Marketing Management Kotler 15th Ed
(Ch 1 - 8) With 288 Terms And Correct
Answers -2024
Creating value for customers and building strong customer relationships - Correct
Answer Marketing
Sum of the tangible and intangible benefits and costs to them. Marketers can increase
value of a customer offering by reducing price or increasing quality. - Correct Answer
Value
Apple, Nike, Geico, Budweiser, FedEx, Southwest - Correct Answer Great Marketing
Companies
Product, Price, Place, Promotion - Correct Answer Marketing Mix
Consumers dislike the product and may even pay to avoid it (Demand) - Correct
Answer Negative
Consumers may be unaware of or uninterested in the product (Demand) - Correct
Answer Nonexistent
Consumers may share a strong need that cannot be satisfied by an existing product
(Demand) - Correct Answer Latent
Consumers being to buy the product less frequently or not at all (Demand) - Correct
Answer Declining
Consumer purchases vary on a seasonal, monthly, weekly, daily or even hourly basis
(Demand) - Correct Answer Irregular
Consumers are adequately buying all products put into the marketplace (Demand) -
Correct Answer Full
More consumers would like to buy the product than can be satisfied (Demand) -
Correct Answer Overfull
Global Markets, Consumer Market, Business Markets, Government Market - Correct
Answer Key Customer Markets
Fewer, larger buyers
Close supplier-customer relationship
Professional purchasing
Multiple buying influences
,Derived demand
Inelastic demand
Fluctuating demand
Geographically concentrated buyers
Direct purchasing - Correct Answer Characteristics of Business Markets
Physical (Market) - Correct Answer Market-places
Digital (Market) - Correct Answer Market-spaces
Cluster of complimentary products and services closely related in the minds of
consumers, but spread across a diverse set of industries. - Correct Answer
Metamarkets
Basic human requirements such as air, food, water, clothing, shelter - Correct Answer
Needs
When needs are directed to specific objects that might satisfy the need. - Correct
Answer Wants
Wants for specific products backed by the ability to pay. People who want a Mercedes,
but only those that are willing and able to buy it - Correct Answer Demand
A marketing strategy that involves dividing a broad target market into subsets of
consumers, businesses, or countries who have common needs and priorities, and then
designing and implementing strategies to target them. - Correct Answer Segmentation
A particular group of consumers at which a product or service is aimed. Segments that
present the greatest opportunity to a firm - Correct Answer Target Markets
Promote (a product, service, or business) within a particular sector of a market, or as
the fulfillment of that sector's specific requirements. - Correct Answer Positioning
Producer > Wholesaler > Retailer > Consumer - Correct Answer Marketing Channels
Production, Product, Selling, Marketing, Holistic - Correct Answer Marketing Concepts
Consumers will favor products that are available and affordable (Marketing Concept) -
Correct Answer Production Concept
Consumers will favor products that offer the most in quality, performance, and
innovative features (Marketing Concept) - Correct Answer Product Concept
Consumers will not buy enough without a large scale selling and promotion effort
(Marketing Concept) - Correct Answer Selling Concept
, Focus on satisfying the needs and wants of target markets (Marketing Concept) -
Correct Answer Marketing Concept
This marketing concept improves both the consumer's and the society's well being
(Marketing Concept) - Correct Answer Societal marketing concept
Aims to build mutually satisfying long-term relationships with key constituents in order to
earn and retain their business. Customers, employees, marketing partners and
members of the financial community (Holistic Marketing) - Correct Answer Relationship
marketing
Occurs when the marketer devices marketing activities and assembles marketing
programs to create, communicate, and deliver value for consumers such that "the whole
is great than the sum of its parts" (Holistic Marketing) - Correct Answer Integrated
marketing
An element of holistic marketing, the task of hiring, training, and motivating able
employees who want to serve customers well. Ensure that everyone in the organization
embraces appropriate marketing principles, especially senior management (Holistic
Marketing) - Correct Answer Internal marketing
Requires understanding the financial and nonfinancial returns to business and society
from marketing activities and programs. Going beyond sales revenue to examine the
marketing scorecard to interpret what is happening to market share, customer loss rate,
customer satisfaction, product quality and others (Holistic Marketing) - Correct Answer
Performance marketing
Tool for identifying ways to create more customer value - Correct Answer Value Chain
Gathering and acting upon information about the market (Core Business Processes) -
Correct Answer Market-Sensing Process
Researching, developing and launching new high-quality offerings, quickly and within
budget (Core Business Processes) - Correct Answer New-Offering Realization Process
Defining target markets and prospecting for new customers (Core Business Processes)
- Correct Answer Customer Acquisition Process
Building deeper understanding, relationships, and offerings to individuals (Core
Business Processes) - Correct Answer Customer Relationship Management Process
Receiving and approving orders, shipping goods on time, and collecting payment (Core
Business Processes) - Correct Answer Fulfillment Management Process
1. It is a source of competitive advantage and makes significant contribution to
perceived customer benefits
