Marketing Ch 1

Marketing is ________. 1. part of manufacturing 2. part of the finance department 3. managing customer relationships 4. sales promotion

3. managing customer relationships

What Is Marketing?

Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return

Which of the first four steps of the marketing process asks, "What consumers will we serve?" and "How can we best serve targeted customers?" Step 1: Understanding the marketplace Step 2: Designing the marketing strategy Step 3: Constructing the marketing program 4. Step 4: Building profitable relationships with customers

Step 2: Designing the marketing strategy

Which step of the marketing process is the most important? Step 1: Understanding the marketplace Step 2: Designing the marketing strategy Step 3: Constructing the marketing program Step 4: Building profitable relationships with customers

Step 4: Building profitable relationships with customers

The ________ is the nation's twenty-fourth largest advertiser with an annual budget of more than $1 billion.

US Government

Marketing is ___________. 1. the same as advertising and sales 2. not used by small corporations 3. about satisfying customer needs 4. making a profit

about satisfying customer needs

Market offerings

are some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Markets

are the set of actual and potential buyers of a product

To build lasting customer relationships, organizations should focus on delivering ________ and ________. high quality products; low prices customer value; customer satisfaction customer satisfaction; customer growth customer value; high profits

customer value; customer satisfaction

The most basic concept underlying marketing is that of ________. 1. profits 2. products 3. human needs 4. services

human needs

Partner relationship management

involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Supply chain

is a channel that stretches from raw materials to components to final products to final buyers

Integrated marketing program

is a comprehensive plan that communicates and delivers the intended value to chosen customers

Partners inside the company

is every function area interacting with customers Electronically and Cross-functional teams

Marketing myopia

is focusing only on existing wants and losing sight of underlying consumer needs

Partners outside the company

is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships

Demarketing

is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it

Exchange

is the act of obtaining a desired object from someone by offering something in return

Marketing management

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

Production concept

is the idea that consumers will favor products that are available or highly affordable

Selling concept

is the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort

Share of customer

is the portion of the customer's purchasing that a company gets in its product categories

Marketing mix

is the set of tools (four Ps) the firm uses to implement its marketing strategy.It includes product, price, promotion, and place.

Customer equity

is the total combined customer lifetime values of all of the company's customers

Customer lifetime value

is the value of the entire stream of purchases that the customer would make over a lifetime of patronage

The art and science of selecting target markets and developing profitable relationships with those markets is called marketing ________. 1. profiles 2. maneuvers 3. selection 4. management

management

Which marketing philosophy purports that achieving corporate goals depends on knowing the needs/wants of your markets and delivering the desired satisfactions better than your competitors? Production concept Product concept Selling concept Marketing concept

marketing concepts

Market segmentation

refers to dividing the markets into segments of customers

Target marketing

refers to which segments to go after

Human welfare, want satisfaction, and profits are the three considerations underlining the concept known as ________. societal marketing customer-driven sales-driven production

societal marketing

Building the right relationships with the right customers involves

treating customers as assets that need to be managed and maximized

The set of benefits/values a company promises to its customers is called __________. 1. value proposition 3. advertising 4. supply and demand 5. production concept

value proposition