UTK Marketing 300 Exam
1 Questions & Answers
engaging customers and managing profitable relationships - ANSWERSmarketing
Marketing looks for -------, or what we can do for each other. Marketing also seek to create -----
for customers, so they can receive it in return.
(Look for profitable relationships!) - ANSWERSexchange, value
Marketers engage customers by creating, delivering, and communicating ----- ------. -
ANSWERScustomer value
Steps in the Marketing Process:
1. Understand the ------ + what the customer wants
2. Design a ------------ strategy
3. Construct an ------- ----- ------ that delivers superior customer value
4. Engage --------, build profitable relationships, and create customer delight
5. Capture ------ from customers to create profit and customer equity - ANSWERS1. market place
2. customer-value driven
3. integrated marketing program
4. customers
5. value
The 4 Ps of Marketing - ANSWERSPrice, Product, Place, Promotion
,states of felt deprivation
physical: food, warmth, safety
social: belonging and affection
individual: knowledge and self expression - ANSWERSneeds
form taken by human needs when shaped by culture and human personality - ANSWERSwants
human wants that are backed by buying power - ANSWERSdemands
Needs, wants, and demands help marketers discover ----- ----, which can vary across cultures
and groups. - ANSWERScustomer value
Marketing Management Orientations/Philosophies:
1. ------ -------: consumers want products that are available and highly affordable; focuses on
high-speed efficiency and distribution - ANSWERSproduction concept
Marketing Management Orientations/Philosophies:
2. ------- ------: customers will favor products with the best quality, performance, and features;
focuses on new product development/research - ANSWERSproduct concept
Marketing Management Orientations/Philosophies:
3. ------- -------: customers won't buy enough of a firm's products unless they undertake a large
scale selling and promotion effort; focus on advertising + promotion + large sales force -
ANSWERSselling concept
Marketing Management Orientations/Philosophies:
, 4. ------- -------: achieving org. goals depends on the needs/wants of target markets, and
delivering the desired market and brand better than the competitors do
(split into 4 groups: product, price, place, promotion) - ANSWERSmarketing concept
Marketing Management Orientations/Philosophies:
5. ----- ------ ------: company marketing decisions should consider consumer's wants, company
requirements, consumers' long-run interest, and society's long-run interest
(Ex: Apple, Starbucks) - ANSWERSsocietal marketing concept
paying more attention to the specific products than to the benefits and experiences produced
by those products (lose sight of customer needs) - ANSWERSmarketing myopia
Old Definition of this = "selling + telling"
New Definition = satisfying customer needs + customer engagement - ANSWERSmarketing
a set of marketing tools that work together to engage customers, satisfy needs, and build
relationships (4 Ps are this!) - ANSWERSmarketing mix
fulfill customer needs and wants; combo of products + services, info, and experiences -
ANSWERSmarket offerings
A set of actual and potential buyers of a product/service - ANSWERSmarket
dividing market into segments of customers - ANSWERSmarket segmentation
set of benefits or values it promises to deliver to satisfy customer needs - ANSWERSvalue
proposition
1 Questions & Answers
engaging customers and managing profitable relationships - ANSWERSmarketing
Marketing looks for -------, or what we can do for each other. Marketing also seek to create -----
for customers, so they can receive it in return.
(Look for profitable relationships!) - ANSWERSexchange, value
Marketers engage customers by creating, delivering, and communicating ----- ------. -
ANSWERScustomer value
Steps in the Marketing Process:
1. Understand the ------ + what the customer wants
2. Design a ------------ strategy
3. Construct an ------- ----- ------ that delivers superior customer value
4. Engage --------, build profitable relationships, and create customer delight
5. Capture ------ from customers to create profit and customer equity - ANSWERS1. market place
2. customer-value driven
3. integrated marketing program
4. customers
5. value
The 4 Ps of Marketing - ANSWERSPrice, Product, Place, Promotion
,states of felt deprivation
physical: food, warmth, safety
social: belonging and affection
individual: knowledge and self expression - ANSWERSneeds
form taken by human needs when shaped by culture and human personality - ANSWERSwants
human wants that are backed by buying power - ANSWERSdemands
Needs, wants, and demands help marketers discover ----- ----, which can vary across cultures
and groups. - ANSWERScustomer value
Marketing Management Orientations/Philosophies:
1. ------ -------: consumers want products that are available and highly affordable; focuses on
high-speed efficiency and distribution - ANSWERSproduction concept
Marketing Management Orientations/Philosophies:
2. ------- ------: customers will favor products with the best quality, performance, and features;
focuses on new product development/research - ANSWERSproduct concept
Marketing Management Orientations/Philosophies:
3. ------- -------: customers won't buy enough of a firm's products unless they undertake a large
scale selling and promotion effort; focus on advertising + promotion + large sales force -
ANSWERSselling concept
Marketing Management Orientations/Philosophies:
, 4. ------- -------: achieving org. goals depends on the needs/wants of target markets, and
delivering the desired market and brand better than the competitors do
(split into 4 groups: product, price, place, promotion) - ANSWERSmarketing concept
Marketing Management Orientations/Philosophies:
5. ----- ------ ------: company marketing decisions should consider consumer's wants, company
requirements, consumers' long-run interest, and society's long-run interest
(Ex: Apple, Starbucks) - ANSWERSsocietal marketing concept
paying more attention to the specific products than to the benefits and experiences produced
by those products (lose sight of customer needs) - ANSWERSmarketing myopia
Old Definition of this = "selling + telling"
New Definition = satisfying customer needs + customer engagement - ANSWERSmarketing
a set of marketing tools that work together to engage customers, satisfy needs, and build
relationships (4 Ps are this!) - ANSWERSmarketing mix
fulfill customer needs and wants; combo of products + services, info, and experiences -
ANSWERSmarket offerings
A set of actual and potential buyers of a product/service - ANSWERSmarket
dividing market into segments of customers - ANSWERSmarket segmentation
set of benefits or values it promises to deliver to satisfy customer needs - ANSWERSvalue
proposition
