Chapter 1 (Ex). Marketing Concepts And Process

True or False?

Customer-perceived value is determined by a customer's personal assessment of the benefits and costs of a market offering relative to those of competing offers

True

True or False?

Price is total expenses to get the benefits from using products.

False

True or False?

Cost is the amount of money charged for a product or service. More broadly, cost is the sum of all the values that customers give up to gain the benefits of having or using a product or service.

False

True or False?

Wants are needs that are shaped by personal preferences, culture, or religion.

True

True or False?

Marketing concept is the idea that a company’s marketing decisions should consider consumer’s wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

False

True or False?

Marketing is the creation of value for customers.

True

True or False?

Demands are human needs as shaped by individual personality and culture.

False

True or False?

A market offering is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.

True

True or False?

When marketers set low expectations for a market offering, the biggest risk they run is failing to attract enough customers

True

True or False?

Value creation is the act of obtaining a desired object from someone by offering

something in return.

False

True or False?

Needs is human demands but shaped by personal preferences, cultural, religion

False

True or False?

Many sellers make the mistake of paying more attention to the specific product they offer than to the benefits and experiences produced by these products. These sellers suffer from selling concept.

False

Complete each sentence with NO MORE THAN TWO WORDS

Marketing consists of actions taken to create, maintain, and grow desirable profitable ...... with target audiences involving a product, service, idea, or other object.

relationships

Complete each sentence with NO MORE THAN TWO WORDS

...... buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and disparage the product to others.

Satisfied customers

Complete each sentence with NO MORE THAN TWO WORDS

Customer value and ............... are key building blocks for developing and managing customer relationships.

customer satisfaction

Complete each sentence with NO MORE THAN TWO WORDS

The marketing manager’s aim is to engage, keep, and grow target customers by creating, delivering, and communicating superior ...............

customer value

Please match the terms with their explanations.

The set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market.

Marketing mix

Please match the terms with their explanations.

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

Marketing implementation

Please match the terms with their explanations.

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer relationship management

Please match the terms with their explanations.

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

Please match the terms with their explanations.

The total combined customer lifetime values of all of the company's customers.

Customer equity

Please match the terms with their explanations.

A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing perform.

Marketing audit

Please match the terms with their explanations.

The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.

Marketing control

Please match the terms with their explanations.

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

Product concept

Please match the terms with their explanations.

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

Please match the terms with their explanations.

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

Marketing strategy

In a basic SWOT analysis, the "T" stands for ________.

threats

According to the production concept, consumers will favor products that are ________ and ________.

available; affordable

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

 strategic planning

A firm that uses the selling concept takes a(n) ________ approach.

inside-out

The art and science of choosing target markets and building profitable relationships with them is called ________.

marketing management

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.

long-run welfare

Today, marketing must be understood not in the old sense of making a sale -"telling and selling” — but in the new sense of satisfying…

customer needs

Marketing is a social and managerial process by which individuals and organizations obtain what they need and …… through creating and exchanging …… with others.

want - value

When backed by buying power, wants become…

demands

More broadly, …also include other entities, such as persons, places, organizations, information, and ideas

market offerings

……buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and disparage the product to others.

satisfied customers

Customer value and … are key building blocks for developing and managing customer relationships.

customer satisfaction

Marketing consists of actions taken to create, maintain, and grow desirable exchange …… with target audiences involving a product, service, idea, or other object.

relationships

The marketing manager’s aim is to engage, keep, and grow target customers by creating, delivering, and communicating superior….

customer value

Please match the terms with their explanations.

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

Customer lifetime value

Please match the terms with their explanations.

The central instrument for directing and coordinating the marketing effort

Marketing planning

Please match the terms with their explanations.

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

Please match the terms with their explanations.

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

Product concept