1. Marketing

Question 0

Understand the marketplace and customer needs

Design a customer-driven marketing strategy

Construct an integrated marketing program that delivers superior value

Build profitable relationships and create customer delight

Capture value from customers to create profits and customer equity

Answer 0

Marketing process

Question 1

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

Answer 1

Marketing

Question 2

State of felt deprivation

Answer 2

Need

Question 3

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

Answer 3

Want

Question 4

Human wants that are backed by buying power

Answer 4

Demand

Question 5

Some combination of products, services, information, or experience offered to a market to satisfy a need or want

Answer 5

Marketing offering

Question 6

The mistake of paying more attention to the specific products a company offers that to the benefits ad experiences derived from these products

Answer 6

Marketing myopia

Question 7

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

Answer 7

Exchange

Question 8

The set of all actual and potential buyers of a product or service

Answer 8

Market

Question 9

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

Answer 9

Marketing management

Question 10

Set of benefits and values a company promises to deliver to consumers to satisfy their needs

Answer 10

Value proposition

Question 11

The idea that consumers will favour products that are available and highly affordable and that the organisation should therefore focus on improving production and distribution efficiency

Answer 11

Production concept

Question 12

The idea that consumers will favour products that offer the most quality, performance, and features and that the organisation should therefore devote it’s energy to making continuous product improvements

Answer 12

Product concept

Question 13

The idea that consumers will not buy enough of the forms products unless it undertakes a large-scale selling and promotion effort

Answer 13

Selling concept

Question 14

The marketing management philosophy that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Answer 14

Marketing concept

Question 15

Understand customers deeply about what they want

Create products that meet current needs

Answer 15

Customer-driven

Question 16

Understand customer needs better than customers themselves do

Create products that need needs now and in the future

Answer 16

Customer-driving

Question 17

A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

Answer 17

Societal marketing concept

Question 18

Product
Price
Place
Promotion

Answer 18

Marketing mix (4Ps)

Question 19

What are the 4Ps?

Answer 19

Product
Price
Place
Promotion

Question 20

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

Answer 20

Customer relationship management

Question 21

The customers’ evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

Answer 21

Customer perceived value

Question 22

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

Answer 22

Customer satisfaction

Question 23

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

Answer 23

Consumer-generated marketing

Question 24

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

Answer 24

Partner relationship management

Question 25

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

Answer 25

Customer lifetime value

Question 26

The portion of the customer’s purchasing that a company gets in it’s product categories

Answer 26

Share of customer

Question 27

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

Answer 27

Customer equity

Question 28

Low profitability and little projected loyalty

Little fit between the company’s offerings and their needs

Lowest profit potential

Answer 28

Strangers

Question 29

Profitable but not loyal

Good fit between company’s offerings and customer’s needs

Answer 29

Butterflies

Question 30

Both profitable and loyal

Good fit between company’s offerings and customer’s needs

Highest profit potential

Answer 30

True friends

Question 31

Highly loyal but not very profitable

Limited fit between company’s offerings and customer’s needs

Answer 31

Barnacles