Exam (elaborations)
Chapter 1-15 Marketing With Complete Solutions Latest Update
Chapter 1-15 Marketing With Complete Solutions Latest Update
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Chapter 1-15 Marketing With CompleteSolutions 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 and that the organization
should therefore 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 and that the
organization should therefore 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 it
undertakes a large-scale selling and
promotion effort.
Marketing Concept - correct answers A philosophy that holds that 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-Driving Market - correct answers Company must understand needs of
consumers even before the consumers themselves do.
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
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