marketing 350 ch. 1

In the process of developing marketing strategy, one of the two critical questions the manager must ask is, "What customers will we serve (what's our target market)?" Which of the following is the other question? a. How do we engage in marketing management? b. What is the market offering? c. What is the value to the customer? d. What is the value proposition? e. Who is the target market?

What is the value proposition?

Customer engagement marketing in the age of social media marketing differs from more traditional marketing, which relied on intrusion to build market share. Customer engagement marketing depends on _____ instead. a. frequency use marketing activities b. attraction c. lower prices d. other consumer to generate traffic e. constant communication

attraction

Demands are ______ a. the form human needs take as they are shaped by culture and individual's personality b. some combination of products, services, information or experiences offered to a market to satisfy a need or want c. backed by buying power d. a state of felt deprivation

backed by buying power

Of the following classifications of customers, the one that is fairly loyal but not particularly profitable is the ______ a. true believer b. stranger c. butterfly d. barnacle e. true friend

barnacle

Share of stomach is best illustrated by which of the following? a. Starbucks has the highest frequency of visit to the stores of any food chains b. Walmart is the largest retailer in the world c. He-Man sells clothes for big and tall men d. customers at Carl's Jr. fast-food restaurants sell more purchase than any of the major competitors in the industry e. McDonald's has 33% of the fast-food market

McDonald's has 33% of the fast-food market

An example of a value proposition is best illustrated as which of the following? a. Seven-Up, the Uncola b. L'Oreal, because we are the best c. Avis, we are the red one d. VW Jetta, on sale this weekend e. Whooper, buy two for the price of one

Seven-Up, the Uncola

The aim of ______ is to produce high customer equity, the total combined customer lifetime values of all the company's customers a. customer satisfaction b. exchange c. customer service d. customer relationship management e. market segmentation

customer relationship management

__________, which depends on the product's perceived performance relative to a buyer's expectations, is an important factor in creating customer value and building long-term market relationships a. shared value b. customer engagement c. share of customer d. customer satisfaction e. brand loyalty

customer satisfaction

The fourth stage in the marketing process is to build and sustain enduring customer relationships. The key elements of this process involve _____ and _____. a. profitability; growth b. customer perceptions; the reality of product positioning c. customer levels; customer tools d. customer value; customer satisfaction e. frequency marketing programs; marketing clubs

customer value; customer satisfaction

Customer-perceived value 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. portion of the customer's purchasing that a company get in its product categories

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

Marketing, more than any other business function, deals with ______ a. investors b. suppliers c. customers d. regulators e. employees

customers

At the core of every marketing transaction in the satisfaction of needs and wants is a(n) _____ between the buyer and a seller, including non-financial transactions such as between a politician and a voter a. customer-managed relationship b. marketing offering c. customer value d. exchange e. marketing relationship

exchange

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

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

The first step of the marketing process involves companies working to _______ a. build stronger customer relationships b. understanding who their competitors are c. capture value from customers d. improve operational efficiency e. gain a better understanding of their customers

gain a better understanding of their customers

Social sharing is best described as __________. a. increasing the number of Facebook "likes" b. sharing profits with customers c. getting customer to shop together d. getting people to talk with others and pass along their positive brand experiences e. using mobile devices to compare prices

getting people to talk with others and pass along their positive brand experiences

Market offerings to which the marketing process applies include _________ a. goods and services only b. only to tangible items, such as products c. goods, services, ideas, information, people, places, and organizations d. services as well as goods if the service includes tangible elements such as hotel beds, tables and so on e. people, places, and ideas only

goods, services, ideas, information, people, places and organizations

One of the primary reasons successful marketers try to develop customer lifetime value in a body of loyal consumers is because ________ a. it costs about one-fifth to maintain a loyal customer as it does to recruit a new customer b. the loyal customer is typically twice as profitable as the new customer c. it results in more customers overall d. the loyal customer can be taken advantage of more easily than the new customer d. existing customers do not need to have innovative products and services offered

it costs about one-fifth to maintain a loyal customer as it does to recruit a new customer

Demands differ from wants in which way? a. wants are the buying power that enables the customer to make a purchase b. it is the actual buying power a consumer has that enables him to fulfill his needs c. demands are culturally learned and do not relate to buying power d. demands are in response to the individual's personality and do not relate to buying power e. wants are innately felt deprivation, and demands are socially conditioned and learned

it is the actual buying power that enables the customer to make a purchase

Customer-driven marketing usually works well when a clear need exists and when customers ______ a. are not price-sensitive b. have relatively few options c. have high disposable incomes d. are easily influenced by promotional strategies e. know what they want

know what they want

Building profitable relationships and creating customer delight is the ______ step in the marketing process a. second b. last c. third d. first

last

The Societal marketing Concept goes beyond the Marketing Concept and questions whether the pure Marketing Concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. Which part of the Societal Marketing Concept says the marketing strategy should deliver value to customers in a way that maintains or improves both the consumers' and society's well-being? a. short-term demands b. long-term welfare c. variety desires d. short-term profitability e. long-term profitability

long-term welfare

A(n) ________ is the set of actual potential buyers of a product or service a. customer profile b. market c. supply chain d. target market e. exchange

market

Economic ____ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers. a. customer service b. consumer demands c. relationship building d. exchange e. marketing

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 b. marketing myopia c. market segmentation d. marketing management

marketing

The ______ holds that achieving organization goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do a. societal marketing concept b. product concept c. selling concept d. production concept e. marketing concept

marketing concept

_________ is best defined as the art and science of choosing target markets and building profitable relationships with them a. marketing b. marketing myopia c. market segmentation d. marketing management

marketing management

A _______ is a situation in which marketing managers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences. Consequently, the managers focus on the customers' wants and neglects to evaluate the needs a. market offering b. marketing myopia c. customer demand d. marketing relationship e. marketing exchange

marketing myopia

Marketing myopia is the _______ a. process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return b. art and science of choosing target markets and building profitable relationships with them c. set of all actual and potential buyers of a product or service d. mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product

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

______ marketing is perhaps the fastest-growing digital marketing platform. It is ideal for engaging customer anytime and anywhere as they move through the buying process. a. blog b. mobile c. website d. a social media vehicle, Facebook e. social

mobile

When a consumer experiences a state of deprivation such as being hungry, cold, or tired, he is feeling a(n) ________ that has to be satisfied a. need b. demand c. exchange d. want e. value

need

Historically, the concept by which marketing managers operated, which was based on being able to make the product efficiently and cost effectively, was the ______ concept. a. product b. societal marketing c. selling d. production e. marketing

production

________ 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. marketing concept c. selling concept d. product concept

production concept

As the organization determines which customers to serve, it must first divide the market into reachable portions, or _____ of the market, and then select which portion of the market to target a. needs b. clusters c. positions d. differentiations e. segments

segments

_____ 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. production concept b. marketing concept c. product concept d. selling concept

selling concept

While it is one of the newest marketing tools firms have to communicate with customers, _______ is (are) now used by more than 90% of American organizations a. consumer promotions such as coupons of sweepstakes b. advertising c. trade promotions such as trade shows and conferences d. social media e. public relations

social media

____ is 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 a. selling concept b. societal marketing concept c. marketing concept d. product concept

societal marketing concept

Market offerings are ______ a. some combination of products, services, information, or experiences offered to a market b. human wants that are backed by buying power c. the form human needs take as they are shaped by culture and an individual's personality d. a state of felt deprivation

some combination of product's services, information or experiences offered to a market

Mobile channels are used by marketers to ______ a. get more "likes" on Facebook b. engage in caring capitalism c. encourage social sharing d. stimulate immediate buying, making shopping easier, and enrich the brand experience e. increase profits

stimulate immediate buying, making shopping easier, and enrich the brand experience

One of he many elements of partner relationship management that deals with outside partners in the channels of distribution from raw materials to delivering goods to the final consumer is _______ a. customer relationship management b. supply chain management c. share of customer d. customer satisfaction management e. materials management

supply chain management

With an increasing push toward ________ marketing, firms are gearing operations for the long-term but not without stricter environmental and ethical demands a. globalized b. sustainable c. mobile d. not-for-profit e. social media

sustainable

Due to _____, marketers are increasingly emphasizing value a. partner relationship management b. customer equity c. the changing economic environment d. customer-perceived value

the changing economic environment

A dramatic shift in ______, beginning in 2008, has caused marketing managers to realign marketing plans and focus more on value a. the economy b. lower marketing costs due to social media marketing c. globalization d. the American family e. marketing costs

the economy

Which of the following described a selling concept? a. the idea that consumers will favor products that are available and highly affordable b. the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effect c. the idea that consumers will favor products that offer the most quality, performance, and features 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

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

Customer equity is _______ a. the past and future value of the firm's customer base b. not measurable because it is based only on projections of future purchases c. current share of market the firm has d. the past value of the company's customer base e. the total combined customer lifetime values of the company's current and potential customers

the total combined customer lifetime values of the company's current and potential customers

What is customer equity? a. the value of the entire stream of purchases a customer makes over a lifetime of patronage b. some combination of products, services, information, or experiences offered to a market to satisfy a need or want c. the portion of the customer's purchasing that a company gets in its product categories d. the total combined values of all of the company's customers

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

Which of the following describes customer lifetime value? a. the portion of the customer's purchasing that a company gets in its product categories b. some combination of products, services, information, or experiences offered to a market to satisfy a need or want c. the value of the entire stream of purchases a customer makes over a lifetime of patronage d. the total combined customer lifetime values of all of the company's customers

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

Advantages of consumer-generated marketing are the credibility and honest of it and the appeals. Drawbacks for the marketing manager of consumer-generated marketing include _________ a. accuracy in communicating the value proposition b. high cost only c. paying consumer who contact their friends illegally d. time-consuming aspect, costliness, and the fact that it might not produce measurable results e. consumers who perceive it as too intrusive

time-consuming aspect, costliness, and the fact that it might not produce measurable results

The first step in the marketing process is _____ a. securing funding for the organization b. promoting the product or service the organization has to exchange c. understanding the marketplace and customers' needs, wants, and demands d. creating customer demands e. developing a competitive product

understanding the marketplace and customers' needs, wants, and demands

_____ are the form human needs take as they are shaped by culture and individual personality a. offerings b. services c. needs d. wants e. demands

wants

______ are shaped by culture and an individual's personality a. wants b. demands c. needs d. market offerings

wants

The growing not-for-profit sector includes all of the following types of institutions, but it does not include _______ a. warehouse wholesale clubs b. churches c. universities d. hospitals e. museums

warehouse wholesale clubs