question

The first ___ steps of the marketing process create ___ for customers.

answer

the first -FOUR- steps of the marketing process create -VALUE- for customers

question

understanding the marketing place and customer needs and wants ... designing a customer-driven marketing strategy ... constructing an integrated marketing program that delivers superior value ... building profitable relationships and create customer value ... capturing value from customers to create profit and customer equity...... these are the steps in what?

answer

the marketing process

question

___ ___ is the total combined customer lifetime values of all of the company's current and potential customers.

answer

-CUSTOMER EQUITY- is the total combined customer lifetime values of all the company's current and potential customers

question

the ___ step of the marketing process is understanding customer needs and wants

answer

the -FIRST- step of the marketing process is understand customer needs and wants

question

Marketing is the ___ by which companies ___ ___ for customers and build strong ___ ___ in order to capture value from ____ in return

answer

marketing is the -PROCESS- by which companies -CREATE VALUE- for customers and build strong -CUSTOMER RELATIONSHIPS- in order to capture value from -CUSTOMERS- in return

question

In the third step of the marketing process, ___ construct a ___ program that actually ___ superior ___

answer

in the third step of the marketing process, -MARKETERS- construct a -MARKETING- program that actually -DELIVERS- superior -VALUE-

question

the ___ step of the marketing process is to design a customer driven marketing strategy with the goal of getting, keeping and growing target customers.

answer

the -SECOND- step of the marketing process is to design a customer driven marketing strategy with the goal of getting, keeping, and growing target customers

question

How do the first three steps of the marketing process form a basis for the fourth step? (just answer with the summary but be sure to read it!)

answer

The first 3 steps of the marketing process form a basis for the fourth step because through understanding the marketplace and customer needs and wants (1st step), a company is able to design a customer-driven marketing strategy (2nd). This is developed by selecting who to serve through segmentation and targeting, and, choosing a value proposition by deciding how it will serve the targeted customers, in other words, how it will differentiate and position itself, in the marketplace. Then, with an idea in mind, the company is ready to construct an integrated marketing program that delivers the four Ps with superior value (3rd). In summary, the first 3 steps form the basis for the fourth step by having positive the idea that they must build profitable relationships and create customer delight in mind.

question

A ___ ___ is the set of benefits or values a company promises to deliver to consumers to satisfy their needs

answer

a VALUE PROPOSITION is the set of benefits or values a company promises to deliver to consumers to satisfy their needs

question

In four words, what is marketing?

answer

marketing is MANAGING PROFITABLE CUSTOMER RELATIONSHIPS

question

As a result of the first four steps, the fifth step does what in return?

answer

the fifth step captures value from customers in return.

question

The fifth step of the marketing process ___ ___ from customers to create ___ and customer ____

answer

the 5th step of the marketing process CREATES VALUE from customers to create VALUE and customer EQUITY

question

customer equity is the total combined ___ ___ __ of all of the company's current and potential ___.

answer

customer equity is the total combined -CUSTOMER LIFETIME VALUES- of all of the company's current and potential -CUSTOMERS-

question

The underlying concept of marketing is that ...

answer

marketing creates value for customers in order to capture value from customers in return.

question

needs

answer

states of felt deprivation

question

___ & managing marketing ___ are how a company first gains some understanding of the marketplace

answer

RESEARCH and managing marketing INFORMATION are how a company first gains some understanding of the marketing place

question

Based on the answers to these two questions, a company then (2nd step) designs a customer-driven marketing strategy

answer

What customers will we serve? - targeting and segmentation - ... How can we best serve targeted customers?... differentiation and positioning

question

___ superior customer value creates ___ customers, who will __ __ __. Therefore helping the company capture ___ ___ ___ and greater ___ of customer, resulting in increased ___-__ customer equity.

answer

DELIVERING superior customer value creates SATISFIED customers, who will BUY BUY BUY. Therefore helping the company capture CUSTOMER LIFETIME VALUE, resulting in increased LONG-TERM customer equity

question

Needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets ... are the what?

answer

the 5 (12pts) core marketplace concepts

question

the core marketplace concepts: ___, ____, and demands; market offerings (products, ____, and experiences), value and satisfaction; ___ and relationships; and ____.

answer

needs, wants, demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets

question

Why would the fourth step perhaps be the most important in the marketing process?

answer

The fourth step involving building value-laden & profitable relationships with target customers, has marketers practice customer relationship management to create customer satisfaction and delight throughout the process. In other words, it involves making valuable relationships through good communication.

question

managing profitable customer relationships is what?

answer

marketing

question

Wants is the form human ___ take as they are ____ by culture and individual ____

answer

wants is the form human NEEDS take as they are SHAPED by culture and individual PERSONALITY

question

wants

answer

the form human needs take as they are shaped by culture and individual personality

question

Demands are human ___ that are backed by ____ ____

answer

demands are human WANTS that are backed by BUYING POWER

question

demands

answer

human wants that are backed by buying power

question

Market offerings are some ___ of products, services, ___, or ___ offered to a ____ to satisfy a need of want

answer

market offerings are some COMBINATION of products, services, INFORMATION, or EXPERIENCES offered to a MARKET to satisfy a need or want

question

market offerings

answer

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

question

marketing myopia is the ____ of paying more attention to the specific products a company offers than to the ___ and ___ produced by these products

answer

marketing myopia is the MISTAKE of paying more attention to the specif products a company offers than to the BENEFITS and EXPERIENCES produced by these products

question

marketing myopia

answer

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

question

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

answer

exchange

question

exchange

answer

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

question

wants

answer

the form human needs take as they are shaped by culture and individual personality

question

a market is the set of all ____ and ___ ___ of a product or ____

answer

a market is the set of all ACTUAL/CURRENT & POTENTIAL BUYERS of a product or SERVICE

question

market

answer

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

question

marketing management

answer

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

question

a - production concept b - product concept c - selling concept d - marketing concept e - societal marketing concept - 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.

answer

e - 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.

question

a - production concept b - product concept c - selling concept d - marketing concept e - societal marketing concept - 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

answer

B - 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

question

a - production concept b - product concept c - selling concept d - marketing concept e - societal marketing 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

answer

c - the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

question

a - production concept b - product concept c - selling concept d - marketing concept e - societal marketing concept - a philosophy in which achieving organizational goals depends on knowing the needs & wants of target markets and delivering the desired satisfactions better than competitors do.

answer

d - a philosophy in which achieving organizational goals depends on knowing the needs & wants of target markets and delivering the desired satisfactions better than competitors do.

question

a - production concept b - product concept c - selling concept d - marketing concept e - societal marketing concept - the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

answer

a - the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

question

marketing

answer

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

question

customer relationship management

answer

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

question

customer-perceived value

answer

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.

question

customer satisfaction

answer

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

question

customer-engagement marketing

answer

making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

question

consumer-generated marketing

answer

brand exchanges created by consumers themselves -- both invited and uninvited -- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

question

partner relationship management

answer

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

question

customer lifetime value

answer

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

question

share of customer

answer

the portion of the customer''s purchasing that a company gets in its product categories

question

customer equity

answer

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

question

digital and social media marketing

answer

using digital marketing tools such as websites, social media, mobile apps, and ads, online video, email, and blogs that engage consumers anywhere, at any time, via their digital devices

question

What is marketing?

answer

the process of building profitable customer relationships by creating value for customers and capturing value in return

question

First four steps in the marketing process focus on: 1pt

answer

creating value for customers

question

First step in the marketing process 3pts

answer

the company first gains a full understanding of the marketplace by researching customer needs and managing marketing information

question

Second step in the marketing process: 7pts

answer

Design a customer-driven marketing strategy by selecting customers to serve thru market segmentation and targeting (what custos will we serve?) and deciding on a proposition through differentiation and positioning (how can we best serve the targeted customers?)

question

Here (step 2) the marketer outlines a value proposition that....

answer

spells out what values the company will deliver to win target customers

question

Step 3 in the marketing process: 9pts

answer

construct an integrated marketing program that delivers superior value by the four ps. Product and service design: build strong brands; pricing: create real value; distribution: manage demand and supply chains; promotion: communicate the value proposition and persuade them to act on the market offering.

question

Step 4 in the marketing process: 5pts (large points)

answer

build profitable relationships and create customer delight. Throughout the process marketers must use customer relationship management to create a satisfied customer - they engage custos in the process of creating brand conversations, experiences, and community. When creating customer value and relationships the company must work closely with marketing partners both inside the company and thruout its marketing system.

question

The fifth step in the marketing process reaps the rewards of its ___ ___ ____ by creating ___ from customers

answer

strong customer relationships; value

question

The final step in the marketing process captures ___ from ___ in return

answer

value; customers

question

The fifth step in the marketing process: 4pts

answer

capture value from customers to create profits and customer equity by creating satisfied, loyal customers, capturing customer lifetime value, and increasing share of market and share of customer

question

Which step can be viewed as the most important in the marketing process? why?

answer

Step four: build profitable relationships & create customer delight; marketers must engage customers and also partners in a way that leaves them satisfied by building good customer relationships and partner relationships

question

What is the result of step five in the marketing process (capture value from custos to create profits and customer equity)?

answer

long-tern customer equity for the firm

question

While executing all the 5 steps in the marketing process, what three things must companies take into account?

answer

In building custo and partner relationships they must «harness marketing technologies» in the new digital age; take advantage of and «manage global markets»; & «ensure environmental and social responsibility»

question

What is the key for marketers to the new digital and social media marketing?

answer

The key is to blend the new digital approaches with traditional marketing to create a smoothly integrated marketing strategy and mix.

question

What has the Great Recession done to the minds of consumers?

answer

It's made them more frugal and causes them to rethink their buying priorities and bring their consumption back in line with their incomes.

question

What does the effect of the Great Recession on consumers mean for marketers? What is the challenge of this?

answer

Marketers must emphasize value in their value propositions; the challenge is to balance a brand's value proposition with current times while also enhancing its long-term equity.

question

What two responsibilities have marketers been reexamining today?

answer

ethical and societal responsibilities

question

T/F almost every company, large or small, is touched in some way by global competition

answer

true

question

Marketers are being called on to take greater responsibility for the ___and ___impacts of their actions

answer

social & environmental impacts

question

Into what single concept can the new major developments in marketing be summed up?

answer

creating and capturing customer value

question

What does it mean to create and capture customer value for marketers?

answer

Marketers (of all kinds) are taking advantage of new opportunities for building value-laden relationships with their customers, their marketing partners, and the world around them.

question

When does marketing occur?

answer

When people decide to satisfy their needs and wants thru exchange relationships.

question

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

answer

exchange

question

Marketing consists of actions taken to ___, ___, and grow desirable ___ relationships with ___ ___ involving a product, service, idea, or other object.

answer

create, maintain; exchange (relationships); target audience

question

A ___ is the set of actual and potential buyers of a product or service

answer

market

question

What do buyers in a market have in common? 2pts

answer

the buyers in a market share a particular need or want that can be satisfied thru exchange relationships

question

Marketing means ___ ___ to bring about ___ customer relationships.

answer

managing markets; profitable

question

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

answer

customer relationship management

question

CRM deals with all aspects of ___, ___, & ___ customers

answer

acquiring, keeping, and growing

question

T/F Buyers don't carry out marketing

answer

false

question

In addition to customer relationship management, marketers today must also deal with ___-___ ___

answer

customer-managed relationships.

question

What is customer-managed relationships?

answer

basically when marketers ask "how can out custos influence us/influence each other?"

question

Two goals of marketing:

answer

The dual goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

question

Marketers need to understand customer needs and wants and the marketplace in which they operate...these five core customer and marketplace concepts help understand them: 12pts

answer

The five core customer and marketplace concepts are needs, wants, and demands, market offerings that include products, services, and experiences, value and satisfaction, exchanges and relationships, and markets.

question

What are customer needs and what do they include? 3pts-more

answer

Customer needs are the states of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression.

question

What are human wants?

answer

Wants are the form human needs take as they are shaped by culture and individual personality.

question

How do wants differ from needs?

answer

Wants are what are derived from needs. For example, you may need to be fed, but you want to be fed with some sweet and fattening twinkie.

question

___ are human wants that are backed by buying power

answer

demands

question

Given their ___ and resources, people ___ products and services with benefits that add up to the most value & satisfaction

answer

wants; demand

question

How do marketing companies try to learn about and understand their customers' needs, wants, and demands? 3-4pts

answer

consumer research; analyze custo data; observe custos as they shop and interact, offline and online.

question

Through what are consumers' needs and wants fulfilled?

answer

Market offerings

Chapter 1: Marketing Creating and Capturing Customer Value (Adaptive Learning) – Flashcards

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