Marketing test 1

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

understand the marketplace and customer needs and wants, design a customer-driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight.

states of felt deprivation

the form human needs take as they are shaped by culture and individual personality

human wants that are backed by buying power

some combination of products, services, information or experiences offered to a market to satisfy a need or want

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

the act of obtaining a desired object from someone by offering something in return

the set of all actual and potential buyers of a product or service.

the art and science of choosing target markets and building profitable relationships with them

idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

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

the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

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.

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

overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

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

extent to which a product’s perceived performance matches a buyer’s expectations

making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

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

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

the value of the entire stream of purchases a customer makes over a lifetime of patronage

the portion of the customer’s purchasing that a company gets in its product categories.

using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email and blogs that engage consumers anywhere, at any time, via their digital devices

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

a statement of the organizations purpose- what it wants to accomplish in the larger environment.

the collection of businesses and products that make up the company

the process by which management evaluates the products and businesses that make up the company

a portfolio-planning method that evaluates a company’s SBU’s in terms of market growth rate and relative market share

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification

company growth by increasing sales of current products to current market segments without changing the product.

company growth by identifying and developing new market segments for current company products

company growth by offering modified or new products to current market segments

company growth through starting up or acquiring business outside the company’s current products and markets

the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products

the network made up of the company, its suppliers, its distributors, and ultimately, its customers who partner with each other to improve the performance of the entire system

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

a group of consumers who respond in a similar way to a given set of marketing efforts

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

actually differentiating the market offering to create superior customer value

the set of tactical marketing tools-product, price, place, and promotion that the firm blends to produce the response it wants in the target market

the goods-and-services combination the company offers to the target market.

the amount of money customers must pay to obtain the product

includes company activities that make the product available to target consumers

refers to activities that communicate the merits of the product and persuade target customers to buy it

an overall evaluation of the company’s strengths (S), weakness (w), opportunities (o) and threats (T)

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

contents of a marketing plan

defines the market and major segments and then reviews customer needs and factors in the marketing environment that may affect the major products in the product line

shows sales, prices, and gross margins of the major products in the product line

identifies major competitors and assesses their market positions and strategies for product quality, pricing, distribution and promotion

evaluates recent sales trends and other developments in major dis

measuring and evaluating the results of marketing strategies and plans and taking corrective action to endure that the objectives are achieved.

the net return from a marketing investment divided by the cost of marketing investment

how does the new concept of marketing differ from the old concept of marketing?

selling and advertising are a part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as

julie’s jump rope emporium is a brand new company. From a marketing standpoint, what is the FIRST thing julies jump rope emporium needs to do?

what is the importance of selling and advertising in marketing

when a company chooses a group of customers to serve, it is engaging in which of the following

the act of obtaining a desired object from someone by offering something in return is known as which of the following

Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, where Jan belives they should be more customer-oriented and find the right products for their customers. which of the following BEST describes this situation

a local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows starts poetry reading nights, and sends volunteers to the local high school. what is the drama club engaging in?

how do market demands relate to needs and wants

what is the main problem that sellers suffering from marketing myopia face

what are the 4 P’s of the marketing mix?

asher airlines has instituted a loyalty rewards program that rewards customers with seat upgrades and free miles for the continued patronage. what customer relationship tool is asher airlines using?

which of the following scenarios BEST describes the societal marketing concept

why is good marketing management critical

what is MOST likely to cause a variation in customer-perceived value

the ultimate goal of the marketing process is to do which of the following?

scott frost has been coming to aldwin’s diner for 20 years and refuses to go anywhere else joseph, the owner of aldwin’s loves scott’s loyalty but admits he purchases only a cup of coffee each visit. scott would best be described as which of the following

bertram’s beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. what is bertram’s beer attempting to build?

which of the following describes the current trend in business regarding relationships with customers

what is the ultimate aim of customer relationship management

name all of the aspects of sustainable marketing

vaughns video has suffered in the current economy because fewer people have the money for videos and because fewer people use the technology, given the advance of online streaming sites such as youtube and hulu. The videos Vaughn’s video does sell are often out priced by versions coming from china or Taiwan or they are accused of being damaging to the environment. which of the following marketing impacts has Not affected vaughns video

how has the internet MOST affected companies and customers

how has the great recession of 2008-2009 affected customers attitudes

steps in strategic planning

a portfolio planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share

high growth, high share business or products

low growth, high share businesses or products

low share business units in high growth markets

low growth low share business and products

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

company growth by increasing sales of current products to current market segments without changing the product

company growth by identifying and developing new market segments for current company products

company growth by offering modified or new products to current market segments

company growth through starting up or acquiring businesses outside the company’s current products and markets

4C’s

you are managing a business that is in the process of strategic planning. you have devleoped a mission statement and have ensured that it is both measurable and motivational. what is the next step for you?

which of the following best describes a difference between annual and long-range plans versus strategic plans

a company begins to lose market share with its cash cows, which start to become question marks or dogs. what is likely to happen to the company if nothing is done?

what is the purpose of a product or market expansion grid

you are a manager of a company that is doing poorly in the marketplace because of problems with the way the company operates. you attempt to change your internal operations so that everyone contributes to the overall mission of the company which of the following are you, as the manager, making changes to?

freds fireplaces has been having trouble getting its products and advertising out in a timely manner. the advertising department keeps blaming the production department, saying that they do not have timely updates about new product features, which hinders their ability to properly advertise. the production department blames the advertising department complaining that they are not effectively advertising the benefits of the new features. what is fred’s fireplaces experiencing?

a company analyzes its resources and decides to offer a limited set of products to a wide variety of customers. in which of the following is this company engaging?

joe, lisa, eva, and darell all love the same things. they all eat quesadillas, watch horror movies, and wear jeans. they believe in ghosts and distrust religion. joe, lisa, eva and darrell could be considered which of the following

save money bank is a growing company that has locations in 43 states and 16 foreign countries. it is looking to expand into more national and international markets. which marking organization would best suit save money bank?

heyry’s hair club spent millions of dollars on its advertising budget during the last fiscal year in an attempt to take market share from the men’s hair club. however, at the end of the year henry’s hair club did not make any additional profits or take any additional market share. why did henrys hair club fail to achieve?

Attract new customers by promising superior value
Keep and grow current customers by delivering satisfaction

View – Making a sale
Abundance of products in the nearby shopping centers
Television, magazine, and direct-mail ads

View – Satisfying customer needs
Imaginative Web sites and mobile phone apps, blogs, online videos, and social media
Reach customers directly, personally, and interactively

The marketing process: creating and capturing customer value