Marketing Chapter 1 LearnSmart

question

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

potential
question

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

utility
question

What is required of effective market segments?
answer

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

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

wants
question

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.
answer

exchange
question

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.
answer

homogenous
question

A customer value proposition is
answer

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

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.”
answer

exchanging
question

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.
answer

need
question

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

value
question

A market orientation requires firms to create customer value through
answer

collecting information about customers needs.
question

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
answer

the ability to buy, financially and otherwise.
question

Ultimate consumers
answer

use goods and services purchased for a household.
question

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

Relationship.
question

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

concept.
question

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.
answer

product
question

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

marketing mix.
question

Listening to your customers in order to develop a better product is an example of
answer

effective marketing research.
question

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

integrated
question

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

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

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

ultimate consumers.
question

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.
answer

exchange
question

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

value
question

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
answer

market-oriented.
question

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

satisfy
question

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

Relationship
question

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
answer

the marketing concept.
question

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

Marketing Research
question

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

responsibility
question

____________ 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.
answer

Place
question

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

market
question

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

controllable
question

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

Promotion
question

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

products
question

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

customer relationship management.
question

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

customer experience.
question

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

exchange.
question

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?
answer

Production
question

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

organizational buyers.

Get instant access to
all materials

Become a Member