Principles of Marketing: Exam 1
MSU questions and answers
What is the population of the world? US?
U.S. 329,163,066
World: 7,622,795,557
why did we discuss frito lay?
Frito lay was the first company to study customers who like certain
chips like:
-customers of flat chips are seen as affectionate, irresistible, casual,
and fun member of family
-customers of rigged chips are are dedicated as expensive, aware,
confident, enough to make a personal statement
-customers of Tostitos are trendy, cutting edge, issue-conscience,
and change-oriented
What is marketing in 3 words?
satisfying customers needs
Read the First Stop: Amazon
Amazon does much more than just sell goods online. It engages
customers and creates satisfying customer experiences. "The thing
that drives everything is creating genuine value for customers,"
says Amazon founder Jeff Bezos.
Figure 1.1 (know these steps in order and which are ones create
value and build relationships and which one capture's value)
Marketing
the process by which companies engage customers, build strong
customer relationships, and create customer value in order to
capture value from customers in return
, needs
states of felt deprivation
wants
the form human needs take as they are shaped by culture and
individual personality
demands
Human wants that are backed by buying power
Define market offering.
•Combination of products, services, information, or experiences
Define marketing myopia
•Paying more attention to the specific products than to the benefits
and experiences produced
satisfaction
feelings or pleasure or disappointment resulting from comparing a
product's perceived performance in relation to expectations
value
A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Draw the expectation-satisfaction model (see slides)
Define exchange
-exchange: act of obtaining a desired object by offering something
in return
relationships
marketing consists of creating, maintaining, and growing desirable
exchange of relationships; built by consistently delivering superior
customer value
MSU questions and answers
What is the population of the world? US?
U.S. 329,163,066
World: 7,622,795,557
why did we discuss frito lay?
Frito lay was the first company to study customers who like certain
chips like:
-customers of flat chips are seen as affectionate, irresistible, casual,
and fun member of family
-customers of rigged chips are are dedicated as expensive, aware,
confident, enough to make a personal statement
-customers of Tostitos are trendy, cutting edge, issue-conscience,
and change-oriented
What is marketing in 3 words?
satisfying customers needs
Read the First Stop: Amazon
Amazon does much more than just sell goods online. It engages
customers and creates satisfying customer experiences. "The thing
that drives everything is creating genuine value for customers,"
says Amazon founder Jeff Bezos.
Figure 1.1 (know these steps in order and which are ones create
value and build relationships and which one capture's value)
Marketing
the process by which companies engage customers, build strong
customer relationships, and create customer value in order to
capture value from customers in return
, needs
states of felt deprivation
wants
the form human needs take as they are shaped by culture and
individual personality
demands
Human wants that are backed by buying power
Define market offering.
•Combination of products, services, information, or experiences
Define marketing myopia
•Paying more attention to the specific products than to the benefits
and experiences produced
satisfaction
feelings or pleasure or disappointment resulting from comparing a
product's perceived performance in relation to expectations
value
A customer's subjective assessment of benefits relative to costs in
determining the worth of a product
Draw the expectation-satisfaction model (see slides)
Define exchange
-exchange: act of obtaining a desired object by offering something
in return
relationships
marketing consists of creating, maintaining, and growing desirable
exchange of relationships; built by consistently delivering superior
customer value
