Marketing 310 Test 1
Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
A Mission Statement
Marketing
A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Which of the following is the first step in strategic planning?
Define the company mission
Consumer research, product development, communication, distribution, pricing, and service are all core ______ activities
Marketing
The art and science of choosing target markets and building profitable relationships with them is called
Marketing Management
Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
Marketing Myopia
Human needs as shaped by individual personality and culture
Wants
Strategic planning
When a firm develops and maintains a strategic fit between its goals and capabilities.
___________ is the act of obtaining a desired object from someone by offering something in return
Exchange
When Marketers set low expectations for a market offering, the biggest risk they run is
Failing to attract enough customers
According to Management guru Peter Drucker. "The aim of Marketing is to
Make selling unnecessary
A _______ is the set of actual and potential buyers of a product
Market
A(n)________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want
Market offering
_________________ should be market oriented and defined in terms of _______________
Mission Statements; Customer needs
Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
Strategic Planning
Selecting which segments of a population of customers to serve is called
Target marketing
Which of the following is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
The Marketing enviroment
According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy
Understand the marketplace and customer needs and wants.