CH. 1

Which of the following strategies would a company most likely use to increase customer satisfaction?

Lowering prices

The set of marketing tools a firm uses to implement its marketing strategy is called the what?

Marketing mix

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The marketing concept

What is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

Wants

human needs that are shaped by culture and individual personality

Market offering

is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

the marketing concept

In the context of customer relationship groups, a potentially profitable and short-term customer is referred to as a what?

butterfly

Product concept

is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features

Digital technology allows companies to reach out to customers in numerous ways. Which of the following is NOT the purpose of a company reaching out using digital and social media?

working with suppliers

When backed by buying power, needs become wants.

False

Which of the following is the aim of the product concept?

Focus on making continuous product improvements

Which of the following statements is true about creating customer loyalty and retention?

Losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage.

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of what?

Market segments

Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects what concept?

Production concept

Jolene's firm markets pre-planning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices what concept?

Selling concept

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

The selling concept

The difference between human needs and wants is that needs are not created by marketers.

True

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Value proposition

which of the following statements reflects the marketing concept?

Consider customer focus and value as the paths to sales and profits

Which of the following terms refers to customers who make repeat purchases and tell others about their positive experiences with a product or service?

Customer evangelists

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of what?

Customer lifetime value

What marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs.

Customer-driving

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon what?

Customer-perceived value