Test 1 Flashcards
(40 cards)
All of the following are accurate descriptions of modern marketing, EXCEPT which one?
A) Marketing is the creation of value for customers.
B) Marketing is managing profitable customer relationships.
C) Selling and advertising are synonymous with marketing.
D) Marketing involves satisfying customers’ needs.
E) Marketing is used by for-profit and not-for-profit organizations.
C) Selling and advertising are synonymous with marketing.
According to the opening scenario, the Tide marketing team is MOST concerned about which of the following?
A) maintaining its brand share
B) fostering customers’ emotional connections with their product
C) advertising their product’s benefits
D) comparing the effectiveness of their product to other brands
E) incorporating consumer-generated marketing in the marketing mix
B) fostering customers’ emotional connections with their product
B) fostering customers’ emotional connections with their product
According to management guru Peter Drucker, "The aim of marketing is to \_\_\_\_\_\_\_\_." A) create customer value B) identify customer demands C) make selling unnecessary D) set realistic customer expectations E) sell products
C) make selling unnecessary
Which steps of the five-step marketing process are about understanding customers, creating customer value, and building strong customer relationships? A) the first two only B) the first three only C) the first four only D) the last three only E) the last four only
C) the first four only
According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers
D) understand the marketplace and customer needs and wants
E) construct key components of a marketing program
D) understand the marketplace and customer needs and wants
\_\_\_\_\_\_\_\_ are human needs as shaped by individual personality and culture. A) Needs B) Wants C) Demands D) Values E) Exchanges
B) Wants
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing
The set of all actual and potential buyers of a product or service
Markets
States of felt deprivation
Needs
the form human needs take as they are shaped by culture and individual personality
Wants
Human wants that are backed up by buying power
Demands
some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Not limited to physical products, includes entities such as persons, places, organizations, information, and ideas.
Market offerings
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Marketing Myopia
the act of obtaining a desired object from someone by offering something in return.
Exchange
the art and science of choosing target markets and building profitable relationships with them.
Marketing Management
diving the market into segments of customers
Market Segmentation
selecting one or more segments to cultivate
Target marketing
the set of benefits or values a company promises to deliver to consumers to satisfy their needs
Value proposition
Consumers will favor products that offer the most quality, performance, and features; the organization should devote its energy to making continuous product improvements.
Product Concept
Consumers will not buy enough of the firm’s products unless the firm undertakes a largescale selling and promotion effort.
Selling Concept
4 Actions framework
Eliminate, Create, Reduce, Raise
Outlines levers the company can pull to deliver exceptional utility to buyers as well as experiences
Buyer Utility Map
Customer Productivity Simplicity Convenience Risk Fun and Image Environmental friendliness
Utility Levers
5 core concepts:
Needs, wants, demand Market Offerings Value, Satisfaction Exchanges,Relationship Markets
