Marketing 310 Test 1

Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?

A Mission Statement

Marketing

A 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 is the first step in strategic planning?

Define the company mission

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

Marketing

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

Marketing Management

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

Marketing Myopia

Human needs as shaped by individual personality and culture

Wants

Strategic planning

When a firm develops and maintains a strategic fit between its goals and capabilities.

___________ 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, the biggest risk they run is

Failing to attract enough customers

According to Management guru Peter Drucker. "The aim of Marketing is to

Make selling unnecessary

A _______ is the set of actual and potential buyers of a product

Market

A(n)________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want

Market offering

_________________ should be market oriented and defined in terms of _______________

Mission Statements; Customer needs

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

Strategic Planning

Selecting which segments of a population of customers to serve is called

Target marketing

Which of the following is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

The Marketing enviroment

According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy

Understand the marketplace and customer needs and wants.