BMKT310- chapter 1 practice questions – Flashcards
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Marketing deals with
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customers
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The first step of the marketing process involves companies working to​ ____________.
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gain better understanding of their customer
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After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process?
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designing a marketing strategy
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To capture value from​ consumers, marketers must​ ______.
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create value for comsumer
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The key element of successful marketing today is to​ ____.
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create value
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_______ are the form human needs take as they are shaped by culture and individual personality.
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Wants
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A(n) ________ is the set of actual and potential buyers of a product or service.
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Market
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Mary is hungry and chooses to go to McDonalds for a salad.​ Mary's hunger is a​ _____ and her choice of a salad is a​ _____.
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need; want
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Which of the following statements about market offerings is​ correct?
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Some combo of products, services, info or experiences
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Which core marketing concept is the key building block to develop and manage customer​ relationships?
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Value and satisfaction
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The actual and potential buyers in a market share which of the following​ characteristics?
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They share a particular need and or want
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The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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Marketing concept
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Customer-driven marketing usually works well when a clear need exists and when customers​ _________________.
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Know what they want
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The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities?
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segmenting and targeting
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Following the marketing concept means that firms are​ _______.
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customer driven
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Companies like​ IBM, Walmart, and Intel now look beyond economic gain​ and, in their marketing strategies they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?
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societal marketing concept
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A​ firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four​
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Product, price, place, promotion
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The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers.
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Customer relationship management
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​______________, which depends on the​ product's perceived performance relative to a​ buyer's expectations, is an important factor in creating customer value and building​ long-term market relationships.
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Customer satisfaction
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FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the​ service, they are acting on​ ________.
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Perceived customer value
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Which of the following is an accurate statement about building customer relationships in the modern marketing​ era?
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building relationships through consumer generated marketing is expensive and time consuming
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The total combined lifetime value of a​ company's current and potential customers is called​ ______.
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customer equity
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company % of a customer's total purchases in a particular product category
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share of customer
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There is little fit between the​ company's market offerings and the needs of which customer​ group? Hint: This group is not profitable and not loyal.
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strangers
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Social sharing is best described as​ __________.
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getting people to talk with others and pass along their positive brand experiences
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Mobile channels are used by marketers to​ _______________.
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stimulate immediate buying, making shopping easier, and enrich the brand experience
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Which of the following statements regarding the changing marketing landscape is​ correct?
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digital tech has changed the way we live
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Which of the following statements regarding the current economic environment is​ correct?
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simpler living and more value for the dollar.
