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.
