MKT 301 – CH. 1 – Flashcards
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Which of the following is included in a broad definition of marketing? a) selling, advertising, and promoting b) advertising, selling and developing quality products c) Creating customer value, building customer relationships, and engaging customers. d) Satisfying customers, beating competitors, and maximizing profits. e) Creating customer value, building customer relationships, and having a strong selling orientation.
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c) Creating customer value, building customer relationships, and engaging customers
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The first step of the marketing process is to ___________________ A) design a customer-driven marketing strategy B) capture value from customers to create profits and customer equity. C) construct an integrated marketing program that delivers superior value D) understand the marketplace, which includes customer needs and wants. E) build profitable relationships
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D) understand the marketplace, which includes customer needs and wants.
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Which of the following correctly identifies the five core customer and marketplace concepts? A) Needs, wants, and demands; products; value; customers; and competitors B) Needs, wants, demands, market offerings, and markets C) Needs, wants, and demands; market offerings; value; satisfaction; and markets D) Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits E) Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
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E) Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets.
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Which of the following represent market offerings? A) Products, services, needs, and wants B) Value, satisfaction, sales, and profits C) Products, services, information, and experiences D) Products, services, needs, and exchanges E) Needs, wants, products, and advertisements
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C) Products, services, information, and experiences
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To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A) What customers will we serve? How can we serve these customers best? B) What customers will we serve? How can we maximize profits? C) How can we serve our customers best? How can we maximize profits? D) What markets should we enter? How do we maximize sales in those markets? E) Who are our competitors? How can we beat our competitors?
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A) What customers will we serve? How can we serve these customers best?
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Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A) The production concept B) The societal marketing concept C) The marketing concept D) The product concept E) The selling concept
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C) The marketing concept
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What are the two keys to building lasting customer relationships? A) Satisfaction and sales promotions B) Value and satisfaction C) Value and customer service D) Innovative products and low prices E) Customer service and quality products
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B) Value and satisfaction
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A company rarely gets 100% of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________. A) customer defections B) share of customer C) customer lifetime value D) share of market E.customer equity
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B) share of customer
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Which of the following statements regarding the changing marketing landscape is correct? A) Today's post-recession era consumers buy more, use fewer coupons, use their credit cards more, and save less. B) The Great Recession caused consumers to rethink their buying priorities. C) Global competition affects only large companies. D) Companies can safely ignore the environmental movement. E) Digital technology has had little impact on the way we live.
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B) The Great Recession caused consumers to rethink their buying priorities.
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Digital marketing tools used in digital and social media marketing include ________. A) mobile apps, online video, and personal selling B) e-mail, telemarketing, and blogs C) social media, online video, and newspaper coupons D) social media, mobile apps, and blogs E) social media, mobile apps, and television advertising
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D) social media, mobile apps, and blogs
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The marketing process captures value from customers by __________ A) creating profits and customer equity B) understanding the marketplace and customers' needs and wants C) constructing an integrated marketing program that delivers superior value D) building profitable relationships and creating customer delight
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creating profits and customer equity
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__________ is the art and science of choosing target markets and building profitable relationships with them. A) Marketing management B) Marketing C) Exchange D) Marketing myopia
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A) Marketing management
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The state of felt deprivation is known as __________. A) needs B) wants C) demands D) marketing offerings
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A) needs
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The production concept is __________. A) the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency B) 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 C) the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort D) 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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A) 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 __________ 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. A) selling concept B) product concept C) production concept D) marketing concept
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A) selling concept
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__________ is the extent to which a product's perceived performance matches a buyer's expectations. A) Customer satisfaction B) Customer-perceived value C) Customer relationship management D) Share of customers
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A) Customer satisfaction
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__________ is the total combined values of all of the company's customers. A) Customer equity B) Customer lifetime value C) Share of customers D) Customer-perceived value
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A) Customer equity
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__________ is the portion of the customer's purchasing that a company gets in its product categories A) Share of customers B) Customer satisfaction C) Customer-perceived value D) Customer relationship management
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A) Share of customers
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Marketing is __________. A) the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return B) the art and science of choosing target markets and building profitable relationships with them C) the act of obtaining a desired object from someone by offering something in return D) the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products
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A) 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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The __________ 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. A) product concept B) production concept C) selling concept D) marketing concept
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A) product concept
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The __________ 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. A) production concept B) product concept C) selling concept D) marketing concept
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A) production concept
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__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want A) Marketing offerings B) Demands C) Wants D) Needs
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A) Marketing offerings
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Needs are __________. A) states of felt deprivation B) shaped by culture and individual personality C) human wants that are backed by buying power D) some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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A) states of felt deprivation
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__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage. A) Customer lifetime value B) Customer equity C) Share of customers D) Customer-perceived value
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A) Customer lifetime value
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The societal marketing concept is __________. A) 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 B) 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 C) the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort D) 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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A) 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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__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products. A) Marketing myopia B) Exchange C) Marketing management D) Marketing
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A) Marketing myopia
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__________ is the act of obtaining a desired object from someone by offering something in return. A) Exchange B) Marketing management C) Marketing D) Marketing myopia
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A) Exchange
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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. A) marketing concept B) selling concept C) product concept D) production concept
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A) marketing concept
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__________ is 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. A) Customer-perceived value B) Customer relationship management C) Customer satisfaction D) Share of customers
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A) Customer-perceived value
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__________ are human wants that are backed by buying power. A) Demands B) Wants C) Needs D) Marketing offerings
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A) Demands
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__________ are the form human needs take as they are shaped by culture and individual personality. A) Wants B) Needs C) Demands D) Marketing offerings
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A) Wants
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Customer relationship management is __________. A) the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction B) 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 C) the extent to which a product's perceived performance matches a buyer's expectations D) the portion of the customer's purchasing that a company gets in its product categories
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A) the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Marketers consider five core concepts when considering their consumer base. Which of the following is not considered one of the five core concepts? A) Advertising B) Market offerings C) Needs, wants, and demands D) Exchanges and relationships E) Markets
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A) Advertising
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Through the customer experiences of its products, hotels, theme parks, and other packaged value items, Disney has been quite successful in creating high ________________ A) customer-perceived value B) customer satisfaction C) customer engagement D) customer demand E) customer lifetime value
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B) customer satisfaction
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Disney has created a strong, memorable brand with its customers, which in turn keeps customers returning to the brand over time, known as ___________ A) needs, wants, and demands B) customer lifetime value C) customer relationship value D) customer retention E) value and satisfaction
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B) customer lifetime value
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Disney offers its products to families and children who desire the Disney experience and subsequently purchase products and experiences. Disney and its customers are engaged in _________ A) marketing B) exchange C) customer lifetime value D) demand E) engagement
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B) exchange
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Disney has chosen families and children as the segment of the market to sell to, which is the process known as ___________. A) marketing paranoia B) exchange C) demand D) target marketing E) the production concept
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D) target marketing
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Zappos creates __________ for its customers by offering a wide selection, higher levels of service, and customer-friendly return policies A) value B) equity C) exchanges D) demands E) satisfaction
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A) value
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Although Zappos was not legally bound to fulfill customer orders following its pricing snafu, failure to do so would have significantly lowered __________, which is based on a company's performance relative to the customers' expectations A) customer demand B) customer-perceived value C) customer lifetime value D) customer engagement E) customer satisfaction
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E) customer satisfaction
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While Zappos' pricing snafu cost the company nearly $1.6 million dollars, the company chose to fulfill all the orders because it realized the long-term loss of patronage from these customers could be even more expensive. A key metric that measures the long-term profitability of individual customers or groups of customers is known as __________ A) customer satisfaction B) customer retention C) customer relationship value D) ROI E) customer lifetime value
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E) customer lifetime value
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Zappos offers customers wide selection, excellent service, and customer-friendly return policies. In return, customers are willing to pay more for the company's offerings. This act of obtaining a desired object from someone by offering something in return is known as __________. A) satisfaction B) engagement C) marketing D) exchange E) value
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D) exchange
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Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as __________. A) marketing paranoia B) marketing malpractice C) the production concept D) marketing management E) marketing myopia
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E) marketing myopia
