MK201 quiz 1

The final step in the marketing process is ________. a. designing a customer-driven marketing strategy b. constructing an integrated marketing program c. building profitable relationships with the customers d. understanding the marketplace e. capturing value from customers

e. capturing value from customers

Dividing a market into several sections of customers is known as ________. a. mass customization b. undifferentiated marketing c. market positioning d. value engineering e. market segmentation

e. market segmentation

Consumers' needs and wants are fulfilled through ________ a. value b. ideas c. market offerings d. desire e. demand

market offerings

________ refers to working closely with people inside and outside the company to jointly bring more value to customers. a. Partner relationship management b. Customer-generated marketing c. Integrated communication d. Demand management e. Channel value proposition

a. Partner relationship management

________ refers to the portion of the customer's purchase that a company gets in its product categories. a. Share of customer b. Brand equity c. Value proposition d. Customer equity e. Customer lifetime value

a. Share of customer

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________. a. consumers' existing wants b. competitors' strengths c. consumers' brand experiences d. competitors' threats e. consumers' future demands

a. consumers' existing wants

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________. a. customer relationship management b. societal marketing c. enterprise resource planning d. partner relationship management e. perceived-value management

a. customer relationship management

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________. a. satisfaction b. loyalty c. lifetime value d. equity e. engagement

a. satisfaction

Which of the following is a difference between the marketing concept and the selling concept? a. The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers. b. The marketing concept focuses on short-term sales, whereas the selling concept strives to build long-term customer relationships. c. The marketing concept is product-centered, whereas the selling concept is production-centered. d. The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products. e. The marketing concept takes an inside-out perspective, whereas the selling concept takes an outside-in perspective.

d. The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a ________. a. stranger b. true believer c. true friend d. butterfly e. barnacle

d. butterfly