Marketing Chapter 1 Exam

Value

A customer's subjective assessment of benefits relative to costs in determining the worth of a product

Product

A good, a service, or an idea

Customer Lifetime Value (CLV)

A key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts

Marketing Concept

A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

Target Market

A specific group of customers on whom an organization focuses its marketing efforts

Green marketing

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

Market orientation

An organization-wide commitment to researching and responding to customer needs

$26

Considering the costs associated with implementing marketing activities, if a consumer pays $52 for a pair of jeans, approximately how much of that price is associated with activities related to marketing (promotion, distribution, and profit margins)?

Stakeholders

Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes

Market orientation

During which orientation (time period) are marketers most likely to adopt the marketing concept?

Relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationships

Marketing Mix

Four marketing activities—product, distribution, promotion, and pricing—that a firm can control to meet the needs of customers within its target market

25-33%

From _______ % of all civilian workers in the United States performs marketing activities.

$1,500

If a family spends $3,000 each month on goods and services, how much of that $3,000 can be associated with the cost of marketing activities?

Interdependent

Marketing environmental forces are often _______.

Distribution

The activities related to making products available in the quantities desired to as many target market customers as possible is part of which element of the marketing mix?

Marketing Environment

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix

Exchanges

The essence of marketing is to develop satisfying _______ from which both customers and marketers benefit

Marketing

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Exchanges

The provision or transfer of goods, services, or ideas in return for something of value

Customers

The purchasers of organizations' products; the focal point of all marketing activities

Customer Relationship Management (CRM)

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Customer value= customer benefits - customer costs

What equation describes customer value?

Establish an information system to discover customers' real needs

What is the first step for marketers in implementing the marketing concept?

Marketing concept

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies?

It requires four conditions to take place

Which of the following sentences is true about a marketing exchange?