Marketing Midterm CH1
Exchange
________ is the act of obtaining a desired object from someone by offering something in return.
Customer equity
________ is the total combined customer lifetime values of all the company's current and potential customers.
A supply chain
________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.
Share of customer
________ refers to the portion of the customer's purchase that a company gets in its product categories.
consumers' existing wants
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on
value proposition
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
understanding the marketplace and customer needs and wants
According to the five-step model of the marketing process, the first step in marketing is _____________
market segmentation
Dividing a market into several sections of customers is known as ________.
consumer-generated
Ellis, a marketing manager at a regional chain restaurant, has decided to create a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Ellis' plan is an example of ________ marketing.
when the market has few customers and high margins
In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
satisfaction
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer
target marketing
Selecting particular segments of a population of customers to serve is called ________.
product
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.
Capturing value from customers
The final step in the marketing process is ________.
customer relationship management
The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ________.
The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.
Which of the following is a difference between the marketing concept and the selling concept?