MKT 3401 LSU : MIDTERM EXAM QUESTIONS WITH COMPLETE
SOLUTIONS
Corporate Social Responsibility (CSR) -- Answer ✔✔ a business's concern for society's
welfare
Stakeholder Theory -- Answer ✔✔ A theory that holds that social responsibility is
paying attention to the interest of every affected stakeholder in every aspect of a firm's
operation
cause-related marketing -- Answer ✔✔ the cooperative marketing efforts between a
for-profit firm and a nonprofit organization
Pyramid of Social Responsibility -- Answer ✔✔ Philanthropic
Ethical
Legal
Economic
brand -- Answer ✔✔ a name, term, symbol, design, or combination thereof that
identifies a seller's products and differentiates them from competitors' products
brand equity -- Answer ✔✔ the added value a brand name gives to a product beyond
the functional benefits provided
brand loyalty -- Answer ✔✔ consistent preference for one brand over all others
Benefits of Branding -- Answer ✔✔ 1. Product Identification
2. Repeat Sales
3. New Product Sales
MOST IMPORTANTLY brand identification
, CRM (Customer Relationship Management) -- Answer ✔✔ a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
touch points -- Answer ✔✔ areas of a business where customers have contact with the
company and data might be gathered
Social CRM -- Answer ✔✔ the use of social media technology and services to enable
organizations to engage their customers in a collaborative conversation in order to
provide mutually beneficial value in a trusted and transparent manner
Net Promoter Score (NPS) -- Answer ✔✔ an indirect word-of-mouth measure of true
attitudinal loyalty. Score given that quantifies the effect customers have on driving
business through social media promotion
Target Market -- Answer ✔✔ A group of people or organizations for which an
organization designs, implements, and maintains a marketing mix intended to meet the
needs of that group, resulting in mutually satisfying exchanges
Consumer Behavior -- Answer ✔✔ processes a consumer uses to make purchase
decisions, as well as to use and dispose of purchased goods or services; also includes
factors that influence purchase decisions and product use
perceived value -- Answer ✔✔ the value a consumer expects to obtain from a purchase
psychological ownership -- Answer ✔✔ consumers sometimes develop feelings of
ownership without even owning the good, service, or brand
Perception -- Answer ✔✔ the process of organizing and interpreting sensory
information, enabling us to recognize meaningful objects and events
selective distortion -- Answer ✔✔ a process whereby a consumer changes or distorts
information that conflicts with his or her feelings or beliefs
SOLUTIONS
Corporate Social Responsibility (CSR) -- Answer ✔✔ a business's concern for society's
welfare
Stakeholder Theory -- Answer ✔✔ A theory that holds that social responsibility is
paying attention to the interest of every affected stakeholder in every aspect of a firm's
operation
cause-related marketing -- Answer ✔✔ the cooperative marketing efforts between a
for-profit firm and a nonprofit organization
Pyramid of Social Responsibility -- Answer ✔✔ Philanthropic
Ethical
Legal
Economic
brand -- Answer ✔✔ a name, term, symbol, design, or combination thereof that
identifies a seller's products and differentiates them from competitors' products
brand equity -- Answer ✔✔ the added value a brand name gives to a product beyond
the functional benefits provided
brand loyalty -- Answer ✔✔ consistent preference for one brand over all others
Benefits of Branding -- Answer ✔✔ 1. Product Identification
2. Repeat Sales
3. New Product Sales
MOST IMPORTANTLY brand identification
, CRM (Customer Relationship Management) -- Answer ✔✔ a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by
focusing on highly defined and precise customer groups
touch points -- Answer ✔✔ areas of a business where customers have contact with the
company and data might be gathered
Social CRM -- Answer ✔✔ the use of social media technology and services to enable
organizations to engage their customers in a collaborative conversation in order to
provide mutually beneficial value in a trusted and transparent manner
Net Promoter Score (NPS) -- Answer ✔✔ an indirect word-of-mouth measure of true
attitudinal loyalty. Score given that quantifies the effect customers have on driving
business through social media promotion
Target Market -- Answer ✔✔ A group of people or organizations for which an
organization designs, implements, and maintains a marketing mix intended to meet the
needs of that group, resulting in mutually satisfying exchanges
Consumer Behavior -- Answer ✔✔ processes a consumer uses to make purchase
decisions, as well as to use and dispose of purchased goods or services; also includes
factors that influence purchase decisions and product use
perceived value -- Answer ✔✔ the value a consumer expects to obtain from a purchase
psychological ownership -- Answer ✔✔ consumers sometimes develop feelings of
ownership without even owning the good, service, or brand
Perception -- Answer ✔✔ the process of organizing and interpreting sensory
information, enabling us to recognize meaningful objects and events
selective distortion -- Answer ✔✔ a process whereby a consumer changes or distorts
information that conflicts with his or her feelings or beliefs
