question

According to the five-step model of the marketing process, the first step in marketing is ________.

answer

Understanding the marketplace and customer needs and wants

question

________ are defined as states of felt deprivation.

answer

Needs

question

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

answer

Wants

question

When backed by buying power, wants become ________.

answer

Demands

question

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

answer

Consumers' existing wants

question

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

answer

Exchange

question

Dividing a market into several sections of customers is known as ________.

answer

market segmentation

question

Selecting particular segments of a population of customers to serve is called ________.

answer

Target marketing

question

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

answer

Value proposition

question

Which of the following concepts holds that consumers will favor products that are available and highly affordable?

answer

the production concept

question

The production concept holds that ________.

answer

consumers will favor products that are available and highly affordable

question

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

answer

Product

question

According to the product concept, a company should ________.

answer

Devote its energy to making continuous product improvements

question

The selling concept holds that ________.

answer

Consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

question

The selling concept is typically practiced with ________.

answer

Unsought goods

question

Which of the following is a difference between the marketing concept and the selling concept?

answer

The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

question

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

answer

Marketing

question

Which of the following concepts is based on a customer-centered philosophy?

answer

the marketing concept

question

Customer-driven marketing is most effective when ________.

answer

clear needs exist and customers know what their needs are

question

Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.

answer

Customer-driving

question

When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.

answer

Customer-driving

question

The societal marketing concept holds that ________.

answer

A company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment

question

Which of the following concepts calls for sustainable marketing?

answer

The societal marketing concept

question

Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the ________ concept.

answer

Societal Marketing

question

________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

answer

Sustainable

question

The concept of shared value focuses on ________.

answer

Creating economic value in a way that also creates value for society

question

The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ________.

answer

Customer relationship management

question

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

answer

Customer-perceived value

question

Customer evangelists are those who ________.

answer

Tell others about their good experiences with a brand or product

question

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?

answer

when the market has few customers and high margins

question

Greater consumer control means that companies must rely more on marketing by ________.

answer

Attraction

question

________ refers to working closely with people inside and outside the company to jointly bring more value to customers.

answer

Partner relationship management

question

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

answer

A supply chain

question

The final step in the marketing process is ________.

answer

Capturing value from customers

question

________ refers to the portion of the customer's purchase that a company gets in its product categories.

answer

Share of customer

question

________ is the total combined customer lifetime values of all the company's current and potential customers.

answer

Customer equity

question

The ultimate aim of customer relationship management is to ________.

answer

Produce high customer equity

question

In which of the following customer relationship groups do organizations generally avoid investing?

answer

strangers

question

A consumer who is potentially profitable but shifts loyalty toward better deals is referred to as a ________.

answer

butterfly

question

________ are customers who show low potential profitability and little projected loyalty.

answer

Strangers

question

A customer who is both loyal and profitable is referred to as a ________.

answer

true believer

question

Customers who are classified as true believers ________.

answer

Tell others about their good experiences with a company

question

Which of the following is true of mobile marketing?

answer

Marketers use mobile channels to stimulate immediate buying.

question

Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?

answer

More sensible and mindful consumption

question

Which of the following transforms marketing strategies into real values for consumers?

answer

The four Ps of marketing

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