MKT 350 - Chapter 1

Stakeholders

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

product , promotion

Apple is known for its innovation. It conducts in-depth marketing research to determine what customers want. Its electronic devices are constantly upgraded so customers can purchase the newest models. The company creates buzz around its product offerings by discussing the product months before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in stores selling out of the newest product. Apple's emphasis on marketing research is used to enhance the: blank variable of the marketing mix, while its skills at creating buzz for its newest product offering months before its release is an example of the blank variable.

False

Customers consciously calculate the value of a product in benefits and costs for most purchases.

Promotion

Denise works as a direct seller for Rodan + Fields. She is determined to sell as many products to as many people as possible. Although she generally has a good relationship with customers, she has been known to be overly aggressive in trying to sell products. She often convinces consumers to purchase more expensive products even after they say they are not interested. As a result of Denise's high sales, she has become a top performer. Recently, however, Denise's sponsor has been informed of complaints that customers have levied against Denise accusing her of "badgering" them into buying products. The sponsor meets with Denise and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Which variable of the marketing mix does this issue involve?

True

It is possible for a customer to have a negative lifetime value.

False

Marketers have complete control over marketing mix variables.

Marketing mix

Mix built all around the customer

False

Valerie works at a pharmaceutical firm that develops medicines for rare diseases. The company develops a new medication for a disease that very few people have. In fact, less than 100 people are said to have this disease in the entire country. As a result, the drug will be priced high, but the firm will work closely with insurance companies to get the medicine to the right people without sacrificing much revenue. Her friend Rick, who is taking business classes, tells her that this is too small to be a target market. Is Rick's statement true?

Customer Satisfaction

What is the major focus of the marketing concept?

​"Customer Value = Customer Benefits - Customer Costs"

You believe one of the most effective ways to remind your staff about key marketing concepts and objectives is to give them desk plaques with simple phrases. You want to create a phrase that reminds them that their primary focus should be creating customer value. ​ Which of the following phrases best tells the story of what customer value is?

Relationship Marketing

deepens the buyer's trust in the company, and as the customer's confidence grows, this, in turn, increases the firm's understanding of the customer's needs.

services, ideas, and goods

​The three basic forms that a product can take are

Marketing Concept

​a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.