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A target market is one or more specific groups of ___________ consumers toward which an organization directs its marketing program.

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potential

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Marketing created four types of _____________: form, place, time and possession.

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utility

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What is required of effective market segments?

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Buyers will respond similarly to a marketing action. Buyers have common needs.

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Marketing attempts to satisfy consumer needs but clearly also shapes a person's ________________, because it may impact knowledge or even culture.

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wants

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To fulfill its objectives, marketing requires ____________, which is the trade of things of value between a buyer and a seller so that each is better off afterward.

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exchange

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To effectively segment a market, you should ensure that the segments are relatively _____________, at least in terms of prospective buyers' needs and response to marketing.

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homogenous

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A customer value proposition is

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a cluster of benefits that an organization promises a customer to satisfy their needs.

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The American Marketing Association states that "Marketing is the activity for creating, communicating, delivering and ______________ offerings that benefit the organization, its stakeholders, and society at large."

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exchanging

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If you develop a desire for a product that does not exist yet in the marketplace, this would be considered an unsatisfied ________________, one of the condition required for marketing to occur.

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need

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Customer ________________ is the unique combination of benefits received by targeted buyers at a specific price.

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value

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A market orientation requires firms to create customer value through

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collecting information about customers needs.

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To be in an organization's market, it is not enough for a customer just to want 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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Ultimate consumers

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use goods and services purchased for a household.

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___________________ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits.

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Relationship.

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The marketing _______________ is the idea that an organization should strive to satisfy customer needs while trying to achieve its own goals.

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concept.

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A _________ is a good or service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something of value.

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product

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The marketing manager's controllable factors that can be used to solve a marketing problem is known as the

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marketing mix.

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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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A marketing mix is ____________ to provide a good, service, or idea to prospective buyers is known as a marketing program.

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integrated

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To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?

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Discover the needs and wants of prospective customers. Satisfy the needs and wants of customers.

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People who use the goods and services purchased for a household are known as

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ultimate consumers.

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One of the core aspects of marketing, borrowed from economics, includes a ______________ which is a transaction in which things of value are traded between buyer and seller.

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exchange

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Customer _____________ reflects the relationship of benefits to price, or what you get for what you give.

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value

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When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer's needs and wants, the firm is

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market-oriented.

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Firms develop products and services with the understanding that their ultimate goal is to __________ their customer's needs.

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satisfy

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_________________ marketing connects the organization to its individual customers beginning before and continuing after the sale.

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Relationship

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The idea that a company sold attempt to satisfy its customers' needs while at the same time try to achieve its own objectives is known as

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the marketing concept.

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What is the most fundamental method an organization uses to discover consumer needs?

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Marketing Research

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A company accepting social ___________ is purposefully acknowledging its accountability to a larger society.

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responsibility

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____________ is one of the elements of the four P's that embodies all activities essential to get the product to the right customer when and where that customer wants it.

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Place

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When a firm implements the marketing concept to consider customer needs in its strategy it then is said to have a ____________ orientation.

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market

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The four P's, or marketing mix, are the _________ set of activities a firm uses to respond to the needs of its target market.

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controllable

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_______________ is a component of the marketing mix that provides a means of communication between a buyer and a seller.

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Promotion

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Ideas can be marketed as ___________ if they have the potential to satisfy consumer needs when exchanged for something of value.

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products

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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization is called

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customer relationship management.

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The internal response that customers have to all aspects of an organization and its offering is known as the

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customer experience.

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When a consumer gives money or something else of value for something he or she values, a marketer would describe this as a marketing

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exchange.

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Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?

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Production

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Firms or agencies that buy goods or services for their own use or for resale are known as

answer

organizational buyers.

Marketing Chapter 1 LearnSmart – Flashcards

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