Ch 01 (Study Concepts, Quiz, & Warm-Up)

B. can be intangible

Market offerings​ ________. A. are limited to physical products B. can be intangible C. must result in the ownership of something D. satisfy​ needs, not wants E. do not include services

E. The new concept focuses on customer needs.

How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")? A. The new concept requires less work from marketing executives. B. The new concept is more cost efficient. C. The new concept focuses on having a​ well-developed product. D. The new concept focuses on making money. E. The new concept focuses on customer needs.

D. There is a good fit between the​ company's offerings and​ butterflies' needs.

In the context of customer relationship​ groups, which statement is​ true? A. Strangers show high potential profitability but little projected loyalty. B. True friends and butterflies both show high projected loyalty. C. There is a strong fit between​ barnacles' needs and the​ company's offerings. D. There is a good fit between the​ company's offerings and​ butterflies' needs. E. True friends are loyal but not very profitable.

C. Designing a​ customer-driven marketing strategy

In the​ 5-step marketing process​ model, what occurs after the marketer identifies customer needs and wants in the marketplace and understands​ them? A. Capturing value from customers to create profits and customer equity B. Constructing an integrated marketing program that delivers superior value C. Designing a​ customer-driven marketing strategy D. Beginning advertising and promotion to sell the product E. Building profitable relationships with customers

B. Determine who in the community wants or needs a jump rope.

Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do? A. Develop relationships with the customers who come to purchase jump ropes. B. Determine who in the community wants or needs a jump rope. C. Advertise the company as a location in which to purchase jump ropes. D. Develop the best jump rope possible. E. Develop a plan to sell as many jump ropes as possible.

C. quickening the shift from​ digital-first consumer engagement strategies to​ in-store connections

The profound effect of the​ COVID-19 pandemic is evidenced in all of the following EXCEPT​ ________. A. hastening the transition to digital in almost every area of human activity B. accelerating the shift to online shopping by an estimated 5 to 10 years C. quickening the shift from​ digital-first consumer engagement strategies to​ in-store connections D. increasing to​ 25% the amount of sales moving through online channels E. boosting​ brands' use of​ online, mobile, social​ media, and other digital platforms to connect with consumers

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

C. Receiving value from customers

The ultimate goal of the marketing process is which of the​ following? A. Determining a target market B. Developing relationships with customers C. Receiving value from customers D. Evaluating customer needs E. Creating a quality product

A. What customers will we​ serve? How can we serve these customers​ best?

To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? A. What customers will we​ serve? How can we serve these customers​ best? B. What markets should we​ enter? How do we maximize sales in those​ markets? C. How can we serve our customers​ best? How can we maximize​ profits? D. Who are our​ competitors? How can we beat our​ competitors? E. What customers will we​ serve? How can we maximize​ profits?

A. ​Society's interests, consumer​ wants, and company profits

What are the three considerations underlying the Societal Marketing​ Concept? A. ​Society's interests, consumer​ wants, and company profits B. ​Society's interests, company​ sales, and consumer wants C. ​Society's interests,​ society's welfare, and a sustainable environment D. ​Society's interests, consumer​ wants, and identifying competitors E. Company​ sales, company​ profits, and customer satisfaction

B. Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

What is a market offering? A. Human wants that are backed by buying power B. Some combination of products, services, information, or experiences offered to a market to satisfy a need or want C. The form human needs take as they are shaped by culture and individual personality D. The set of all actual and potential buyers of a product or service

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

What is customer-perceived value? A. The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers B. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction C. The extent to which a product's perceived performance matches a buyer's expectations D. The portion of the customer's purchasing that a company gets in its product categories

C. The art and science of choosing target markets and building profitable relationships with them

What is marketing management? A. The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return B. The act of obtaining a desired object from someone by offering something in return C. The art and science of choosing target markets and building profitable relationships with them The mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

B. The portion of the customer's purchasing that a company gets in its product categories

What is share of customer? A. The extent to which a product's perceived performance matches a buyer's expectations B. The portion of the customer's purchasing that a company gets in its product categories C. The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers D. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

C. A global environment where everything and everyone is digitally connected to everything and everyone else

What is the Internet of Things​ (IoT)? A. The act of fostering direct and continuous customer involvement in shaping brand​ conversations, brand​ experiences, and brand community B. Actions by which satisfied customers initiate favorable interactions with others about a brand C. A global environment where everything and everyone is digitally connected to everything and everyone else D. Machines that think and learn in a way that looks and feels human but with a lot more analytical capacity E. Using digital marketing tools to engage consumers​ anywhere, at any​ time, via their digital devices

B. Creating superior customer value and satisfaction

What is the key to building lasting customer​ relationships? A. Developing quality products B. Creating superior customer value and satisfaction C. Developing innovative products D. Offering frequent sales promotions E. Delivering excellent customer service

E. They focus more on products than on the​ customer's underlying need.

What is the main problem that sellers suffering from marketing myopia​ face? A. They focus on customer wants instead of demands. B. They focus more on profit than on the​ customer's benefit. C. They focus more on the​ customer's experience than on the product itself. D. They focus on brand image to the detriment of quality. E. They focus more on products than on the​ customer's underlying need.

A. 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? A. 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 B. The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort C. 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 D. The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

C. To make the brand a meaningful part of​ consumers' conversations and lives

What is the overall goal of​ customer-engagement marketing? A. To satisfy customers while maximizing profits B. To jointly bring greater value to customers by working closely with partners in other company departments and outside the company C. To make the brand a meaningful part of​ consumers' conversations and lives D. To allow for consumers themselves to play roles in shaping their own brand experiences and those of others E. To minimize customer equity

A. The idea that consumers will favor products that offer the most quality, performance, and features

What is the product concept? A. The idea that consumers will favor products that offer the most quality, performance, and features B. The idea that consumers will favor products that are available and highly affordable C. The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort D. 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

A. Target marketing

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following? A. Target marketing B. Societal marketing C. Differentiation D. Market segmentation E. Demand management

D. Selecting only customers a company can serve well and profitably

Which BEST expresses the goal of effective marketing​ management? A. Refusing to limit a​ company's efforts to chosen segments of the market B. Focusing only on affluent customers C. Trying to serve all customers in every way D. Selecting only customers a company can serve well and profitably E. Finding as many customers as possible and increasing demand

E. The marketing concept

Which concept takes an​ outside-in view that emphasizes fulfilling the needs of customers as a road to​ profits? A. The selling concept B. The societal concept C. The product concept D. The production concept E. The marketing concept

A. Smartphone apps

Which is an example of a​ non-traditional marketing​ approach? A .Smartphone apps B. Product displays C. Direct mail catalogs D. Magazine ads E. Television commercials

C. Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

Which of the following correctly identifies the five core customer and marketplace​ concepts? A. Needs, wants, and​ demands; products;​ value; customers; and competitors B. Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits C. Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets D. Needs, wants,​ demands, market​ offerings, and markets E. Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets

A. Production

Which of the following is NOT one of the four Ps of the marketing​ mix? A. Production B. Promotion C. Product D. Place E. Price

D. Creating customer​ value, building customer​ relationships, and engaging customers

Which of the following is included in a broad definition of​ marketing? A. Advertising, selling, and developing quality products B. Selling, advertising, and promoting C. Creating customer​ value, building customer​ relationships, and having a strong selling orientation D. Creating customer​ value, building customer​ relationships, and engaging customers E.Satisfying​ customers, beating​ competitors, and maximizing profits

A. Products, services,​ information, and experiences

Which of the following represent market​ offerings? A. Products, services,​ information, and experiences B. ​Products, services,​ needs, and exchanges C. ​Value, satisfaction,​ sales, and profits D. ​Products, services,​ needs, and wants E. ​Needs, wants,​ products, and advertisements

C. Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

Which of the following scenarios BEST describes the societal marketing​ concept? A. Wanda's Wedding Wear frequently promotes itself to customers through​ commercials, fliers, and other forms of advertising. B. Robert's Rotors does everything to improve production and lower the cost of its rotors in order to gain customers. C. Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term. D. Amy's Apple Cart regularly asks its customers what kind of apples they want to buy. E. Tim's Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research.

C. big​ data; marketing analytics

With so many information sources available​ digitally, companies can collect mountains of data called​ ________ and make sense of it using​ ________. A. big​ data; real-time marketing B. marketing​ analytics; artificial intelligence C. big​ data; marketing analytics D. big​ data; the Internet of Things E. marketing​ analytics; big data

B. Demands

__________ are human wants that are backed by buying power. A. Wants B. Demands C. Needs D. Marketing offerings

A. Market Offerings

__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. A. Market Offerings B. Demands C. Wants D. Needs

A. Wants

__________ are the form human needs take as they are shaped by culture and individual personality. A. Wants B. Needs C. Demands D. Marketing offerings

B. The marketing process

__________ captures value from customers by creating profits and customer equity. A. Customer satisfaction B. The marketing process C. Share of customer D. Customer relationship management

c. customer-perceived value

__________ 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 offers. A.. customer satisfaction B. customer relationship management C. customer-perceived value D. Share of Customer

B. Customer Satisfaction

__________ is the extent to which a product's perceived performance matches a buyer's expectations. A. Customer-perceived value B. Customer Satisfaction C. Customer relationship management D. Share of customer

C. Customer relationship management

__________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer-perceived value B. Customer satisfaction C. Customer relationship management D. Share of customer

D. Marketing

__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. A. Marketing management B. Exchange C. Marketing myopia D. Marketing

A. Customer Equity

__________ is the total combined customer lifetime values of all of the company's customers. A. Customer Equity B. Customer lifetime value C. Share of customer D. customer-perceived value

B. Customer lifetime value

__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage. A. Customer equity B. Customer lifetime value C. Share of customer D. Customer-perceived value

C. Market exchange

A local drama club wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, starts​ poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging​ in? A. Advertising B. Market research C. Market exchange D. Product placement E. Building customer relationships

D. The internet has allowed consumers to take marketing content and share it.

According to the​ text, how has the internet MOST affected companies and​ customers? A. The internet has increased the potential customer base. B. The internet has lowered prices. C. The internet has made creating an image more important. D. The internet has allowed consumers to take marketing content and share it. E. The internet has made advertising easier.

C. customer brand advocacy

Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as​ ________. A. customer lifetime value B. share of customer C. customer brand advocacy D. customer equity E. partner relationship management

E. artificial intelligence​ (AI)

Amazon​ Echo's Alexa is an example of​ a(n) ________-powered application. A. mobile marketing B. social media C. big data D .Internet of Things​ (IoT) E. artificial intelligence​ (AI)

D. Frequency marketing program

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using? A. Customer-perceived value B. Consumer-generated marketing C. Mass-media marketing D. Frequency marketing program E. Direct marketing

A. Customer equity

Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Bertram's Beer attempting to​ build? A. Customer equity B. Share of customer C. Customer loyalty D. Partner relationships E. Customer lifetime value

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

Customer satisfaction is the __________. A. extent to which a product's perceived performance matches a buyer's expectations B. customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers C. overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction D. customer's purchasing that a company gets in its product categories

E. every type of organization

Effective marketing is essential to the success of​ ________. A. solely​ small, local businesses B. exclusively​ large, for-profit firms C. just​ large, publicly-traded companies D. only​ not-for-profit enterprises E. every type of organization

D. Should​ Jantel, Inc., follow a product or marketing​ concept?

Ethel and Jan have just started a new​ company, Jantel,​ Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Jan believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes what Ethel and Jan are​ considering? A. Should​ Jantel, Inc., follow a marketing concept or a societal marketing​ concept? B. Should​ Jantel, Inc., follow a product or selling​ concept? C. Should​ Jantel, Inc., follow a societal marketing or production​ concept? D. Should​ Jantel, Inc., follow a product or marketing​ concept? E. Should​ Jantel, Inc., follow a production or selling​ concept?

A. obtaining a desired object from someone by offering something in return

Exchange is the act of __________. A. obtaining a desired object from someone by offering something in return B. choosing target markets and building profitable relationships with them C. creating value for customers and building strong customer relationships in order to capture value from customers in return D. paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

E. Needs are satisfied by​ wants, and buying power converts wants into demand.

How do market demands relate to needs and​ wants? A. ​Needs, wants, and demands all describe the same state in the customer. B. Needs and wants outweigh demands in the​ customer's mind. C. Wants and demands are​ equivalent, and both satisfy needs at the same rate. D. Demands result in customers needing and wanting a particular product. E. Needs are satisfied by​ wants, and buying power converts wants into demand.

C. when sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs.

Marketing myopia is __________. A. obtaining a desired object from someone by offering something in return B. the art and science of choosing target markets and building profitable relationships with them C. when sellers are so taken with their product, they focus only on existing wants and lose sight of underlying customer needs. D. the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

D. states of felt deprivation

Needs are __________. A. some combination of products, services, information, or experiences offered to a market to satisfy a need or want B. shaped by culture and individual personality C. human wants that are backed by buying power D. states of felt deprivation

D. Barnacle

Scott Frost has been coming to​ Aldwin's Diner for 20 years and refuses to go anywhere else.​ Joseph, the owner of​ Aldwin's, loves​ Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the​ following? A. Butterfly B. True believer C. True friend D. Barnacle E. Stranger

D. needs

States of felt deprivation are known as __________. A. wants B. demands C. marketing offerings D. needs

A. production concept

The __________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. A. production concept B. product concept C. selling concept D. marketing concept

A. selling concept

The __________ 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. A. selling concept B. product concept C. production concept D. marketing concept

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

Wants are __________. A. the form human needs take as they are shaped by culture and individual personality B. states of felt deprivation C. human wants that are backed by buying power D. some combination of products, services, information, or experiences offered to a market to satisfy a need or want

E. To produce high customer equity

What is the ultimate aim of customer relationship​ management? A. To increase share of customer B. To produce high customer profitability C. To maintain high customer loyalty D. To establish brand equity E. To produce high customer equity