Marketing Chapter 1 Exam
Value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product
Product
A good, a service, or an idea
Customer Lifetime Value (CLV)
A key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts
Marketing Concept
A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals
Target Market
A specific group of customers on whom an organization focuses its marketing efforts
Green marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Market orientation
An organization-wide commitment to researching and responding to customer needs
$26
Considering the costs associated with implementing marketing activities, if a consumer pays $52 for a pair of jeans, approximately how much of that price is associated with activities related to marketing (promotion, distribution, and profit margins)?
Stakeholders
Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes
Market orientation
During which orientation (time period) are marketers most likely to adopt the marketing concept?
Relationship marketing
Establishing long-term, mutually satisfying buyer-seller relationships
Marketing Mix
Four marketing activities—product, distribution, promotion, and pricing—that a firm can control to meet the needs of customers within its target market
25-33%
From _______ % of all civilian workers in the United States performs marketing activities.
$1,500
If a family spends $3,000 each month on goods and services, how much of that $3,000 can be associated with the cost of marketing activities?
Interdependent
Marketing environmental forces are often _______.
Distribution
The activities related to making products available in the quantities desired to as many target market customers as possible is part of which element of the marketing mix?
Marketing Environment
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
Exchanges
The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit
Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
Exchanges
The provision or transfer of goods, services, or ideas in return for something of value
Customers
The purchasers of organizations' products; the focal point of all marketing activities
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Customer value= customer benefits - customer costs
What equation describes customer value?
Establish an information system to discover customers' real needs
What is the first step for marketers in implementing the marketing concept?
Marketing concept
When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?
It requires four conditions to take place
Which of the following sentences is true about a marketing exchange?