MKT 3050 Final Exam Questions with
Answers Correct!!
Marketing - ANSWERSThe process by which companies engage customers, build
strong relationships, and create customer value in order to capture value from
customers in return.
What are the goals of marketing? - ANSWERSKeep current customers & attract new
customers
Marketing Process - ANSWERSCreate value for customers and build customer
relationships.
Marketing Process Steps - ANSWERS1. Understand marketplace and customers needs
and wants
2. Design a customer-driven marketing strategy
3. Develop an integrated marketing program delivering superior value
4. Build profitable relationships and create customer delight
Needs - ANSWERSStates of felt deprivation including physical, social, and individual
needs; basic part of human make-up.
Wants - ANSWERSThe form of needs shaped by culture and individual personality.
Demand - ANSWERSWants backed by purchasing power.
Marketing Myopia - ANSWERSFocusing too much on specific offerings, rather than the
overall customer needs/wants.
Exchange - ANSWERSAct of obtaining a desired object from someone by offering
something in return.
Relationship - ANSWERSRetaining customers and growing their business with the
company; strong ________ are built by delivering superior customer value.
Marketing Management - ANSWERSChoosing target markets and how best to serve
them.
, Target Market - ANSWERSA set of buyers sharing common needs/characteristics that
the company decides to serve.
Value Proposition - ANSWERSSet of benefits/values delivered to customers to satisfy
their needs -- why will I buy your offering?
Marketing Management Orientations - ANSWERSProduction
Product
Selling
Marketing
Societal
4 P's - ANSWERSProduct
Price
Place
Promotion
Customer Relationship Management - ANSWERSThe process of building an
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Value - ANSWERSEvaluation of the difference between all benefits and all
costs of an offer relative to other offerings.
Satisfaction - ANSWERSDifference between the product's perceived performance
relative to the expectations.
Customer relationships built in 3 ways: - ANSWERSBasic relationships
Frequency marketing programs
Club marketing programs
Outcomes of creating customer value: - ANSWERSCustomer loyalty & retention
Grow share of customer
Build customer equity
Customer Lifetime Value - ANSWERSStream of purchases that the customer makes
over a lifetime.
Share of Customer - ANSWERSThe portion of the customer's purchasing that a
company gets in its product categories.
Customer Equity - ANSWERSThe total combined customer lifetime values of all the
company's current and potential customers.
Answers Correct!!
Marketing - ANSWERSThe process by which companies engage customers, build
strong relationships, and create customer value in order to capture value from
customers in return.
What are the goals of marketing? - ANSWERSKeep current customers & attract new
customers
Marketing Process - ANSWERSCreate value for customers and build customer
relationships.
Marketing Process Steps - ANSWERS1. Understand marketplace and customers needs
and wants
2. Design a customer-driven marketing strategy
3. Develop an integrated marketing program delivering superior value
4. Build profitable relationships and create customer delight
Needs - ANSWERSStates of felt deprivation including physical, social, and individual
needs; basic part of human make-up.
Wants - ANSWERSThe form of needs shaped by culture and individual personality.
Demand - ANSWERSWants backed by purchasing power.
Marketing Myopia - ANSWERSFocusing too much on specific offerings, rather than the
overall customer needs/wants.
Exchange - ANSWERSAct of obtaining a desired object from someone by offering
something in return.
Relationship - ANSWERSRetaining customers and growing their business with the
company; strong ________ are built by delivering superior customer value.
Marketing Management - ANSWERSChoosing target markets and how best to serve
them.
, Target Market - ANSWERSA set of buyers sharing common needs/characteristics that
the company decides to serve.
Value Proposition - ANSWERSSet of benefits/values delivered to customers to satisfy
their needs -- why will I buy your offering?
Marketing Management Orientations - ANSWERSProduction
Product
Selling
Marketing
Societal
4 P's - ANSWERSProduct
Price
Place
Promotion
Customer Relationship Management - ANSWERSThe process of building an
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Customer Value - ANSWERSEvaluation of the difference between all benefits and all
costs of an offer relative to other offerings.
Satisfaction - ANSWERSDifference between the product's perceived performance
relative to the expectations.
Customer relationships built in 3 ways: - ANSWERSBasic relationships
Frequency marketing programs
Club marketing programs
Outcomes of creating customer value: - ANSWERSCustomer loyalty & retention
Grow share of customer
Build customer equity
Customer Lifetime Value - ANSWERSStream of purchases that the customer makes
over a lifetime.
Share of Customer - ANSWERSThe portion of the customer's purchasing that a
company gets in its product categories.
Customer Equity - ANSWERSThe total combined customer lifetime values of all the
company's current and potential customers.
