BMKT310- chapter 1 practice questions

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customers
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Marketing deals with
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gain better understanding of their customer
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The first step of the marketing process involves companies working to​ ____________.
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designing a marketing strategy
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After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process?
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create value for comsumer
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To capture value from​ consumers, marketers must​ ______.
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create value
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The key element of successful marketing today is to​ ____.
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Wants
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_______ are the form human needs take as they are shaped by culture and individual personality.
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Market
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A(n) ________ is the set of actual and potential buyers of a product or service.
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need; want
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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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Some combo of products, services, info or experiences
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Which of the following statements about market offerings is​ correct?
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Value and satisfaction
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Which core marketing concept is the key building block to develop and manage customer​ relationships?
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They share a particular need and or want
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The actual and potential buyers in a market share which of the following​ characteristics?
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Marketing concept
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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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Know what they want
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Customer-driven marketing usually works well when a clear need exists and when customers​ _________________.
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segmenting and targeting
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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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customer driven
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Following the marketing concept means that firms are​ _______.
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societal marketing concept
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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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Product, price, place, promotion
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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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Customer relationship management
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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 satisfaction
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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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Perceived customer value
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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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building relationships through consumer generated marketing is expensive and time consuming
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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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customer equity
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The total combined lifetime value of a​ company’s current and potential customers is called​ ______.
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share of customer
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company % of a customer’s total purchases in a particular product category
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strangers
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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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getting people to talk with others and pass along their positive brand experiences
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Social sharing is best described as​ __________.
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stimulate immediate buying, making shopping easier, and enrich the brand experience
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Mobile channels are used by marketers to​ _______________.
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digital tech has changed the way we live
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Which of the following statements regarding the changing marketing landscape is​ correct?
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simpler living and more value for the dollar.
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Which of the following statements regarding the current economic environment is​ correct?

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