BUS2 - 130 Intro to Marketing (Chapter 1)

Digital and social media marketing involves using digital marketing tools such as websites, social media, mobile ads and apps, online video, email, blogs, and other digital platforms to engage consumers. True False

True

Social media companies like Facebook deliver customer satisfaction by connecting individuals through shared experiences. True False

True

The final step in the marketing process is capturing customer value in the form of profits and customer equity. True False

True

________ are the form human needs take as they are shaped by culture and individual personality. Benefits Risks Services Wants Necessities

Wants

Which of these questions is answered by a firm's value proposition: How will I inform my target audience about my products? Which markets do I serve? Should I use more digital marketing tools or traditional tools? Why should I buy your brand rather than a competitor's? What products should I deliver?

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

For marketing to be effective, it must ________. develop a culture of warmth and belonging create customer value help people connect with the people in their lives deliver high quality products create a buying experience

create customer value

________ is the total combined customer lifetime values of all the company's current and potential customers. Market share Customer equity Share of customer Customer-perceived value Value proposition

Customer Equity

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. True False

True

The 4 Ps of marketing are product, place, people, and promotion. True False

False

When backed by buying power, wants become needs. True False

False

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

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

Amazon founder Jeff Bezos vaulted to the position of wealthiest person in the world in a relatively short period of time by building his small online book selling platform into an online retail giant that was listed as the most valuable brand in the world in 2021. One of the things Bezos does is to frequently read customer emails. When something catches his eye he forwards the email to the appropriate person to take care of the issue. Jeff Bezos views Amazon's role as that of "creating genuine value for customers." Bezos is motivated by the fact that Amazon customers will be loyal until another firm offers better products and/or service. Amazon has also been extremely innovative in the order and delivery process which makes the shopping experience a breeze for consumers. In the past three years Amazon's revenues have more than doubled to $386 billion dollars and the firm accounts for 45% of all online sales. Much of Amazon's success can be attributed to ________. a vast product selection identifying customer needs selling only the highest quality products creating value for customers rapid delivery

creating value for customers

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? customer lifetime value customer equity customer-perceived value customer profitability share of customer

customer-perceived value

Marketing, more than any other business function, deals with ________. new products customers advertising sales brands

customers

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

market segmentation

Amazon founder Jeff Bezos vaulted to the position of wealthiest person in the world in a relatively short period of time by building his small online book selling platform into an online retail giant that was listed as the most valuable brand in the world in 2021. One of the things Bezos does is to frequently read customer emails. When something catches his eye he forwards the email to the appropriate person to take care of the issue. Jeff Bezos views Amazon's role as that of "creating genuine value for customers." Bezos is motivated by the fact that Amazon customers will be loyal until another firm offers better products and/or service. Amazon has also been extremely innovative in the order and delivery process which makes the shopping experience a breeze for consumers. In the past three years Amazon's revenues have more than doubled to $386 billion dollars and the firm accounts for 45% of all online sales. If Jeff Bezos and Amazon originally focused solely on his online product offerings, he would be guilty of ________. focusing on needs over wants niche marketing paying too much attention to the customer marketing myopia competitive analysis

marketing myopia

PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________. production concept societal marketing concept selling concept marketing concept customer-driving marketing concept

production concept

According to the five-step model of the marketing process, the first step in marketing is ________. engaging customers, building profitable relationships, and creating customer delight constructing an integrated marketing program that delivers superior value capturing value from customers to create profits and customer equity understanding the marketplace and customer needs and wants designing a customer-driven marketing strategy

understanding the marketplace and customer needs and wants