Test 1

Question 1

what is Marketing

Answer 1

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question 2

5 steps of the marketing process

Answer 2

• understand the marketplace and customer needs and wants
• design a customer driven marketing strategy
• construct an integrated marketing program that delivers superior value
• build profitable relationships and create customer delight
• capture value from customers to create profits and customer equity

Question 3

define needs

Answer 3

states of felt deprivation

Question 4

wants

Answer 4

the form human needs take as shaped by culture and individual personality

Question 5

demands

Answer 5

human wants that are backed by buying power

Question 6

market offerings

Answer 6

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 7

marketing myopia

Answer 7

the mistake of paying more attention o the specific products a company offers than to the benefits and experiences produced by these products
(they are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs)

Question 8

exchange

Answer 8

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

Question 9

market

Answer 9

the set of all actual and potential buyers of a product or service

Question 10

marketing management

Answer 10

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

Question 11

production concept

Answer 11

the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency

Question 12

product concept

Answer 12

the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements

Question 13

selling concept

Answer 13

the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort

Question 14

marketing concept

Answer 14

the marketing management philosophy that holds that achieving organizational goals depends on knowing he needs and wants to target markets and delivering the desired satisfactions better than competitors do.

Question 15

societal marketing concept

Answer 15

the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

Question 16

customer relationship management

Answer 16

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 17

customer-perceived value

Answer 17

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

Question 18

what are the first three steps of the Marketplace and what do they lead up to?

Answer 18

• understanding the marketplace and customer needs
• designing a customer driven marketing strategy
• constructing marketing programs
• building profitable customer relationships

Question 19

customer satisfaction

Answer 19

the extent to which a product’s perceived performance matches a buyer’s expectations