Marketing Chapter 1

When marketers set low expectations for a market offering, they run the risk of _______.

Failing to attract enough customers

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

Marketing management

Selecting which segments of a population to serve is called __________.

Target marketing

________ are human needs that are shaped by culture and individual personality.

Wants

Which of the following is NOT an accurate description of modern Marketing? A) Marketing is the creation of value for customers B) Marketing involves managing profitable customer relationships C) Marketing emphasizes selling and advertising exclusively D) Marketing involves satisfying customer's needs E) Marketing is building value-laden exchange relationships with customers

C) Marketing emphasizes selling and advertising exclusively

What reflects the marketing concept?

Consider customer focus and value as the paths to sales and profits

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ______.

Customer relationship management

When backed by buying power, wants become _______.

Demands

Digital technology allows companies to reach out to customers in numerous ways. Which of the following is NOT the purpose of a company reaching out using digital and social media? A) solving consumer problems B) building customer relationships C) helping customers shop D) providing product information E) working with suppliers

E) Working with suppliers

Which of the following statements is true about creating customer loyalty and retention?

Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage

According to management guru Peter Drucker, "The aim of marketing is to _______."

Make selling unnecessary

Dividing the market into various groups of customers that a company may serve is called _______.

Market segmentation

Consumer research product development, communication, distribution, pricing, and service are all core _______ activities.

Marketing

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

Marketing mix

Which of the following marketing management concepts is most likely to lead to marketing myopia?

Product concept

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rater than long-term customer relationships?

The selling concept

According to the five-step model of the marketing process, a company should _________ before designing a customer-driven marketing strategy.

Understand the marketplace and customer needs and wants

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