Marketing 300 (UTK) Exam 1 Questions with Solutions
engaging customers and managing profitable relationships - -marketing
-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!) - -exchange, value
-Marketers engage customers by creating, delivering, and communicating ----- ------. - -
customer 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 - -1. market place
2. customer-value driven
3. integrated marketing program
4. customers
5. value
-The 4 Ps of Marketing - -Price, Product, Place, Promotion
-states of felt deprivation
physical: food, warmth, safety
social: belonging and affection
individual: knowledge and self expression - -needs
-form taken by human needs when shaped by culture and human personality - -wants
-human wants that are backed by buying power - -demands
-Needs, wants, and demands help marketers discover ----- ----, which can vary across
cultures and groups. - -customer value
-Marketing Management Orientations/Philosophies:
1. ------ -------: consumers want products that are available and highly affordable; focuses on
high-speed efficiency and distribution - -production concept
-Marketing Management Orientations/Philosophies:
2. ------- ------: customers will favor products with the best quality, performance, and
features; focuses on new product development/research - -product 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 - -selling 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) - -marketing 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) - -societal marketing concept
-paying more attention to the specific products than to the benefits and experiences
produced by those products (lose sight of customer needs) - -marketing myopia
-Old Definition of this = "selling + telling"
New Definition = satisfying customer needs + customer engagement - -marketing
-a set of marketing tools that work together to engage customers, satisfy needs, and build
relationships (4 Ps are this!) - -marketing mix
-fulfill customer needs and wants; combo of products + services, info, and experiences - -
market offerings
-A set of actual and potential buyers of a product/service - -market
-dividing market into segments of customers - -market segmentation
-set of benefits or values it promises to deliver to satisfy customer needs - -value
proposition
-customer's evaluation of the difference between all the benefits and costs of a market
offering relative to those of competing offers - -customer-perceived value
-depends on perceived performance relative to a buyer's expectations - -customer
satisfaction
-consumers play a bigger role in shaping their own brand experiences - -consumer-
generated marketing
-a channel stretching from raw materials, to components, to final products that are carried
to final buyers - -supply chain
engaging customers and managing profitable relationships - -marketing
-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!) - -exchange, value
-Marketers engage customers by creating, delivering, and communicating ----- ------. - -
customer 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 - -1. market place
2. customer-value driven
3. integrated marketing program
4. customers
5. value
-The 4 Ps of Marketing - -Price, Product, Place, Promotion
-states of felt deprivation
physical: food, warmth, safety
social: belonging and affection
individual: knowledge and self expression - -needs
-form taken by human needs when shaped by culture and human personality - -wants
-human wants that are backed by buying power - -demands
-Needs, wants, and demands help marketers discover ----- ----, which can vary across
cultures and groups. - -customer value
-Marketing Management Orientations/Philosophies:
1. ------ -------: consumers want products that are available and highly affordable; focuses on
high-speed efficiency and distribution - -production concept
-Marketing Management Orientations/Philosophies:
2. ------- ------: customers will favor products with the best quality, performance, and
features; focuses on new product development/research - -product 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 - -selling 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) - -marketing 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) - -societal marketing concept
-paying more attention to the specific products than to the benefits and experiences
produced by those products (lose sight of customer needs) - -marketing myopia
-Old Definition of this = "selling + telling"
New Definition = satisfying customer needs + customer engagement - -marketing
-a set of marketing tools that work together to engage customers, satisfy needs, and build
relationships (4 Ps are this!) - -marketing mix
-fulfill customer needs and wants; combo of products + services, info, and experiences - -
market offerings
-A set of actual and potential buyers of a product/service - -market
-dividing market into segments of customers - -market segmentation
-set of benefits or values it promises to deliver to satisfy customer needs - -value
proposition
-customer's evaluation of the difference between all the benefits and costs of a market
offering relative to those of competing offers - -customer-perceived value
-depends on perceived performance relative to a buyer's expectations - -customer
satisfaction
-consumers play a bigger role in shaping their own brand experiences - -consumer-
generated marketing
-a channel stretching from raw materials, to components, to final products that are carried
to final buyers - -supply chain
