BUSA 330 Chapter 1 - Exam 1

Which of the following correctly identifies the five core customer and marketplace concepts?

(1) Needs, wants, and demands; (2) market offerings (3) value and satisfaction (4) exchanges and relationships (5) markets

What is the marketing concept?

A philosophy in which achieving organizational goals depends n knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

How has the Great Recession of 2008/2009 affected marketers in terms of consumer attitudes?

Consumers are showing an enthusiasm for frugalty

Customer satisfaction is the __________

Extent to which a product's perceived performance matches a buyer's expectations

Which of the following describes product concept?

The idea that consumers will favor products that offer the most quality, performance, and features

Which of the following describes selling concept?

The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

What is the purpose of a value proposition?

To differentiate and position a market offering in the marketplace

Customer relationship building blocks consist of ______ a. customer value and satisfaction b. the four P's of marketing c. price and promotion d. product and place e. social and product marketing

a. customer value and satisfaction

Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it ______ a. does not attempt to maximize customer satisfaction b. attempts to maximize customer satisfaction c. attempts to gain customer satisfaction at all cost to ward off competition d. can increase satisfaction by increasing its services compared to its competitors e. can increase satisfaction by lowering prices compared to its competitors

a. does not attempt to maximize customer satisfaction

Which of the following is the set of all actual and potential buyers of a product or service? a. market b. marketing myopia c. marketing management d. marketing

a. market

The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities? a. segmenting and targeting b. segmenting and demand management c. targeting and positioning d. customer management and demand management e. segmenting and positioning

a. segmenting and targeting

For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them? a. true friends b. barnacles c. strangers d. true believers e. butterflies

a. true friends

A need is best described as ________. a. being shaped by culture and an individual's personality b. a state of felt deprivation c. a human want that is backed by buying power d. some domination of products, services, info, or experiences offered to a market

b. a state of felt deprivation

what is the final step in the marketing process? a. develop a customer value-driven strategy b. capture value from customers c. construct an integrated marketing program d. understand customer needs e. engage customers

b. capture value from customers

The key element of successful marketing today is to ___. a. develop one-of-a-kind products b. create value c. advertise on TV d. offer low prices e. run frequent promotions

b. create value

__________ is the total combined values of all of the company's customers. a. share of customer b. customer equity c. market offerings d. customer lifetime value

b. customer equity

______ is best defined as the art and science of choosing target markets an building profitable relationships with them. a. marketing myopia b. marketing management c. marketing d. marketing segmentation

b. marketing management

which term refer to the mistake of paying more attention to the specific products that a company offers than to the benefits and experiences produced by those products? a. market b. marketing myopia c. marketing management d. marketing

b. marketing myopia

The ____ concept hold that consumers will favor products that are available and affordable a. product b. production c. societal marketing d. selling e. marketing

b. production concept

Market offerings include ____. a. needs, wants, and demands b. products, services, and experiences c. products, services, and exchanges d. value, satisfaction, and markets] e. demands, exchanges, and relationships

b. products, services, and experiences

Which of the following describes wants? a. some combo of products, services, information, or experiences offered b. shaped by culture and an individual's personality c. a state of felt deprivation d. the act of obtaining a desired object from someone by offering something in return

b. shaped y culture and an individual's personality

In today's global environment, everything and everyone are digitally connected to everything and everyone else. the term used to describe this is ____. a. mobile marketing b. the internet of things c. social media d. the world wide web e. digital media

b. the internet of things

Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation? a. the production concept b. the marketing concept c. the product concept d. the selling concept e. the societal marketing concept

b. the marketing concept

the actual and potential buyers in a market share which of the following characteristics? a. they have the same demographic profile b. they share a particular need and/or want c. they have little influence over marketers d. they do not engage in marketing e. they are not affected by environmental forces

b. they share a particular need and/or want

To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________. a. construct an integrated marketing program b. understand the marketplace and customer needs and wants c. build profitable customer relationships d. create customer delight e. design a customer value-driven marketing strategy

b. understand the marketplace and customer needs and wants

A brand's _____ involves the set of benefits or values it promises to deliver consumers a. marketing management b. value proposition c. customer management d. target marketing e. market segmentation

b. value proposition

Which of the following is an accurate statement about building customer relationships in the modern marketing era?

building relationships through consumer-generated content is expensive and takes time

Demands are ______. a. some combo of products, services, information, or experiences offered to a market to satisfy a need or a want b. a state of felt deprivation c. backed by buying power d. the form human needs take as they are shaped by culture and an individual's personality

c. backed by buying power

What is the key to building lasting customer​ relationships? a. selling products at a discount b. creating unique products that competitors do not offer c. creating superior customer value and satisfaction d. offering everyday low prices e. marketing on the web

c. creating superior customer value and satisfaction

______ is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers a. share of customer b. customer relationship management c. customer-perceived value d. customer satisfaction

c. customer perceived value

______ is the extent to which a product's perceived performance matches a buyer's expectations. a. share of customer b. customer relationship management c. customer satisfaction d. customer-perceived value

c. customer satisfaction

______ is the customer's evaluation of the difference between all the benefits and all the costs of market offering relative to those of competing offers a. objectie value b. demand c. customer-perceived value d. exchange e. satisfaction

c. customer-perceived value

Building profitable relationships and creating customer delight is the _________ step in the marketing process a. first b. second d. fourth c. third

c. fourth

You are thirsty and decide to have an iced tea. Your thirst is a​ ________ and your choice of iced tea is a​ ________. a. need; demand b. want; need c. need; want d. demand; want e. want; demand

c. need; want

Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of _____. a. not engaging customers b. telling customers what they need c. satisfying customer needs d. developing innovative products e. elimination promotion

c. satisfying customer needs

Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features? a. the societal marketing concept b. the production concept c. the product concept d. the marketing concept e. the selling concept

c. the product concept

Due to the changing economic environment, marketers are increasingly emphasizing _________. a. customer-perceived value b. customer equity c. value d. partner relationship management

c. value

_____ is the overall process of building and maintaining profitable customer relationships. a. customer satisfaction b. customer-perceived value c. share of customer d. customer relationship management

d. customer relationship management

Engaging customers and managing profitable customer relationships is the simplest definition of ___. a. value b. a market c. advertising d. marketing e. satisfaction

d. marketing

The _____ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. a. production concept b. selling concept c. product concept d. marketing concept

d. marketing concept

Which is the fastest growing digital marketing platform? a. sustainable marketing b. social marketing c. social media marketing d. mobile marketing e. non-for-profit marketing

d. mobile marketing

______ refers to a state of felt deprivation a. wants b. demands c. marketing offerings d. needs

d. needs

______ is the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests, and societies long-run interests a. selling concept b. product concept c. marketing concept d. societal marketing concept

d. societal marketing concept

In marketing terms, what is a market? a. a company's current customers b. a retail establishment c. all sellers of a product or service d. the set of actual and potential buyers of a product or service e. the products that are sold to customers

d. the set of actual and potential buyers of a product or service

The primary goal of consistently delivering superior value is to _____. a. expand into global markets b. avoid the need to advertise c. maximize profits d. keep costs down e. build profitable customer relationships

e. build profitable customer relationships

the total combined lifetime value of a company's current and potential customers is called _____. a. market share b. customer loyalty c. customer retention d. share of customer e. customer equity

e. customer equity

The basic concept underlying marketing is that of a. customer service b. customer wants c. customer experience d. customer demand e. customer needs

e. customer needs

Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available​ technology, including online streaming sites like YouTube and Hulu. The videos​ Vince's Video does sell are often out priced by versions coming from China or​ Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected​ Vince's Video? a. the digital age b. rapid globalization c. sustainable marketability d. the changing economic environment e. not-for-profit marketing

e. not-for-profit marketing

companies such as IBM, Walmart, and Google now look beyond economic gain and, int heir marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. this reflects which marketing philosophy? a. the product concept b. the production concept c. the selling concept d. the marketing concept e. the societal marketing concept

e. the societal marketing concept

What are the 4 P's of marketing?

product, price, place, promotion

Production concept is __________.

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Marketing is best described as _____________.

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Which of the following describes customer lifetime value?

the value of the entire stream of purchases a customer makes over a lifetime of patronage