Principles of Marketing – Flashcards
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Which of the following is included in a broad definition of​ marketing
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the process by which companies engage​ customers, build strong customer​ relationships, and create customer value to capture value from customers in return.
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The first step of the marketing process is to​ ___________________.
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understand the​ marketplace, which includes customer needs and wants.
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Which of the following correctly identifies the five core customer and marketplace​ concepts?
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needs,​ wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets.
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Which of the following represent market​ offerings?
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Market offerings combine​ products, services,​ information, or​ experiences, and satisfy a need or a want.
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To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer
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To design a winning marketing​ strategy, the marketing manager must answer two important​ questions: What customers will we serve​ (what's our target​ market)? How can we serve these customers best​ (what's our value​ proposition)?
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Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits?
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The marketing concept
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What are the two keys to building lasting customer​ relationships?
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value and satisfaction
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A company rarely gets​ 100% of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called​ ________.
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Good customer relationship management can help marketers increase their share of
customerlong dash—the
share they get of the​ customer's purchasing in their product categories.
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Which of the following statements regarding the changing marketing landscape is​ correct?
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The Great Recession caused consumers to rethink their buying priorities and bring their consumption back in line with their incomes. Americans are now showing an enthusiasm for frugality not seen in decades.
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Digital marketing tools used in digital and social media marketing include​ ________.
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Digital and social media marketing involves using digital marketing tools such as​ websites, social​ media, mobile ads and​ apps, online​ video, e-mail,​ blogs, and other digital platforms.
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Customer lifetime value
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is a measure of the future financial value of an individual​ customer, which takes into account expected future​ revenues, the likelihood of​ defection, and relationship maintenance costs.
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Exchange
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the act of obtaining a desired object from someone by offering something in return. Marketing occurs when people decide to satisfy their needs and wants through exchange relationships.
