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?