Principles of Marketing Exam Questions Answered Correctly Graded A+
Marketing chapter 1
"aim of marketing is to make selling unecessary - Answers process by which companies create value for
customers and build strong customer relationships in order to capture value from customers in return
for profit
market - Answers set of actual and potential buyers of a product or service | buyers share particular
need or want which can be satisfied through exchange relationship
core marketing activities
" serving a market of final consumers in face of competitors " - Answers customer research
product development
communication
distribution
pricing
services
Marketing Process - Answers 1. Understand marketplace
2. design customer value driven marketing strategy
3. create marketing program that deliver value
4. Build profitable relationship with customer
Customer's
1. Needs: physical, social, individual
2. Want: needs shaped by culture
3. Demand: - Answers 1. states of deprivation
2. forms that need takes
3. wants backed by buying power| given wants and resources, people demand products with benefits
that add up to most value and satisfaction for customer.
, market offerings - Answers combination of products services and information or experience offered to
market to satisfy a need or want | both physical products and services
marketing management - Answers choosing target markets and building profitable relationships |finding
attracting
keeping
growing
target customers by creating and delivering superior customer value
1. market segmentation
2. target marketing - Answers 1. Dividing market into segments of customers.
2. going after specific segment
value proposition - Answers set of benefits or value delivered to customer to satisfy needs |
differentiate one brand for the other | answers the question of "why I should buy your brand instead of
the competitors"
5 Market Management Orientations
( old --> new) - Answers 1. Production
2. Product
3. Selling
4. Marketing
5. Societal Marketing
1. Production |production and distribution
2. Product | continuous product improvements
3. Selling |unsought goods - Answers 1. highly affordable, available products
2.most in quality, performance innovative features
Marketing chapter 1
"aim of marketing is to make selling unecessary - Answers process by which companies create value for
customers and build strong customer relationships in order to capture value from customers in return
for profit
market - Answers set of actual and potential buyers of a product or service | buyers share particular
need or want which can be satisfied through exchange relationship
core marketing activities
" serving a market of final consumers in face of competitors " - Answers customer research
product development
communication
distribution
pricing
services
Marketing Process - Answers 1. Understand marketplace
2. design customer value driven marketing strategy
3. create marketing program that deliver value
4. Build profitable relationship with customer
Customer's
1. Needs: physical, social, individual
2. Want: needs shaped by culture
3. Demand: - Answers 1. states of deprivation
2. forms that need takes
3. wants backed by buying power| given wants and resources, people demand products with benefits
that add up to most value and satisfaction for customer.
, market offerings - Answers combination of products services and information or experience offered to
market to satisfy a need or want | both physical products and services
marketing management - Answers choosing target markets and building profitable relationships |finding
attracting
keeping
growing
target customers by creating and delivering superior customer value
1. market segmentation
2. target marketing - Answers 1. Dividing market into segments of customers.
2. going after specific segment
value proposition - Answers set of benefits or value delivered to customer to satisfy needs |
differentiate one brand for the other | answers the question of "why I should buy your brand instead of
the competitors"
5 Market Management Orientations
( old --> new) - Answers 1. Production
2. Product
3. Selling
4. Marketing
5. Societal Marketing
1. Production |production and distribution
2. Product | continuous product improvements
3. Selling |unsought goods - Answers 1. highly affordable, available products
2.most in quality, performance innovative features
