Marketing 310 Test 1 – Flashcards
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According to Management guru Peter Drucker. "The aim of Marketing is to
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Make selling unnecessary
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Marketing
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A 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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Human needs as shaped by individual personality and culture
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Wants
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According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy
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Understand the marketplace and customer needs and wants.
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___________ is the act of obtaining a desired object from someone by offering something in return
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Exchange
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A(n)________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want
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Market offering
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Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
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Marketing Myopia
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When Marketers set low expectations for a market offering, the biggest risk they run is
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Failing to attract enough customers
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A _______ is the set of actual and potential buyers of a product
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Market
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Consumer research, product development, communication, distribution, pricing, and service are all core ______ activities
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Marketing
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The art and science of choosing target markets and building profitable relationships with them is called
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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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Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
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Strategic Planning
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Strategic planning
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When a firm develops and maintains a strategic fit between its goals and capabilities.
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Which of the following is the first step in strategic planning?
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Define the company mission
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Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
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A Mission Statement
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Which of the following is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
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The Marketing enviroment
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_________________ should be market oriented and defined in terms of _______________
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Mission Statements; Customer needs
