Principles of Marketing Chapter 1

Value Proposition

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.

False

Market offerings are limited to physical products

a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment

The societal marketing concept holds that ________.

True

A market is a segment of potential consumers who share a common need or want.

understanding the marketplace and customer needs and wants

According to the five-step model of the marketing process, the first step in marketing is ________.

Spread the word about their good experiences with a brand or product

Customer evangelists are those who ________.

Customer Delight

Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________.

consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

The selling concept holds that ________.

The Marketing Concept

Which of the following concepts is based on a customer-centered philosophy?

A Supply Chain

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.