MKT 3501 CHAPTER 1 DSM

LAST OR 4TH

Building profitable relationships and creating customer delight is the __________ step in the marketing process.

the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

The societal marketing concept is best described as __________.

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

Marketing is best described as the __________.

mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product

Marketing myopia is the __________.

the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Production concept is __________.

overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer relationship management is the __________.

The extent to which product's perceived performance matches a buyer's expectations

Customer satisfaction is the __________.

customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offer

Customer-perceived value is the __________.

BACKED BY BUYING POWER

Demands are __________.

VALUE

Due to the changing economic environment, marketers are increasingly emphasizing __________.

The total combined values of all of the company's customers

What is customer equity?

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

What is the marketing concept?

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

Which of the following describes the selling concept?

MARKET

Which of the following is the set of all actual and potential buyers of a product or service?

WANTS

__________ are shaped by culture and an individual's personality.

MARKET OFFERINGS

__________ are some combination of products, services, information, or experiences offered to a market.

Marketing management

__________ is best defined as the art and science of choosing target markets and building profitable relationships with them.

PRODUCT CONCEPT

__________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

SELLING CONCEPT

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

CUSTOMER LIFETIME VALUE

__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.

NEEDS

__________ refers to a state of felt deprivation.