Chapter 1

Question 1

State of felt deprivation

Answer 1

Needs

Question 2

The form of human needs take as shaped by culture and individual personal desire

Answer 2

Wants

Question 3

Human wants that are backed by buying power

Answer 3

Demands

Question 4

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

Answer 4

Exchange

Question 5

All available buyers who share common needs satisfied by specific products and have resources and the willingness to make an exchange

Answer 5

Market

Question 6

Where buyers and sellers come together

Answer 6

Marketplace

Question 7

Buyers and sellers come together digitally

Answer 7

Marketspace

Question 8

All related services and products that compliment main product

Answer 8

Metamarket

Question 9

Product concept

Answer 9

Focus on building a likable product

Question 10

Selling concept

Answer 10

Focus on convincing customer your product works best

Question 11

Marketing concept

Answer 11

Focus on figuring out what customers want THEN design the product around them

Question 12

Societal marketing concept

Answer 12

Focus on customer wants within the context of societal good

Question 13

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

Answer 13

Customer Relationship Management (CRM)

Question 14

What are the two levels of customer relationship management?

Answer 14

1. Basic relationships (low-margin customers)
2. Full partnerships (high-margin customers)

Question 15

What are some tools for customer relationship management?

Answer 15

*Frequency marketing programs
*Loyalty rewards