Marketing 3010 Final Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
What is the production concept - CORRECT ANSWER Focus on efficiency, low cost, mass
production
What is the product concept - CORRECT ANSWER Focus on quality, performance, innovation
What is the selling concept - CORRECT ANSWER Focus on aggressive promotion, selling
techniques
What is the marketing concept - CORRECT ANSWER Focus on meeting customer needs and
wants
What is the societal marketing concept - CORRECT ANSWER Focus on customers, society,
long term effects
How do you calculate customer lifetime value CLV - CORRECT ANSWER CLV equals M
times r divided by one plus i minus r
How do you calculate annual contribution M - CORRECT ANSWER Unit price minus unit
cost, times units per year
How do you increase customer lifetime value CLV - CORRECT ANSWER Increase M,
increase retention rate
How do companies categorize customers in CRM - CORRECT ANSWER Based on
profitability and loyalty
What do companies do with true friends - CORRECT ANSWER Invest heavily, build
relationships, reward loyalty
QUESTIONS AND CORRECT ANSWERS
What is the production concept - CORRECT ANSWER Focus on efficiency, low cost, mass
production
What is the product concept - CORRECT ANSWER Focus on quality, performance, innovation
What is the selling concept - CORRECT ANSWER Focus on aggressive promotion, selling
techniques
What is the marketing concept - CORRECT ANSWER Focus on meeting customer needs and
wants
What is the societal marketing concept - CORRECT ANSWER Focus on customers, society,
long term effects
How do you calculate customer lifetime value CLV - CORRECT ANSWER CLV equals M
times r divided by one plus i minus r
How do you calculate annual contribution M - CORRECT ANSWER Unit price minus unit
cost, times units per year
How do you increase customer lifetime value CLV - CORRECT ANSWER Increase M,
increase retention rate
How do companies categorize customers in CRM - CORRECT ANSWER Based on
profitability and loyalty
What do companies do with true friends - CORRECT ANSWER Invest heavily, build
relationships, reward loyalty
