Mktg Lesson 3 Chapter 1 MCQ

Tell others about their good experiences with a brand or product

Customer evangelists are those who ________.

clear needs exist and customers know what their needs are

Customer-driven marketing is most effective when ________.

Customer-driving

Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.

market segmentation

Dividing a market into several sections of customers is known as ________.

Attraction

Greater consumer control means that companies must rely more on marketing by ________.

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?

strangers

In which of the following customer relationship groups do organizations generally avoid investing?

Demands

When backed by buying power, wants become ________.

Customer-driving

When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.

The societal marketing concept

Which of the following concepts calls for sustainable marketing?

the production concept

Which of the following concepts holds that consumers will favor products that are available and highly affordable?

the marketing concept

Which of the following concepts is based on a customer-centered philosophy?

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?

More sensible and mindful consumption

Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?

Marketers use mobile channels to stimulate immediate buying.

Which of the following is true of mobile marketing?

Customer-perceived value

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

The four Ps of marketing

Which of the following transforms marketing strategies into real values for consumers?

Strangers

________ are customers who show low potential profitability and little projected loyalty.

Needs

________ are defined as states of felt deprivation.

Wants

________ are the form human needs take as they are shaped by culture and individual personality.

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.

Sustainable

________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

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.

Partner relationship management

________ refers to working closely with people inside and outside the company to jointly bring more value to customers.

Value proposition

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

butterfly

A consumer who is potentially profitable but shifts loyalty toward better deals is referred to as a ________.

true believer

A customer who is both loyal and profitable is referred to as a ________.

Understanding the marketplace and customer needs and wants

According to the five-step model of the marketing process, the first step in marketing is ________.

Devote its energy to making continuous product improvements

According to the product concept, a company should ________.

Tell others about their good experiences with a company

Customers who are classified as true believers ________.

Consumers' existing wants

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

Target marketing

Selecting particular segments of a population of customers to serve is called ________.

Societal Marketing

Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the ________ concept.

Marketing

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Product

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

Creating economic value in a way that also creates value for society

The concept of shared value focuses on ________.

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 ________.

consumers will favor products that are available and highly affordable

The production concept holds that ________.

Consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

The selling concept holds that ________.

Unsought goods

The selling concept is typically practiced with ________.

A company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment

The societal marketing concept holds that ________.

Produce high customer equity

The ultimate aim of customer relationship management is to ________.