HP Marketing Chapter 1

Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means. This is an example of ________.

target marketing

Selecting which segments of a population of customers to serve is called ________.

target marketing

Which of the following is the set of benefits a company promises to deliver to customers to satisfy their needs?

a value proposition

Which of the following is the total combined customer lifetime values of all a company's current and potential customers?

customer equity

Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want now has become a(n) ________.

demand

a ____________________ is the set of actual and potential buyers of a product

market

A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.

market offering

According to the authors of your text, the ________ concept is a "sense and respond" philosophy rather than a "make and sell" philosophy.

marketing

________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

marketing

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

Which of the following is currently the fastest-growing form of marketing?

online marketing

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.

product

Which marketing orientation calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales?

selling concept

Which marketing orientation holds that firms must strive to deliver value to customers in a way that maintains or improves the consumer's and society's well-being?

social-marketing concept

when an airline goes after a "share of travel" from its customers, it is attempting to increase

Customer lifetime value

Which of the following has been the most common consumer response to the economic downturn that began in 2008?

Buy more cautiously

________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

The art and science of choosing target markets and building profitable relationships with them is called

Marketing Management

Which marketing orientation holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Marketing concept

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Marketing mix

The ___ concept is aligned with the philosphy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performace, and innovative features

Product

________ are human needs shaped by individual personality and culture.

Wants