Marketing managment

It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?

After World War II, soldiers returned home, got new jobs, and started families. At the same time, manufacturers turned from focusing on the war effort toward making consumer products. Manufacturers and retailers thus began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. It was during this period that firms discovered marketing.

To build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transaction.

lifetime profitability

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. By doing so, Pokrah University is becoming more value driven through

building relationships with customers.

Which marketing activity is most directly served by the promotion element of the marketing mix?

communicating value

Effective promotion enhances a product or service's

perceived value

If a firm adopts a CRM business philosophy, it most likely has a(n) ________ orientation with its customers.

relational

Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of social media to market a product.

social media

Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes

the value of their time and energy

HappyCow is an example of a location-based social media application.

true

In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.

true