Marketing 3000-Ch.1 HW Questions – Flashcards
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Building profitable relationships and creating customer delight is the __________ step in the marketing process.
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last
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__________ is 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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Marketing
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__________ is the extent to which a product's perceived performance matches a buyer's expectations.
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Customer satisfaction
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__________ refers to a state of felt deprivation.
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needs
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What is customer lifetime value?
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The value of the entire stream of purchases a customer makes over a lifetime of patronage
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Customer satisfaction is the __________.
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extent to which a product's perceived performance matches a buyer's expectations
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__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
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Customer lifetime value
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What is the 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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What is customer equity?
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The total combined values of all of the company's customers
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The __________ is 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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marketing concept
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Production concept is __________.
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the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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The societal marketing concept is best described as __________.
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the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
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A need is best described as __________.
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a state of felt deprivation
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__________ is the idea 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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Product concept
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What is the last step in the marketing process?
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Build profitable relationships and create customer delight
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__________ is the idea 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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Selling concept
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A market is the __________.
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set of all actual and potential buyers of a product or service
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__________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
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Production concept
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wants are______
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Shaped by culture and an individual's personality
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Due to the changing economic environment, marketers are increasingly emphasizing __________.
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value
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__________ is the total combined values of all of the company's customers.
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Customer equity
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Marketing myopia is the __________.
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mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product
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__________ are backed by buying power.
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Demands
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Marketing is best described as the __________.
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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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__________ is best defined as the art and science of choosing target markets and building profitable relationships with them.
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Marketing management
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Customer-perceived value is the __________.
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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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__________ is the overall process of building and maintaining profitable customer relationships.
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Customer relationship management
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Market offerings are __________.
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some combination of products, services, information, or experiences offered to a market
