Ch. 1 – Flashcard
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Which of the following is most essential to any definition of marketing?
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Customer relationships
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All of the following are accurate descriptions of modern marketing today EXCEPT which one
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Selling and advertising are synonymous with marketing
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According to management guru Peter Drucker "the aim of marketing is to (blank)"
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Make selling unnecessary
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(Blank) is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others
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Marketing
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The (blank) steps of the five step marketing process are about understanding customers, creating customer value, and building strong customer relationships
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First four
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According to the simple five step model of the marketing process, a company needs to (blank) before designing a customer-driven marketing strategy
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Understand the marketplace and customer needs and wants
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(Blank) are human needs as shaped by individual personality and culture
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Wants
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When backed by buying power, wants become
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Demands
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Which of the following is an example of a type of marketing offering?
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Persons, ideas, information, experiences
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(Blank) refers to sellers being preoccupied with their own products and losing sight of underlying customer needs
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Marketing Myopia
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When marketers set low expectations for a market offering, they are most likely to run the risk of which of the following?
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Failing to attract enough customers
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(Blank) is the act of obtaining a desired object from someone by offering something in return
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Exchange
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in addition to attracting new customers and creating transactions, the goal of marketing is to (blank) customers and grow the company's business
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Retain
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(Blank) is the set of actual and potential buyers of a product
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A market
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Customer research, product development, communications, distribution, pricing and service are all most accurately described as core (blank) activities
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Marketing
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Which of the following is the most likely result of a marketing strategy that attempts to serve all customers
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Few customers will be satisfied
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The art and science of choosing target markets and building profitable relationships with them is called (blank)
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Marketing management
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Selecting which segments of a population of customers to serve is called
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Target marketing
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Family Dollar stores profitability focusing on buyers who have relatively modest means is an example of
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Target marketing
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(blank) is the set of benefits a company promises to deliver to its customers to satisfy their needs
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A value proposition
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Which customer question is answered by a company's value proposition?
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Why should I buy your brand rather than a competitors?
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Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
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Production concept
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Which of the following marketing management concepts is most likely to lead to marketing myopias?
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Product
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Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features?
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Product
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The product concept says that a company should
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Devote its energy to making continuous product improvements
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"Build a better mousetrap and the world will beat a path to your door" reflects the (blank) concept
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Product
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The (blank) concept calls for aggressive selling and focuses on generating transactions to obtain profitable sales
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Selling
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The (blank) concept hold that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do
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Marketing
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A firm that uses the selling concept takes a (blank) approach
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Inside-out
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Which of the following reflects the marketing concept philosophy
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"We don't have a marketing department, we have a customer department"
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Customer driven marketing is most likely to work well when (blank) and when customers (blank)
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A clear need exists; know what they want
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When customers don't know what they want or don't even know whats possible, the most effective strategy is
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Customer driving marketing
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The societal marketing concept seeks to establish a balance between consumer short run wants and consumer
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Long run welfare
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The (blank) concept hold that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being
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Societal Marketing
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Three areas of consideration that should be balanced in the societal marketing concept are consumer wants, society's interest, and
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Company profits
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The set of marketing tools a firm uses to implement its marketing strategy is called the
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Marketing mix
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Of the following which is the most important concept of modern marketing
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Customer relationship management
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Building and maintaining profitable value-laden relationships with customers of a company is called
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Customer relationship management
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Which of the following is determined by a customers personal evaluation of the benefits and costs of a market offering relative to those of competing offers?
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Customer perceived value
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To capture the full essence of customer relationship management, which of the following should a marketing manager take into consideration?
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Owning customers for life, capturing a customers lifetime value, building overall customer equity, creating a sense of community surrounding a brand
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Its most accurate to say that a customer will buy from the company that offers the highest
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Customer perceived value
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FedEx offers it customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs of using the service, they are acting upon
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Customer perceived value
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Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service
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Customer evangelists
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Which of the following strategies would a company most likely use to increase customer satisfaction?
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Lowering prices
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Frequent flyer programs offered by airlines are an example of
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Frequency marketing programs
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Which of the following has NOT contributed to the deeper, more interactive nature of todays customer relationships
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Traditional advertising
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Which of the following best explains why consumers have greater power and control in todays market place?
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Though new communication technologies, customers have more access to information and more methods of sharing their opinions with other customers
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The marketing world is embracing (blank) because customers can wield greater power and control i the marketplace through communication technologies
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Customer managed relationships
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Greater consumer control means that company's must rely more on marketing by (blank) than by (blank)
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Attraction; Intrusion
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Which of the following is an example of customer generated marketing?
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BMW's use of brand related consumer videos posted on video sharing Web sites
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Partner relationship management focuses on working with (blank) to bring more value to customers
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Partners inside and outside of the company
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In todays world marketing should be done by (blank) employees in an organization
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All
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Though (blank), many companies today are strengthening their connection to all partners, from providers of raw materials and components to final buyers who purchase final products
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Supply chain management
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The final step in the marketing process is
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Capturing value from customers
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When the economy tightens, customer loyalty and customer retention become (blank) for marketers
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More important
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Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. This is an illustration of
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Customer lifetime value
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When an airline goes after "share of travel" from its customers, its attempting to increase
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Share of customer
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Amazon.com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other product items. Based on previous purchase history, the company recommends related CDs, books, or videos that might be of interest. This helps Amazon.com capture a greater ________.
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Share of customer
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(blank) is the total combined customer lifetime values of all the company's current and potential customers
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Customer equity
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The ultimate aim or customer relationship management is to produce
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High customer equity
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A highly profitable, short term customer is a
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Butterfly
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The authors of your text classify customers into four relationships groups, according to the customers profitability and projected loyalty. (Blank) are the customers with the highest profit potential and strong loyalty
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True Friends
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Which of the following has been the most common consumer response to the economic downturn that began in 2008?
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Spending less and choosing products more carefully
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Which of the following is a true statement of the economic crisis that began in 2008?
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Disposable income decreased
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During the economic downturn, marketers have been emphasizing the (blank) of their products more than ever
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Value
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Which of the following statements about the internet is most accurate?
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The internet allows anytime, anywhere connection to information, entertainment, and communication
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Which of the following is currently the fastest growing form of marketing?
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Online marketing
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Its most accurate to say that today almost every company small and large, is affected in some way by which of the following?
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Global competition
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As part of the rapid globalization of today's economy, companies are selling more locally produced goods in international markets and
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Purchasing more supplies abroad
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The social responsibility and environmental movements are expected to (blank) in the future
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Demand more from companies
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Ben and Jerry's challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to consider individual and community welfare in their day-to-day decisions. Actions such as this by companies seizing the opportunity to do well by doing good reflects
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Social responsibility
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A church targeting different demographic groups to increase attendance is an example of
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Non-for-profit marketing
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The first four steps of the marketing process focus on
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Creating value for customers
