MARKETING EXAM 1 STUDY GUIDE
1. What is marketing?
ANS Marketing is a process by which companies create value for customers and build
strong customer relationships to capture value from customers in return
2. What are needs?
ANS Needs are states of deprivation
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
3. What are wants?
ANS Wants are the form that needs take as they are shaped by culture and individual
personality
4. What are demands?
ANS Demands are wants backed by buying power
5. What is an exchange?
ANS A exchange is the act of obtaining a desired object from someone by offering
something in return
, MARKETING EXAM 1 STUDY GUIDE
6. Marketers want to build and maintain strong _______________ by consistently
delivering superior customer value.
ANS Relationships
7. What are market offerings?
ANS Market offerings are some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
8. What are markets?
ANS Markets are the set of actual and potential buyers of a product
9. Elements of a Marketing System
ANS Supplier --> Company (marketer), Competitors --> Marketing Intermediaries --> End
Users
10. What is marketing management?
ANS Marketing management is the art and science of choosing target markets and building
profitable relationships with them
11. What is marketing segmentation?
ANS Market segmentation refers to dividing the markets into segments of customers
, MARKETING EXAM 1 STUDY GUIDE
12. What is target marketing? ANS Target marketing refers to which segments to go
after
13. What is demarketing? ANS Demarketing is marketing to reduce demand temporarily
or permanently; the aim is not to destroy demand but to reduce or shift it.
14. What is a value proposition? ANS The value proposition is the set of benefits or
values a company promises to deliver to customers to satisfy their needs
15. List some of the Marketing Management Orientations ANS Production concept
Product concept
Selling concept
Marketing concept
Societal concept
16 What is the production concept? ANS Production concept is the idea that consumers
will favor products that are available or highly affordable
1. What is marketing?
ANS Marketing is a process by which companies create value for customers and build
strong customer relationships to capture value from customers in return
2. What are needs?
ANS Needs are states of deprivation
Physical - food, clothing, warmth, safety
Social - belonging and affection
Individual - knowledge and self-expression
3. What are wants?
ANS Wants are the form that needs take as they are shaped by culture and individual
personality
4. What are demands?
ANS Demands are wants backed by buying power
5. What is an exchange?
ANS A exchange is the act of obtaining a desired object from someone by offering
something in return
, MARKETING EXAM 1 STUDY GUIDE
6. Marketers want to build and maintain strong _______________ by consistently
delivering superior customer value.
ANS Relationships
7. What are market offerings?
ANS Market offerings are some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
8. What are markets?
ANS Markets are the set of actual and potential buyers of a product
9. Elements of a Marketing System
ANS Supplier --> Company (marketer), Competitors --> Marketing Intermediaries --> End
Users
10. What is marketing management?
ANS Marketing management is the art and science of choosing target markets and building
profitable relationships with them
11. What is marketing segmentation?
ANS Market segmentation refers to dividing the markets into segments of customers
, MARKETING EXAM 1 STUDY GUIDE
12. What is target marketing? ANS Target marketing refers to which segments to go
after
13. What is demarketing? ANS Demarketing is marketing to reduce demand temporarily
or permanently; the aim is not to destroy demand but to reduce or shift it.
14. What is a value proposition? ANS The value proposition is the set of benefits or
values a company promises to deliver to customers to satisfy their needs
15. List some of the Marketing Management Orientations ANS Production concept
Product concept
Selling concept
Marketing concept
Societal concept
16 What is the production concept? ANS Production concept is the idea that consumers
will favor products that are available or highly affordable
