PRINCIPLE OF MARKETING

Question 1

Is a process in which companies create value for customers and build strong customer relationships to capture value from customers in return

Answer 1

Marketing

Question 2

What are the Marketing Process?

Answer 2

1. Understanding the marketplace and customer needs
2. Designing a customer-driven marketing strategy
3. Preparing an integrated marketing plan and program
4. Building customer relationships
5. Capturing value from customers

Question 3

This is the states of deprivation

Answer 3

Needs

Question 4

What are the types of deprivation?

Answer 4

Physical, Social, and Individual

Question 5

This is the type of deprivation where you need food, clothing, warmth, and safety.

Answer 5

Physical Needs

Question 6

This is the type of deprivation where you need belonging and affection.

Answer 6

Social Needs

Question 7

This is the type of deprivation where you need knowledge and self expression.

Answer 7

Individual Needs

Question 8

Exist when a person has an unfulfilled needs, and he is aware of an object thet will best satisfy that need

Answer 8

Wants

Question 9

Refers to the quantity of a product or service that customers are expected to buy at a given price level

Answer 9

Demands

Question 10

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

Answer 10

Market offerings

Question 11

Is focusing only on existing wants and losing sights of underlying consumer needs

Answer 11

Marketing myopia

Question 12

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

Answer 12

Exchange

Question 13

Are the sets of actual and potential buyers of a product

Answer 13

Markets

Question 14

What are the major environmental forces?

Answer 14

Suppliers and Consumers

Question 15

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

Answer 15

Marketing management

Question 16

To select customer to serve you need?

Answer 16

Market segmentation and Target marketing

Question 17

Refers to dividing the markets into segments of customers

Answer 17

market segmentation

Question 18

Refers to which segments to go after

Answer 18

Target marketing

Question 19

Set of benefits or values a company promises to deliver to customers to satisfy their needs

Answer 19

Value proposition

Question 20

Is the idea that consumers will favors product that are available or highly affordable

Answer 20

Production concept

Question 21

Is the idea that consumers will favor products that offer the most quality, performance, and features.

Answer 21

Product concept

Question 22

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

Answer 22

Selling concept

Question 23

is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.

Answer 23

Marketing concept

Question 24

is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests.

Answer 24

Societal marketing concept

Question 25

set of tools (four ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place

Answer 25

Marketing mix

Question 26

comprehensive plan that communicates and delivers the intended value to chosen customers.

Answer 26

Integrated marketing program

Question 27

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

Answer 27

Customer relationship management (CRM)

Question 28

It is the value that a customer perceives to obtain by buying a product.

Answer 28

Customer - perceived value

Question 29

It is the difference between the total obtained benefits according to the customer perception and the cost that he had to pay for that.

Answer 29

Customer - perceived value

Question 30

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

Answer 30

Customer satisfaction

Question 31

marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands.

Answer 31

Customer - managed relationship

Question 32

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

Answer 32

Partner relationship management

Question 33

is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

Answer 33

Customer Lifetime value

Question 34

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

Answer 34

Share of customer

Question 35

is the total combined customer lifetime values of all of the company’s customers

Answer 35

Customer equity