question

Today's successfull companies have one thing in comon: They are strongly customer focused and heavily commited to marketing. (true/false)

answer

True

question

Managing profitable customer relationships.

answer

Simple definition of Marketing

question

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

answer

Marketing

question

Martketing must be understood not in the old sense of making a sale - "telling and selling" - but in a new sense of "satifying customer needs". (true/false)

answer

True

question

According to managment duru Peter Drucker, what is the aim of marketing?

answer

To make selling unnescessary

question

1) Needs, wants, and demands 2) Market offerings (products, services, and experriences 3) Value and satisfaction 4) excanges and relationships 5) markets This is the 5 step model of the _________

answer

marketing process

question

States of felt deprivation.

answer

Needs

question

The form human needs take as they are shaped by culture and indivudual personality.

answer

Wants

question

Human wants that are backed up by buying power.

answer

Demands

question

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

answer

Market Offerings

question

The mistake of paying more attention to the specific products a company offers that to the benefits and experiences produced by these products.

answer

Marketing myopia

question

The act of obtaining a desired object from someone by offering something in return.

answer

Exchange

question

Market offerings are limited to physical products.

answer

False

question

By orchestrating several services and products, companies create _____ for customers.

answer

Brand experiences

question

The set of all actual and potential buyers of a product or service.

answer

Market

question

In addition to customer relationship management, today's marketers must also deal effectively with _________.

answer

Customer-managed relationships

question

The art and science of choosing target markets and building profitable relationships with them.

answer

Marketing Management

question

Dividing the market into segments of customers.

answer

Market segmentation

question

Selecting the segments to go after.

answer

Target Marketing

question

Ultimately, marketing managers must decide which customers they want to target and on the level, timing, and nature of their demand. Simply put, Marketing Management is _______________.

answer

Customer Management and Demand Management

question

The company must also decide how it will serve targeted customers-how it will ________ and _______ itself in the marketplace.

answer

differentiate, position

question

A brand's ____________ is the set of benefits or values it promises to deliver to cusumers to satisfy their needs.

answer

Value proposition

question

The ____________holds that consumers will favor products that are available and hight affordable; therefore, the organization should focus on improving production and distribution efficiency.

answer

Production Concept

question

The ________concept says that consumers will favor products that offer the most quality performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

answer

Product

question

The concept that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

answer

Selling Concept

question

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

answer

Marketing Concept

question

Instead of a product-centered _________ philosophy, the marketing concept is a customer-centered __________philolophy.

answer

Make and sell, Sense and respond

question

The selling concept takes an _____________perspective.

answer

Inside-out

question

The marketing concept takes an ____________ perspective.

answer

Outside-in

question

Understanding customer needs even better than customers themselves do and creating products and services that meet both existing and latent needs, now and in the future.

answer

Customer-driven marketing

question

The concept that a company's marketing decisions should consider consumers' wants, the company's requirements, customers' long-run interests, and society's long-run interests.

answer

Societal marketing concept

question

Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

answer

Sustainable Marketing

question

The Societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. (true/false)

answer

True

question

Even more broadly, many leading business and marketing thinkers are now preaching the concept of ___________, which recognizes that societal needs, not just economic needs, define markets.

answer

Shared value

question

Profitable growth through a customer focus.

answer

Economic prosperity

question

Community engagement and individual well-being.

answer

Social responsibility

question

Operating efficiently and protecting the environment.

answer

Environmental stewardship

question

The set of marketing tools the firm uses to implement its marketing strategy.

answer

Marketing Mix

question

Product - Price - Place - Promotion

answer

The four P's of marketing

question

The firm must blend each marketing mix tool into a comprehensive ________that communicates and delivers the intended value to chosen customers.

answer

Integrated marketing program

question

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

answer

Customer Relationship Management

question

The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

answer

Customer-perceived value

question

Customer relationship management is perhaps the msot important concept of modern marketing. (true/false)

answer

True

question

The extent to which a product's perveived performance matches a buyer's expectations.

answer

Customer Satisfaction

question

Companies with many low-margin customers may seek to develop ______ with them

answer

Basic relationships

question

Companies with few customers and high margins, sellers want to create _____ with key customers.

answer

Full partnerships

question

Reward customers who buy frequently or in large amounts.

answer

Frequency marketing programs

question

Offer members special benefits and create member communities.

answer

Club marketing programs

question

Some customers are more costly to service than lose. (true/false)

answer

True

question

Marketing relationships in which customer, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands.

answer

Customer-managed relationships

question

A marketing practice that creates market offerings and messages that involve customers rather than interrupt them.

answer

Attraction

question

Brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

answer

Customer-generated marketing

question

Marketers can't create customer value and build customer relationships by themselves. They must work closely with other company departments and partners outside the firm. (true/false)

answer

True

question

Working closely with partners in other company departments and outsie the company to jointly bring greater value to customers.

answer

Partner relationship management

question

A long channel, streatching from raw materials to componenets to final products that are carried to final buyers..

answer

Supply chain

question

_________ management is when today's companies strengthen their connections with partners all along the supply chain.

answer

Supply chain

question

The value of the entire streatm of purchases a customer makes over a lifetime of patronage.

answer

Customer lifetime value

question

The portion of the customer's purchasing that a company gets in its product categories.

answer

Share of customer

question

The total combined customer lifetime values of all of the company's customers.

answer

Customer equity

question

Butterflies, true freinds, strangers and barnacles.

answer

Customer relationship groups

question

A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.

answer

Internet

question

The goal of marketing is to build and manage profitable customer relationships (true/false)

answer

True

Intro to Marketing-Chapter 1 – Flashcards

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