Foundations of Marketing Test Review

Marketing

Identifying, anticipating, and satisfying customer needs and wants.

Customer need

An essential requirement to solve a problem.

Customer wants

A desire influenced by trends and personal preferences.

Customer loyalty

The likelihood of customers returning to a brand due to satisfaction.

Marketing mix

Includes the 4 Ps: Product, Price, Place, and Promotion.

Promotion

Activities to inform and engage customers.

Nonprofit marketing

Focuses on raising awareness for social causes.

Customer engagement

Connecting with customers through personalized communication.

What is the primary goal of marketing?

To fulfill customer needs and drive sales

Customer loyalty is primarily driven by:

Convenience, positive experience, and trust

What is a critical aspect of B2B marketing?

Personal sales and relationship-building

What does customer engagement often involve?

Personalizing communication and social media interaction

Describe one-way companies show they care about their customers.

Companies show care through excellent customer service, personalization, and responsiveness.

How can pricing affect customer loyalty?

Fair and competitive pricing builds loyalty, while overpriced items can drive customers away.

Why is personalization important in the marketing mix?

Personalization in marketing appeals to specific customer preferences, making them feel valued.

T/F Marketing is only about selling products

False

Emotional needs are irrelevant in marketing.

False

Discounts and rewards can influence customer loyalty.

True

Social responsibility is not part of customer relationship-building.

False

The "4 Ps" are Product, Price, Place, and Promotion.

True

Acquiring new customers is generally less costly than maintaining current ones.

False

Electronic marketing is mainly used by businesses targeting consumers only

False