Can tap into social media to share opinions and express loyalty
-Can actively interact with companies
-Can reject marketing they find inappropriate
2. New company capabilities:
-Can use the internet as a powerful information and sales channel,
including for individually differentiated goods
-Can collect fuller and richer information about markets, customers,
prospects, and competitors
-Can reach customers quickly and efficiently via social media and
mobile marketing, sending targeted ads, coupons, and information
,-Can improve purchasing, recruiting, training, and internal and external
communications
-Can improve cost efficiency
3. Changing channels
-Retail transformation
-Disintermediation (e.g., Amazon.com)
4. Heightened competition
-Private brands
-Mega-brands
-Deregulation
-Privatization
Evolution of marketing philosophies Ans✓✓✓ • The production
concept: consumers prefer products that are widely available and
inexpensive
• The product concept: consumers favor products offering the most
quality, performance, or innovative features
• The selling concept: consumers and businesses, if left alone, won't buy
enough of the organization's products
• The marketing concept: the job is to find not the right customers for
your products, but the right products for your customers
, The holistic marketing concept Ans✓✓✓ -internal marketing: marketing
department, senior management, etc.; hiring, training, and motivating
employees
-performance marketing: sales revenue, brand & customer equity, ethics,
environment, legal, social (ex. financial accountability, environmental &
social impact)
-relationship marketing: customers, employees, partners, financial
community; key stakeholders (customers, employees, suppliers,
distributors, and retailers
-integrated marketing: communications, products and services, channels,
price; activities that create, communicate, and deliver value to whole is
greater than parts
4 Ps Ans✓✓✓ people, processes, programs, performance
Modern marketing management tasks* Ans✓✓✓ • Developing market
strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Creating value
• Delivering value
• Communicating value
• Creating successful long-term growth
