Marketing correct answers The process by which companies engage customers, build strong customer relationships, and create customer value 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...
MAR 255 Exam 1 (ch1-3 and 5-7) || A+ Guaranteed.
Marketing correct answers The process by which companies engage customers, build strong
customer relationships, and create customer value 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 needs 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
Social 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 market offering 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-Engagement Marketing correct answers Making the brand a meaningful part of
consumers' conversations and lives by fostering direct and continuous customer involvement in
shaping brand conversations, experiences, and community
Consumer-Generated Marketing 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
Share of Customer correct answers The portion of the customer's purchasing that a company gets
in its product categories
Customer Equity correct answers The total combined customer lifetime values of all the
company's current and potential customers
Digital and Social Media Marketing correct answers Using digital marketing tools such as Web
sites, social media, mobile apps and ads, online video, email, and blogs to engage consumers
anywhere, at any time, via their digital devices
Strategic Planning correct answers The process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities
Mission Statement correct answers A statement of the organization's purpose--what it wants to
accomplish in the larger environment
Business Portfolio correct answers The collection of businesses and products that make up the
company
Portfolio Analysis correct answers The process by which management evaluates the products and
businesses that make up a company
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