[1] The Concept of Marketing

Question 1

Customer Value

Answer 1

difference between perceived benefits and perceived sacrifice

Question 2

Customer Satisfaction

Answer 2

perceived performance of the product in delivering value relative to a buyer’s expectations

Question 3

Three possible outcomes for the buyer

Answer 3

Dissatisfaction
Satisfaction
Delight

Question 4

Perceived benefits

Anagram

Answer 4

RIPS
(+) Product benefits
(+) Service benefits
(+) Relational benefits
(+) Image benefits

Question 5

Perceived sacrifice

Answer 5

(-) Monetary costs
(-) Time costs
(-) Energy costs
(-) Psychological costs

Question 6

What is the Marketing Concept? Who Defined & Year?

Answer 6

Companies achieve their profit and other objective by satisfying [even delighting] customers (Houston, 1986)

Question 7

What does the concept neglect?

Answer 7

Competition: the concept of marketing is necessary, but not sufficient for success; companies must be innovative and efficient to do better than their competition.