MKTG 1a

Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of ______.

A frequency marketing program

Hank is an assistant marketing director for a firm in a market with many low-margin customers. What type of relationships with these customers would the most profitable for him?

Basic relationships

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Building profitable relationships and creating customer delight

The societal marketing concept seeks to establish a balance between ______.

Consumer short-run wants and consumer long-run welfare

The primary key to delivering customers satisfaction is to match product performance with _______.

Customer Expectations

Which of the following terms refer to customers who make repeat purchases and tell others about their positive experiences with a product or service?

Customer evangelists

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

Customer relationship management

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty?

Customer relationship management

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice _______ marketing.

Customer-driving

When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ______ marketing.

Customer-driving

The marketing world is most likely embracing _____ because consumers wield greater power nowadays with a wealth of platforms for airing and sharing their brands views with other consumers.

Customer-managed relationships

_______ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

Which of the following is a characteristic of customer-driven marketing?

Customers know what they want

When backed by buying power, wants become _____.

Demands

_______ is the act of obtaining a desired object from someone by offering something in return

Exchange

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

Failing to attract enough customers

Which of the following is the aim of the product concept?

Focus on making continuous product improvements

A firm that uses the selling concept takes a(n) _____ approach.

Inside-out

Which of the following statements is true of the selling concept?

It is typically practiced with unsought goods

Which of the following statements is true of the production concept?

It leads to companies focusing too narrowly on their own operations

Which of the following strategies would a company most likely use to increase customer satisfaction?

Lowering prices

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

Make selling unnecessary

A(n) ______ is the set of actual and potential buyers of a product or service.

Market

A ______ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Market offering

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

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.

Marketing

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively

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

Marketing management

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

Marketing mix

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Marketing myopia

The marketing concept that starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers takes a(n) ______.

Outside-in perspective

It is most accurate to say that when customers purchase products they act on ______ as they judge values and costs

Perceived value

The ______ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.

Product

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

Product concept

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

Production concept

______ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable marketing

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

Target marketing

Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

The marketing concept

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The marketing concept

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather 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

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Value proposition

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

Wants

The selling concept is typically practiced ______.

With goods that buyers normally do not think of buying