Marketing Principles & Problems CH1

What is marketing management?

the art and science of choosing target markets and building profitable relationships with them

Production concept 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

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

value

The __________ is 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.

marketing concept

A market is the __________.

set of all actual and potential buyers of a product or service

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

Customer lifetime value

The basic concept underlying marketing is that of.

Customer needs

__________ is the extent to which a product's perceived performance matches a buyer's expectations.

Customer satisfaction

What is Marking?

Marketing is a process of creating customer value.

Due to __________, marketers are increasingly emphasizing value.

The changing economic environment

A need is best described as __________.

A state of felt deprivation

Customer relationship building blocks consist of?

Customer value and satisfaction

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

Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it.

Does not attempt to maximize customer satisfaction

__________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

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

Fourth

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

Marketing Management

Which term refers to the mistake of paying more attention to the specific products that a company offers than to the benefits and experiences produced by those products?

Marketing Myopia

Marketing is perhaps the fastest-growing digital marketing platform.

Mobile

Which is the fastest-growing digital marketing platform?

Mobile marketing

Customer relationship management is the __________?

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

The __________ concept holds that consumers will favor products that are available and affordable.

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.

Production concept

__________ 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.

Production concept

In the final step of the five-step marketing model, companies.

Reap the rewards of creating customer value

Which of the following describes wants?

Shaped by culture and an individual's personality

__________ 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.

Societal marketing concept

Market offerings are?

Some combination of products, services, information, or experiences offered to a market

Which of the following describes product concept?

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

Which of the following describes the selling 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

What is customer equity?

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

A brand's __________ involves the set of benefits or values it promises to deliver to consumers.

Value proposition

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

Wants