Ch.1

Question 1

____ involves creating value for customers and building strong customer relationships in order to capture value from customers in return

Answer 1

Marketing

Question 2

1. Attract new customers by promising superior value
2. Keep & grow current customers by delivering satisfaction

Answer 2

Goals of marketing

Question 3

State of felt deprivation including physical, social, & individual needs (i.e. hunger)

Answer 3

Needs

Question 4

Form that a human need takes as shaped by culture & individual personality (i.e. hamburger)

Answer 4

Wants/desire

Question 5

Human wants backed by buyer power (i.e. money)

Answer 5

Demands

Question 6

Focusing only on existing wants & losing sight of underlying consumer needs

Answer 6

Marketing myopia

Question 7

A ______ is a group of people that share a need or want that can be satisfied through exchange relationships

Answer 7

market

Question 8

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

Answer 8

marketing management

Question 9

Product, Price, Place, Promotion

Answer 9

4P’s

Question 10

What is the ultimate goal of customer relationship management?

Answer 10

Produce high customer equity

Question 11

1. Factory
2. Existing Products
3. Selling & Promotion
4. Profits through sales volume

Answer 11

the selling concept

Question 12

1. Market
2. Customer needs
3. Integrated marketing
4. Profits through customer satisfaction

Answer 12

the marketing concept

Question 13

delivering superior customer value and satisfaction to build and maintain profitable customer relationships

Answer 13

customer relationship management (CRM)

Question 14

customer’s evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competing offers

Answer 14

customer-perceived value

Question 15

consumers play an increasing role in shaping their own brand experiences and those of other consumers

Answer 15

consumer-generated marketing

Question 16

1. Public relations
2. Advertising
3. Product
4. Sales
5. Consumer research
6. Promotions

Answer 16

marketing functions & professions

Question 17

the ______ is comprised of a set of tools known as the 4P’s

Answer 17

marketing mix

Question 18

comprehensive plan that communicates and delivers intended value

Answer 18

integrated marketing program

Question 19

value of the entire stream of purchases a customer makes over a lifetime of patronage

Answer 19

customer lifetime value

Question 20

total combined customer lifetime values of all of the company’s current and potential customers

Answer 20

customer equity

Question 21

In the final step of the 5-step marketing model, companies _______ of creating customer value

Answer 21

reap the rewards

Question 22

The basic concept underlying marketing is that of _____

Answer 22

customer needs

Question 23

A brand’s ____ involves the set of benefits or values it promises to deliver to consumers

Answer 23

value proposition

Question 24

The ___ concept holds that consumers will favor products that are available and affordable

Answer 24

production

Question 25

Customer relationship building blocks consist of ______

Answer 25

customer value and satisfaction

Question 26

Although a “customer-centered” firm seeks to deliver high customer satisfaction relative to competitors, it doesn’t attempt to maximize ____

Answer 26

customer satisfaction

Question 27

What is the fastest-growing digital marketing platform?

Answer 27

Mobile marketing