Marketing Ch 1
Marketing is ________. 1. part of manufacturing 2. part of the finance department 3. managing customer relationships 4. sales promotion
3. managing customer relationships
What Is Marketing?
Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
Which of the first four steps of the marketing process asks, "What consumers will we serve?" and "How can we best serve targeted customers?" Step 1: Understanding the marketplace Step 2: Designing the marketing strategy Step 3: Constructing the marketing program 4. Step 4: Building profitable relationships with customers
Step 2: Designing the marketing strategy
Which step of the marketing process is the most important? Step 1: Understanding the marketplace Step 2: Designing the marketing strategy Step 3: Constructing the marketing program Step 4: Building profitable relationships with customers
Step 4: Building profitable relationships with customers
The ________ is the nation's twenty-fourth largest advertiser with an annual budget of more than $1 billion.
US Government
Marketing is ___________. 1. the same as advertising and sales 2. not used by small corporations 3. about satisfying customer needs 4. making a profit
about satisfying customer needs
Market offerings
are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Markets
are the set of actual and potential buyers of a product
To build lasting customer relationships, organizations should focus on delivering ________ and ________. high quality products; low prices customer value; customer satisfaction customer satisfaction; customer growth customer value; high profits
customer value; customer satisfaction
The most basic concept underlying marketing is that of ________. 1. profits 2. products 3. human needs 4. services
human needs
Partner relationship management
involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Supply chain
is a channel that stretches from raw materials to components to final products to final buyers
Integrated marketing program
is a comprehensive plan that communicates and delivers the intended value to chosen customers
Partners inside the company
is every function area interacting with customers Electronically and Cross-functional teams
Marketing myopia
is focusing only on existing wants and losing sight of underlying consumer needs
Partners outside the company
is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships
Demarketing
is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
Exchange
is the act of obtaining a desired object from someone by offering something in return
Marketing management
is the art and science of choosing target markets and building profitable relationships with them
Production concept
is the idea that consumers will favor products that are available or highly affordable
Selling concept
is the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort
Share of customer
is the portion of the customer's purchasing that a company gets in its product categories
Marketing mix
is the set of tools (four Ps) the firm uses to implement its marketing strategy.It includes product, price, promotion, and place.
Customer equity
is the total combined customer lifetime values of all of the company's customers
Customer lifetime value
is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
The art and science of selecting target markets and developing profitable relationships with those markets is called marketing ________. 1. profiles 2. maneuvers 3. selection 4. management
management
Which marketing philosophy purports that achieving corporate goals depends on knowing the needs/wants of your markets and delivering the desired satisfactions better than your competitors? Production concept Product concept Selling concept Marketing concept
marketing concepts
Market segmentation
refers to dividing the markets into segments of customers
Target marketing
refers to which segments to go after
Human welfare, want satisfaction, and profits are the three considerations underlining the concept known as ________. societal marketing customer-driven sales-driven production
societal marketing
Building the right relationships with the right customers involves
treating customers as assets that need to be managed and maximized
The set of benefits/values a company promises to its customers is called __________. 1. value proposition 3. advertising 4. supply and demand 5. production concept
value proposition