Intro to Marketing-Chapter 1

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True
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Today’s successfull companies have one thing in comon: They are strongly customer focused and heavily commited to marketing. (true/false)
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Simple definition of Marketing
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Managing profitable customer relationships.
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Marketing
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
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True
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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)
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To make selling unnescessary
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According to managment duru Peter Drucker, what is the aim of marketing?
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marketing process
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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 _________
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Needs
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States of felt deprivation.
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Wants
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The form human needs take as they are shaped by culture and indivudual personality.
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Demands
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Human wants that are backed up by buying power.
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Market Offerings
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Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
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Marketing myopia
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The mistake of paying more attention to the specific products a company offers that to the benefits and experiences produced by these products.
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Exchange
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The act of obtaining a desired object from someone by offering something in return.
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False
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Market offerings are limited to physical products.
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Brand experiences
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By orchestrating several services and products, companies create _____ for customers.
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Market
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The set of all actual and potential buyers of a product or service.
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Customer-managed relationships
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In addition to customer relationship management, today’s marketers must also deal effectively with _________.
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Marketing Management
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The art and science of choosing target markets and building profitable relationships with them.
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Market segmentation
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Dividing the market into segments of customers.
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Target Marketing
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Selecting the segments to go after.
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Customer Management and Demand Management
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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 _______________.
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differentiate, position
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The company must also decide how it will serve targeted customers-how it will ________ and _______ itself in the marketplace.
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Value proposition
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A brand’s ____________ is the set of benefits or values it promises to deliver to cusumers to satisfy their needs.
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Production Concept
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The ____________holds that consumers will favor products that are available and hight affordable; therefore, the organization should focus on improving production and distribution efficiency.
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Product
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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.
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Selling Concept
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The concept that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
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Marketing Concept
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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.
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Make and sell, Sense and respond
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Instead of a product-centered _________ philosophy, the marketing concept is a customer-centered __________philolophy.
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Inside-out
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The selling concept takes an _____________perspective.
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Outside-in
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The marketing concept takes an ____________ perspective.
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Customer-driven marketing
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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.
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Societal marketing concept
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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.
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Sustainable Marketing
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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.
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True
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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)
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Shared value
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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.
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Economic prosperity
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Profitable growth through a customer focus.
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Social responsibility
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Community engagement and individual well-being.
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Environmental stewardship
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Operating efficiently and protecting the environment.
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Marketing Mix
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The set of marketing tools the firm uses to implement its marketing strategy.
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The four P’s of marketing
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Product – Price – Place – Promotion
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Integrated marketing program
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The firm must blend each marketing mix tool into a comprehensive ________that communicates and delivers the intended value to chosen customers.
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Customer Relationship Management
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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Customer-perceived value
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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.
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True
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Customer relationship management is perhaps the msot important concept of modern marketing. (true/false)
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Customer Satisfaction
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The extent to which a product’s perveived performance matches a buyer’s expectations.
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Basic relationships
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Companies with many low-margin customers may seek to develop ______ with them
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Full partnerships
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Companies with few customers and high margins, sellers want to create _____ with key customers.
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Frequency marketing programs
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Reward customers who buy frequently or in large amounts.
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Club marketing programs
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Offer members special benefits and create member communities.
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True
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Some customers are more costly to service than lose. (true/false)
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Customer-managed relationships
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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.
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Attraction
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A marketing practice that creates market offerings and messages that involve customers rather than interrupt them.
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Customer-generated marketing
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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.
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True
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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)
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Partner relationship management
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Working closely with partners in other company departments and outsie the company to jointly bring greater value to customers.
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Supply chain
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A long channel, streatching from raw materials to componenets to final products that are carried to final buyers..
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Supply chain
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_________ management is when today’s companies strengthen their connections with partners all along the supply chain.
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Customer lifetime value
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The value of the entire streatm of purchases a customer makes over a lifetime of patronage.
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Share of customer
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The portion of the customer’s purchasing that a company gets in its product categories.
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Customer equity
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The total combined customer lifetime values of all of the company’s customers.
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Customer relationship groups
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Butterflies, true freinds, strangers and barnacles.
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Internet
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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.
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True
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The goal of marketing is to build and manage profitable customer relationships (true/false)

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