Chapter 1: Meeting Changes and Challenges

Question 1

marketing concept

Answer 1

in the mid 1950’s and beyond generally in order to be successful a company must determine the needs and wantes of specific target markets and deliver the desired satisfactions better than the competition.

research segmentation

Question 2

Societal marketing concept

Answer 2

suggests that consumers may on occasion respond to their immediate needs or wants while overlooking what is in effect in their own long term best interest or the best interest of family/neighbors, the best interests of country/region or of the entire planet

Question 3

Customer value

Answer 3

the ratio between customers percieved benefits (economic, functional, and physiological) and resources (monetary, time, effort) used to obtain those benefits. percieved value is relative and subjective

Question 4

Customer satisfaction

Answer 4

individual customer’s perception on performance of product/service in relation to his/her expectations

Question 5

Securing customer retention

Answer 5

designed to make it the best interest of customers to stay with a company rather than switch to another company. (1) loyal customers buy more products (2) loyal customers are less price sensitive + pay less attention to competitors advertising (3) servicing existing customers who are familiar with companies offerings and processes is cheaper (4) loyal customers spread positive word of mouth and refer other customers

Question 6

Traditional vs. value/retention focused marketing (table 1.3)

Answer 6

see image

Question 7

Model of consumer decision making

Answer 7

input, process, output (see image)