1|Page
COMM223 – Marketing mix Questions and
Answers Fully Solved 100%
What factors influence understanding the marketplace
and customer needs?
(MC only) - .....ANSWER ...✔✔ 1. Needs, Wants,
Demands
2. Market Offerings
3. Customer Value and Satisfaction
4. Exchange and Relationship
5. Markets
Explain Needs, Wants, and Demands.
(MC only) - .....ANSWER ...✔✔ Needs are states of
felt deprivation. Includes basic physical needs (food,
warmth, safety, clothing etc.) and individual needs for
knowledge and self-expression. It is not something
created by marketers; they are a basic part of human
makeup.
Wants are needs that are shaped by culture and
individual personality. They are shaped by society and
marketing programs.
Demands are wants backed by buying power.
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Define market offerings.
(MC only) - .....ANSWER ...✔✔ Market offerings are
what fulfill consumers' needs and wants. Market
offerings refers to some combination of products,
services, information, or experiences.
Explain the importance of customer value and
satisfaction.
(MC only) - .....ANSWER ...✔✔ Marketers must be
careful to set the level of expectations. Too low? Those
who buy will be satisfied but won't attract new buyers.
Too high? Buyers won't be satisfied.
What are exchanges and relationships?
(MC only) - .....ANSWER ...✔✔ Exchange is the act of
acquiring something through giving something in return.
Relationships: Marketers aim for more than simply
buying or trading products. They aim to build
relationships with customers in order to retain them and
grow their business by offering consistently superior
value.
What is a market?
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(MC only) - .....ANSWER ...✔✔ Market is the set of
actual buyers and sellers. Sellers must search for buyers,
identify their needs, design good market offerings, set
prices for these offerings, promote, store, and deliver
them. Buyers also carry on marketing (ex. Searching for
products, interacting with companies, and obtaining info
etc.)
What is Customer Relationship Management?
(MC only) - .....ANSWER ...✔✔ Perhaps the most
important concept, it is the overall process of building
and maintaining relationships by delivering superior
customer value and satisfaction. It deals with all aspects
of acquiring, keeping, and growing customers.
*Explain customer building blocks (customer value and
satisfaction)
(MC only) - .....ANSWER ...✔✔ A customer buys from
the firm that offers the highest customer-perceived
value, which is the customer's evaluation of the
differences between all benefits and costs relative to
competing offers. Customers often don't judge values
and costs accurately or objectively so act on perceived
value. Satisfaction depends on the product's perceived
performance relative to buyers' expectations. The higher
the level of satisfaction, the greater the customer
loyalty.
, 4|Page
*Explain customer relationship levels.
(MC only) - .....ANSWER ...✔✔ Basic relationships are
often used by a company with many low-margin
customers (ex. Nike doesn't call/message individual
customers but builds relationships through brand
building). Full relationships are used in markets with few
customers and high margins (ex. Nike works closely with
SportChek, Foot Locker etc.). Most companies are
developing customer loyalty retention programs such as
frequency marketing programs and club marketing
programs.
*What is Companywide Strategic Planning?
(MC only) - .....ANSWER ...✔✔ The process of
developing and maintaining STRATEGIC FIT between the
organization's goals and capabilities and its changing
marketing opportunities The company must consider its
specific situations, opportunities, objectives and
resources. The strategic plan involves adapting to the
firm to take advantage of opportunities in its constantly
changing environments.
What is the mission statement?
COMM223 – Marketing mix Questions and
Answers Fully Solved 100%
What factors influence understanding the marketplace
and customer needs?
(MC only) - .....ANSWER ...✔✔ 1. Needs, Wants,
Demands
2. Market Offerings
3. Customer Value and Satisfaction
4. Exchange and Relationship
5. Markets
Explain Needs, Wants, and Demands.
(MC only) - .....ANSWER ...✔✔ Needs are states of
felt deprivation. Includes basic physical needs (food,
warmth, safety, clothing etc.) and individual needs for
knowledge and self-expression. It is not something
created by marketers; they are a basic part of human
makeup.
Wants are needs that are shaped by culture and
individual personality. They are shaped by society and
marketing programs.
Demands are wants backed by buying power.
,2|Page
Define market offerings.
(MC only) - .....ANSWER ...✔✔ Market offerings are
what fulfill consumers' needs and wants. Market
offerings refers to some combination of products,
services, information, or experiences.
Explain the importance of customer value and
satisfaction.
(MC only) - .....ANSWER ...✔✔ Marketers must be
careful to set the level of expectations. Too low? Those
who buy will be satisfied but won't attract new buyers.
Too high? Buyers won't be satisfied.
What are exchanges and relationships?
(MC only) - .....ANSWER ...✔✔ Exchange is the act of
acquiring something through giving something in return.
Relationships: Marketers aim for more than simply
buying or trading products. They aim to build
relationships with customers in order to retain them and
grow their business by offering consistently superior
value.
What is a market?
,3|Page
(MC only) - .....ANSWER ...✔✔ Market is the set of
actual buyers and sellers. Sellers must search for buyers,
identify their needs, design good market offerings, set
prices for these offerings, promote, store, and deliver
them. Buyers also carry on marketing (ex. Searching for
products, interacting with companies, and obtaining info
etc.)
What is Customer Relationship Management?
(MC only) - .....ANSWER ...✔✔ Perhaps the most
important concept, it is the overall process of building
and maintaining relationships by delivering superior
customer value and satisfaction. It deals with all aspects
of acquiring, keeping, and growing customers.
*Explain customer building blocks (customer value and
satisfaction)
(MC only) - .....ANSWER ...✔✔ A customer buys from
the firm that offers the highest customer-perceived
value, which is the customer's evaluation of the
differences between all benefits and costs relative to
competing offers. Customers often don't judge values
and costs accurately or objectively so act on perceived
value. Satisfaction depends on the product's perceived
performance relative to buyers' expectations. The higher
the level of satisfaction, the greater the customer
loyalty.
, 4|Page
*Explain customer relationship levels.
(MC only) - .....ANSWER ...✔✔ Basic relationships are
often used by a company with many low-margin
customers (ex. Nike doesn't call/message individual
customers but builds relationships through brand
building). Full relationships are used in markets with few
customers and high margins (ex. Nike works closely with
SportChek, Foot Locker etc.). Most companies are
developing customer loyalty retention programs such as
frequency marketing programs and club marketing
programs.
*What is Companywide Strategic Planning?
(MC only) - .....ANSWER ...✔✔ The process of
developing and maintaining STRATEGIC FIT between the
organization's goals and capabilities and its changing
marketing opportunities The company must consider its
specific situations, opportunities, objectives and
resources. The strategic plan involves adapting to the
firm to take advantage of opportunities in its constantly
changing environments.
What is the mission statement?
