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Marketing Exam 1 Flashcards Preview

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Questions and Answers

What are the three Marketing Steps?

Engage Customers, Build Strong Relationships with Customers, and Create Customer Value (correct)

Develop Branding Strategies, Improve Logistics, and Enhance Customer Service

Analyze Competitors, Increase Profits, and Launch New Products

Reduce Costs, Maximize Revenue, and Expand Globally

What is the difference between a Need and a Want?

Needs are essential for survival, while wants are optional desires. (correct)

Needs are shaped by culture, while wants are universal.

Needs can be fulfilled easily, while wants require effort.

Needs have monetary value, while wants do not.

What does the Production Concept emphasize?

Building strong customer relationships

Creating unique and innovative products

Maximizing production efficiency and availability of products (correct)

Focusing on product quality and improvement

Which marketing concept focuses on making the product the best of its kind?

Product Concept Signup and view all the answers

What are Demands defined as?

Wants backed by buying power Signup and view all the answers

Which marketing step focuses on building strong relationships with customers?

Build Strong Relationships with Customers Signup and view all the answers

What does the Marketing Concept emphasize?

Understanding customer needs and fulfilling them Signup and view all the answers

Which of the following best defines Customer Perceived Value?

The benefit-to-cost analysis done by customers on competing offers Signup and view all the answers

Why is it important that not all customer relationships will be the same?

To differentiate between different customer segments Signup and view all the answers

What is the key factor in determining True Friends as per the text?

Profitability and loyalty Signup and view all the answers

Which of the following is NOT one of the 4 P's of the Marketing Mix?

Placement Signup and view all the answers

What is the main focus of the Societal Concept in marketing?

Considering long-run welfare and society's interests Signup and view all the answers

Marketing Exam 1 Flashcards Preview

Choose a study mode

Podcast

Questions and Answers

What are the three Marketing Steps?

What is the difference between a Need and a Want?

What does the Production Concept emphasize?

Which marketing concept focuses on making the product the best of its kind?

What are Demands defined as?

Which marketing step focuses on building strong relationships with customers?

What does the Marketing Concept emphasize?

Which of the following best defines Customer Perceived Value?

Why is it important that not all customer relationships will be the same?

What is the key factor in determining True Friends as per the text?

Which of the following is NOT one of the 4 P's of the Marketing Mix?

What is the main focus of the Societal Concept in marketing?

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