mktg test 1
concept that focuses on selling what is made rather than making what is wanted
selling concept
a customer who is both loyal and profitable
true believer
efforts to convert ____ into loyal customers are rarely successful
butterflies
a consumer who is potentially profitable but not loyal to a firms offerings is referred to as a ____
butterfly
the selling concept holds
consumers will not buy enough of a firms products unless the firm undertakes large-scale persuasion and promotion efforts
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a(n) ________.
demand
wants/needs backed by buying power are now
demands
promotional utilities
do i communicate all of this info in an easy to understand way
____ is the act of obtaining a desired object from someone by offering something in return
exchange
barnacles
highly loyal but not very profitable
Consumers' needs and wants are fulfilled through ________.
market offering
consumers needs and wants are fulfilled through
market offerings
Dividing a market into several sections of customers is known as ________.
market segmentation
the ____ concept holds that achieving org goals depends on knowing the needs and wants or target markets and delivering the desired satisfactions better than the competitors do
marketing
the ____ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors
marketing
which is based on a customer-centered philosophy
marketing concept
which concept is based on a customer-centered philosophy
marketing concept (make what customers want)
what is the difference between marketing concept and the selling concept
marketing concept focuses on CUSTOMER NEEDS whereas the selling concept focuses of existing products
_____ is the art and science of choosing target markets and building profitable relationships with them
marketing management
____ refers to the portion of the customers purchase that a company gets in its product categories
share of customer
agency launching campaign to encourage energy conservation and concern for environment, no smoking and obesity illustrates ______ marketing
social
amazon prime strives to convert casual shoppers into loyal customers. an amazon prime customer can be classified as a ____
true believer
Form Utility
am i making a PRODUCT in the form u want it in (ice maker in good part of fridge)
time utility
am i providing it when u want it (convenience)
place utility
am i selling it at a place you can get to
true friends
both profitable and loyal
the societal marketing concept holds that
a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
Stranger
bottom left, not long term or super profitable
_____ is the total combined customer lifetime values of all the companys current and potential customers
customer equity
myopia
nearsightedness, only focusing on product not value or effect
____ are defined as states of felt deprivation
needs
butterflies
potentially profitable but not loyal
Possession Utility
price
the ultimate aim of customer relationship management is to ____
produce high customer equity
____ are customers who show low potential profitability and little projected loyalty
strangers
in which of the following customer relationship groups do organizations generally avoid investing? a. barnacles b. strangers c. butterflies d. true friends
strangers
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.
target marketing
customers who are classified as true believers ____
tell others about their good experiences with a company
according to the 5 step model of the marketing process, the first step in mktg is __
understanding the marketplace and customer needs and wants
a brands____ is the set of benefits that it promises to deliver to consumers to satisfy their needs
value proposition
jet blues promise to "put you above all" is their ___
value proposition