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Principles Of Marketing Chapters 1-8 With Complete Solutions Latest Update
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Principles Of Marketing Chapters 1-8 With Complete Solutions Latest Update
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Principles Of Marketing Chapters 1-8 WithComplete Solutions Latest Update
Marketing - correct answers The process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Needs - correct answers States of felt deprivation
Wants - correct answers The form human needs take as they are shaped by culture
and individual personality
Demands - correct answers Human wants that are backed by buying power
Market Offerings - correct answers Some combination of products, services,
information, or experiences offered to a market to satisfy a need or want
Marketing Myopia - correct answers The mistake of paying more attention to the
specific products a company offers than to the benefits and experiences produced
by these products
Exchange - correct answers The act of obtaining a desired object from someone by
offering something in return
,Market - correct answers The set of all actual and potential buyers of a product or
service
Marketing Management - correct answers The art and science of choosing target
markets and building profitable relationships with them
Production Concept - correct answers The idea that consumers will favor products
that are available and highly affordable; therefore, the organization should focus
on improving production and distribution efficiency
Product Concept - correct answers The idea that consumers will favor products
that offer the most quality, performance, and features; therefore, the organization
should devote its energy to making continuous product improvements
Selling Concept - correct answers The idea that consumers will not buy enough of
the firm's products unless the firm undertakes a large-scale selling and promotion
effort
Marketing Concept - correct answers A philosophy in which achieving
organizational goals depends on knowing the needs and wants of target markets
and delivering the desired satisfactions better than competitors do
Societal Marketing Concept - correct answers 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
, Customer Relationship Management - correct answers The overall process of
building and maintaining profitable customer relationships by delivering superior
customer value and satisfaction
Customer-Perceived Value - correct answers 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
Customer Satisfaction - correct answers The extent to which a product's perceived
performance matches a buyer's expectations
Customer-Managed Relationships - correct answers Marketing relationships in
which customers, empowered by today's new digital technologies, interact with
companies and with each other to shape their relationships with brands
Consumer-Generated Marekting - correct answers Brand exchanges created by
consumers themselves--both invited and uninvited--by which consumers are
playing an increasing role in shaping their own brand experiences and those of
other consumers
Partner Relationship Management - correct answers Working closely with partners
in other company departments and outside the company to jointly bring greater
value to customers
Customer Lifetime Value - correct answers The value of the entire stream of
purchases a customer makes over a lifetime of patronage
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