Chapter 1 Creating Customer Relationship And Value Through Marketing Test Questions – Flashcards
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Marketing
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The activity from creating and delivering offering that benefit the organization, its stakeholders and society.
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Exchange
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The trade of things of value between a buyer and a seller so that each is better off.
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Marketing is the activity for ......... offering that benefit the organization, its stakeholder, and society at large.
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- Creating - Delivering - Communicating
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One of the core aspects of marketing, borrowed from economists, includes an ....... , which is a transaction in which things of value are traded between the buyer and the seller.
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exchange
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Which of the following might be given or received in an exchange when marketing occurs?
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- Intangible services - Information - Money - Satisfaction
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Marketing typically impacts which of the following groups in society?
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- Customers - Owners - Suppliers
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The hallmark of developing and maintaining effective customer relationships is called ....
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relationship marketing
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A marketing program is a plan that
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integrates the marketing mix to provide a good, service, or idea to prospective buyers.
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Target Market
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One or more specific groups of potential consumers toward which an organization directs its marketing program.
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Relationship marketing
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Linking the organization to its individuals customers, employees, suppliers, and other partners for their mutual long-term benefit.
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Marketing program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
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Marketing concept
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the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization goals.
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Market Orientation
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Focusing organizational efforts to collect and use information about customers needs to create customer value.
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Societal Marketing Concept
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The view that organizations should satisfy the needs of consumers in a way that also provides for society well-being.
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Utility
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the benefits or customer value received by users of the products.
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Four form different utilities:
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- Form - Place - Time -Possession
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Which of the following is not an element of the market mix that is part of a marketing program? - Product strategy - Place strategy - Promotion strategy
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profit strategy
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Which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing?
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Apple allows customers place an internet order for a unique an personalized product.
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In many settings, relationship marketing is more effective when there is
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personal, ongoing communication between parties.
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Customer value is the unique combination of benefit received by targeted buyers
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at a specific price.
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The essence of marketing is that firms gain .......... customers by providing ..... value.
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loyal / unique
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Customer value reflects the relationship of a combination of ........ relative to a specific price, or what the customer gets for what she gives.
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benefits
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Many successful firms deliver outstanding customer value with which of the following strategies?
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- Best service - Best price - Best product
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To get value from their products, customers expects ......... in return for their price.
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benefit
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Many airlines creates value by offering
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many flights destination the consumers wants.
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Product
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A good, service, or idea to satisfy needs.
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Price
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What is exchanged for the product.
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Place
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A means of getting the product to the consumer.
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Promotion
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A means of communication between seller and buyer.
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The marketing manager's controllable factor that can be used to solve a marketing problem is known as the
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marketing mix
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Which two of the following are true of environmental forces
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- They are largely beyond the control of the marketer. - Social and economic forces are examples.
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The primary interest of marketers when focusing on a target market is:
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concentrating on the needs of some potential consumer.
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How do marketers inform, persuade, and remind potential buyers about a product or service to influence their opinion and elicit a response:
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using promotion
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Place ()
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is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where the customer wants it.
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Which of the marketing mix elements is used to communicate with the customer?
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Promotion
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Of the four Ps, ..... is whatever the buyer gives up in exchange for the product: for example, money, time, or energy.
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price
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Firms develop products and services with the understanding that their ultimate goal is to ...... the customer's needs.
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satisfy
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To be an organization's market, it is not enough for a customer just to want to buy a product because it would satisfy unmet needs; a customer must also have
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the ability to buy, financially and otherwise.
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The marketing department shapes and is shaped by many external people, organizations, and forces. Which of the following are external and influential but would not be considered environmental forces.
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- Suppliers - Shareholders
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If u develop a desire for a product that does not exist yet in the marketplace, this would be considered an unsatisfied .... , one of the conditions required for marketing to occur.
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need
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For marketing to occur, there must be two or more parties with
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unsatisfied needs
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The American Marketing Association states that, "marketing is the activity for creating, communicating, delivering, and .... offering that benefit the organization, its stakeholders, and the society at large.
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exchanging
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A marketing program
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is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
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Listening to your customers in order to develop a better product is an example of
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effective marketing research.
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When apple first introduce the personal computer to the market, creating a new industry, consumers did not know
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what benefits would be.
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As marketing manager plans new products to meet customer needs, she should
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study previous new products launches to learn from the past successes and failures.
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Customer that desires to own a lexus that can afford to do so, that have the time and ability to visit a dealership would be considered to be in
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Lexus' market
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Which of the following is an example of an environmental force?
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a contraction of the economy nationwide
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McDonalds provides many items on its menu, primarily to ....... its many types of customers.
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satisfy
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Which of the following concepts is of least critical importance to an organization's marketing program? - Customer value - Relationship market - Customer relationship
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Organizational structure
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Product 1
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is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs.
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The unique combination of benefits received by targeted buyers at a specific price is known as
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customer value
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Successful airlines create value by offering
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many flights to destinations the consumer wants.
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Social, economical, technological, competitive, and regulatory forces that r mostly beyond the control of the marketer are know as ....... forces.
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environmental
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To serve both buyers and sellers, marketing, broadly speaking, seeks to do which two of the following?
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- Satisfy the needs and wants of customers. - Discover the needs and wants of prospective customers.
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Which of the following r reasons to lean about marketing?
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- To become a better consumer - To become a more informed citizen - To help in your career planning.
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Often there are differing interest among groups internal and external to an organization, how should be this handled?
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The organization should seek a balance among differing interests.
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Which of the following statements about marketing is true?
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It isn't always easy; thousand of new products fail each year.
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Marketing can be a retailer interacting with a consumer?
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false
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Which of the following represents what a buyers and sellers communicate so that marketing can occur for a magazine?
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Seeing the magazine on display in the bookstore.
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Marketing directly supports ........... by helping to provide customer satisfying products required for the organization's survival and prosperity.
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management goals
