Chapter 1

Question 1

What are the five core customer and marketplace concepts?

Answer 1

(1) needs, wants, and demands; (2) market offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges and relationships; and (5) markets.

Question 2

What is marketing myopia?

Answer 2

paying more attention to the specific products they offer than to the benefits and experiences produced by these products; focus only on existing wants and lose sight of underlying customer needs

Question 3

Define exchange

Answer 3

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

Question 4

What is a market?

Answer 4

the set of actual and potential buyers of a product or service; These buyers share a particular need or want that can be satisfied through exchange relationships

Question 5

Define marketing management

Answer 5

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

Question 6

What is market segmentation? Target marketing?

Answer 6

market segmentation= dividing the market into segments of customers
target marketing= selecting which segments to go after

Question 7

what is a brand’s value proposition?

Answer 7

A brand’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Question 8

What are the five alternative concepts under which organizations design and carry out their marketing strategies?

Answer 8

the production, product, selling, marketing, and societal marketing concepts.

Question 9

What is the production concept?

Answer 9

• consumers will favor products that are available and highly affordable; therefore, management should focus on improving production and distribution efficiency
• one of the oldest orientations that guides sellers
• i.e. Lenovo
• risk of marketing myopia

Question 10

What is the product concept?

Answer 10

• consumers will favor products that offer the most in quality, performance, and innovative features
• risk of marketing myopia i.e. improving a mousetrap when better solution cld be chemical spray

Question 11

What is the selling concept?

Answer 11

• consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
• high risk b/c it focuses on creating sales transactions rather than on building long-term, profitable customer relationships
• aim often is to sell what the company makes rather than to make what the market wants

Question 12

What is the marketing concept?

Answer 12

• achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
• job is not to find the right customers for your product but to find the right products for your customers

Question 13

What is the societal marketing concept?

Answer 13

• questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare
• marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being

Question 14

What are the 4 P’s of marketing?

Answer 14

product, price, place, and promotion

• To deliver on its value proposition, the firm must first create a need-satisfying market offering (product).
• It must then decide how much it will charge for the offering (price) and
• how it will make the offering available to target consumers (place).
• Finally, it must engage target consumers, communicate about the offering, and persuade consumers of the offer’s merits (promotion)

Question 15

Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________.

Answer 15

satisfying customer needs

Question 16

The key element of successful marketing today is to __________.

Answer 16

create value

Question 17

What is the final step in the marketing process?

Answer 17

Capture value from customers.

Question 18

Engaging customers and managing profitable customer relationships is the simplest definition of ________.

Answer 18

Marketing

Question 19

y ou are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________.

Answer 19

need; want

Question 20

Which of the following correctly identifies the five core customer and marketplace concepts?

Answer 20

(1) Needs, wants, and demands;
(2) Market offerings; (3) Value and satisfaction;
(4) Exchanges and relationships; and
(5) Markets

Question 21

the primary goal of consistently delivering superior value is to ________.

Answer 21

build profitable customer relationships

Question 22

In marketing terms, what is a market?

Answer 22

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

Question 23

Market offerings include ________.

Answer 23

products, services, and experiences

Question 24

The actual and potential buyers in a market share which of the following characteristics?

Answer 24

They share a particular need and/or want.

Question 25

The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities?

Answer 25

Segmenting and targeting

Question 26

What is the purpose of a value proposition?

Answer 26

To differentiate and position a market offering in the marketplace

Question 27

Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features?

Answer 27

The product concept

Question 28

Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation?

Answer 28

The marketing concept

Question 29

Companies such as IBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?

Answer 29

The societal marketing concept

Question 30

What are the 4 Ps of marketing?

Answer 30

Product, price, place, promotion

Question 31

What is the key to building lasting customer relationships?

Answer 31

Creating superior customer value and satisfaction

Question 32

__________ is the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

Answer 32

Customer-perceived value

Question 33

Which of the following is an accurate statement about building customer relationships in the modern marketing era?

Answer 33

Building relationships through consumer-generated content is expensive and takes time.

Question 34

The total combined lifetime value of a company’s current and potential customers is called __________.

Answer 34

customer equity

Question 35

For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?

Answer 35

True friends

Question 36

In today’s global environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is __________.

Answer 36

the Internet of Things

Question 37

How has the Great Recession of 2008dash2009 affected marketers in terms of consumer attitudes?

Answer 37

Consumers are showing an enthusiasm for frugality.

Question 38

Vince’s Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that Vince’s Video does sell are often outpriced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected Vince’s Video?

Answer 38

A.
Rapid globalization
B.
The changing economic environment
C.
Not-for-profit marketing
D.
Sustainable marketability
E.
The digital age