MAR2023 EXAM 1 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++
customer value equation
Perceived Benefits / Costs
utility
benefit or consumer value received by users of a product
time utility
available when a customer needs it. ex- dominoes
place utility
available where it's needed. ex- InstaCart
possession utility
how easy it is to purchase. ex- Rent the Runway
form utility
how it is built/manufactured/designed. ex- CDs v Spotify
market
people with desire and ability to buy a specific offering
target market
specific groups marketing is directed towards
marketing program
integrates marketing mix factors together
environmental forces
, uncontrollable factors that affect marketing decisions
what are the 5 environmental forces?
social, economic, technological, competitive, regulatory
production orientation
when demand exceeds supply... ex ford cards
sales orientation
use more aggressive sales because supply and demand are more equal
marketing orientation
beginning to sell customers what they want
market orientation
all departments care about customers
customer relationship management
process of identifying prospective buyers and understanding them intimately to make
them loyal
customer experience
internal response a consumer has to a company and it's offerings
social marketing concept
companies should satisfy a customer's needs in a way that benefits society
environmental scanning
the process of continually acquiring information on events occurring outside the
organization to identify and interpret potential trends
reactions to environmental constraints
adapt to the environment, modify the environment
COMPLETE SOLUTIONS GRADED A++
customer value equation
Perceived Benefits / Costs
utility
benefit or consumer value received by users of a product
time utility
available when a customer needs it. ex- dominoes
place utility
available where it's needed. ex- InstaCart
possession utility
how easy it is to purchase. ex- Rent the Runway
form utility
how it is built/manufactured/designed. ex- CDs v Spotify
market
people with desire and ability to buy a specific offering
target market
specific groups marketing is directed towards
marketing program
integrates marketing mix factors together
environmental forces
, uncontrollable factors that affect marketing decisions
what are the 5 environmental forces?
social, economic, technological, competitive, regulatory
production orientation
when demand exceeds supply... ex ford cards
sales orientation
use more aggressive sales because supply and demand are more equal
marketing orientation
beginning to sell customers what they want
market orientation
all departments care about customers
customer relationship management
process of identifying prospective buyers and understanding them intimately to make
them loyal
customer experience
internal response a consumer has to a company and it's offerings
social marketing concept
companies should satisfy a customer's needs in a way that benefits society
environmental scanning
the process of continually acquiring information on events occurring outside the
organization to identify and interpret potential trends
reactions to environmental constraints
adapt to the environment, modify the environment
