How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?
The new concept focuses on having a well-developed product.
The new concept focuses on customer needs.
The new concept requires less work from marketing executives.
The new concept is more cost-efficient.
The new concept focuses on making money.
The ultimate goal of the marketing process is which of the following?
Receiving value from customers
Determining a target market
Creating a quality product
Developing relationships with customers
Evaluating customer needs
How do market demands relate to needs and wants?
Needs, wants, and demands all describe the same state in the customer.
Needs are satisfied by wants, and buying power converts wants into demand.
Demands result in customers needing and wanting a particular product.
Wants and demands are equivalent, and both satisfy needs at the same rate.
Needs and wants outweigh demands in the customer's mind.
What is the main problem that sellers suffering from marketing myopia face?
They focus on brand image to the detriment of quality.
They focus more on profit than on the customer's benefit.
They focus more on the customer's experience than on the product itself.
They focus more on products than on the customer's underlying need.
They focus on customer wants instead of demands.
Which of the following is NOT one of the four Ps of the marketing mix?
Product
Price
Place
Production
Promotion
When a company chooses a group of customers to serve, it is engaging in which of the following?
Societal marketing
Market segmentation
Target marketing
Demand management
Differentiation
Which BEST expresses the goal of effective marketing management?
Refusing to limit a company's efforts to chosen segments of the market
Finding as many customers as possible and increasing demand
Focusing only on affluent customers
Trying to serve all customers in every way
Selecting only customers a company can serve well and profitably
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
Frequency marketing program
Consumer-generated marketing
Customer-perceived value
Direct marketing
Mass-media marketing
Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as ________.
share of customer
partner relationship management
. customer lifetime value
customer brand advocacy
customer equity
The profound effect of the COVID-19 pandemic is evidenced in all of the following EXCEPT ________.
accelerating the shift to online shopping by an estimated 5 to 10 years
quickening the shift from digital-first consumer engagement strategies to in-store connections
increasing to 25% the amount of sales moving through online channels
boosting brands' use of online, mobile, social media, and other digital platforms to connect with consumers
hastening the transition to digital in almost every area of human activity
Amazon Echo's Alexa is an example of a(n) ________-powered application.
social media
mobile marketing
artificial intelligence (AI)
Internet of Things (IoT)
big data
Which of the following represent market offerings?
Products, services, needs, and exchanges
Value, satisfaction, sales, and profits
Needs, wants, products, and advertisements
Products, services, needs, and wants
Products, services, information, and experiences
Which of the following correctly identifies the five core customer and marketplace concepts?
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Needs, wants, and demands; market offerings; value; satisfaction; and markets
Needs, wants, and demands; products; value; customers; and competitors
Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits
Needs, wants, demands, market offerings, and markets
Outstanding marketing companies go to great lengths to learn about and understand their customers' ________.
decision making, buying, and purchasing processes
products and services
distribution methods and channels
needs, wants, and demands
marketplace challenges
Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture ____________.
greater customer equity and greater share of market
customer lifetime value and greater share of customer equity
a greater share of customer and greater share of customer equity
great international market share and greater customer equity
customer lifetime value and greater share of customer
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on?
Markets
Customer expectations
Exchange
Customer referrals
. Product price
What is the most basic concept underlying marketing?
Market offerings
Wants
Needs
Demands
Which of the following is included in a broad definition of marketing?
Selling, advertising, and promoting
Creating customer value, building customer relationships, and having a strong selling orientation
Satisfying customers, beating competitors, and maximizing profits
Creating customer value, building customer relationships, and engaging customers
Advertising, selling, and developing quality products
In the 5-step marketing process model, what occurs after the marketer identifies customer needs and wants in the marketplace and understands them?
Constructing an integrated marketing program that delivers superior value
Beginning advertising and promotion to sell the product
Designing a customer-driven marketing strategy
Building profitable relationships with customers
Capturing value from customers to create profits and customer equity
Marketing is the process by which companies ________ and build strong customer relationships in order to ________.
create value for customers; capture revenue from customers
capture value from customers; capture future revenue
create value for customers; capture value from customers in return
sell products and services; obtain revenue
capture current revenue; gain future revenue
In the final step of the marketing process, companies focus on ________.
capturing value from customers
creating value for customers
designing a customer value-driven marketing strategy
constructing an integrated marketing program
understanding customer needs and wants
The marketing process consists of five key steps. Which is the first step?
Construct a marketing program that actually delivers superior value
Understand the marketplace and customer needs and wants
Get, engage, and grow target customers
Design a customer value-driven marketing strategy
Understand customer needs and wants
According to Peter Drucker, what is the aim of modern marketing?
To price products as low as possible
To drive competitors out of business
To maximize company profits
To make selling unnecessary
To develop innovative products
To design a winning marketing strategy, what are the two important questions a marketing manager must answer?
How can we serve our customers best? How can we maximize profits?
Who are our competitors? How can we beat our competitors?
What customers will we serve? How can we maximize profits?
What markets should we enter? How do we maximize sales in those markets?
What customers will we serve? How can we serve these customers best?
What are the three considerations underlying the Societal Marketing Concept?
Society's interests, society's welfare, and a sustainable environment
Society's interests, company sales, and consumer wants
Society's interests, consumer wants, and company profits
Company sales, company profits, and customer satisfaction
Society's interests, consumer wants, and identifying competitors
_______ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.
Customer-driven
Market research-oriented
Product development-driven
Customer-conscious
Product-driven
When a company is deciding which customers to cultivate, it is engaging in ________.
target marketing
market segmentation
value proposition
production concept
marketing management orientation
Marketing management can adopt one of five competing market orientations, which are _________.
the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
the production concept, the product concept, the selling concept, the marketing concept, and the societal and cultural marketing concept
the production concept, the product development concept, the selling concept, the marketing concept, and the societal marketing concept
the production concept, the selling concept, the marketing concept, the economic concept, and the societal marketing concept
the production concept, the product concept, the market-driven concept, the selling concept, and the societal marketing concept
The marketing concept holds that successful marketing strategies are based on _______.
products that are affordable and available
large-scale selling efforts
. sustainable marketing strategies
continually improving products in quality and performance
customer satisfaction and value
What is the key to building lasting customer relationships?
Creating superior customer value and satisfaction
Developing innovative products
Delivering excellent customer service
Offering frequent sales promotions
Developing quality products
What is the overall goal of customer-engagement marketing?
To jointly bring greater value to customers by working closely with partners in other company departments and outside the company
To make the brand a meaningful part of consumers' conversations and lives
To minimize customer equity
To allow for consumers themselves to play roles in shaping their own brand experiences and those of others
To satisfy customers while maximizing profits
______ is the overall process of building and maintaining profitable customer connections by delivering superior customer value and satisfaction.
Customer engagement
Customer acquisition
Customer satisfaction
Customer relationship management
Customer growth
Customer brand advocacy refers to ________.
the portion of the customer's purchasing that a company gets in its product categories
offering frequency marketing programs that reward customers who buy frequently or in large amounts
actions through which satisfied customers initiate favorable interactions with others about a brand
the value of the entire stream of purchases a customer makes over a lifetime of patronage
the reliance on marketing through intrusion
A strategy for creating value and building strong customer relationships includes ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.
customer relationship management
customer engagement marketing
joint venturing
strategic vendor management
The ultimate aim of customer relationship management is to produce high ________.
satisfaction
sales volume
customer-engagement marketing
Which of the following BEST describes the Internet of Things (IoT)?
The IoT is a data analytics technique to track sales made over the internet.
The IoT is a mobile shopping app.
The IoT is a global environment where everything and everyone is digitally connected to everything and everyone else.
The IoT refers to the ability for consumers to buy things over the internet.
The IoT is a social media site that allows consumers to buy and sell merchandise.
With so many information sources available digitally, companies can collect mountains of data called ________ and make sense of it using ________.
big data; the Internet of Things
marketing analytics; big data
big data; marketing analytics
big data; real-time marketing
marketing analytics; artificial intelligence
Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.
online, mobile, and social media
visualization software technologies
e-commerce and mobile payment technologies
big data and analytics
digital media streaming technologies
Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process?
Big data
Growth of not-for-profit marketing
Globalization
Mobile marketing
Sustainable marketing
______ is the term used to describe a global environment where everything and everyone is digitally connected to everything and everyone else.
Artificial intelligence
Internet of Things
Digital marketing tools
Social media marketing
Marketing tools used in digital and social media marketing include ________.
Social media, online video, and newspaper coupons
email, telemarketing, and blogs
social media, mobile apps, and blogs
social media, mobile apps, and television advertising
mobile apps, online video, and personal selling
Wants are __________.
the form human needs take as they are shaped by culture and individual personality
states of felt deprivation
human wants that are backed by buying power
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
What is the marketing concept?
The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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
The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
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
What is marketing management?
The art and science of choosing target markets and building profitable relationships with them
The act of obtaining a desired object from someone by offering something in return
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
The mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products
Customer equity is 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
value of the entire stream of purchases a customer makes during a lifetime of patronage
a portion of the customer’s purchasing that a company gets in its product categories
total combined customer lifetime values of all of the company’s customers
The __________ is 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.
societal marketing concept
product concept
selling concept
marketing concept
The __________ is 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.
The marketing process captures value from customers by __________.
creating profits and customer equity
understanding the marketplace and customers’ needs and wants
constructing an integrated marketing program that delivers superior value
building profitable relationships and creating customer delight
What is share of customer?
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
The portion of the customer’s purchasing that a company gets in its product categories
The extent to which a product’s perceived performance matches a buyer’s expectations
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
__________ is the portion of the customer’s purchasing that a company gets in its product categories.
Share of customer
Customer-perceived value
__________ is the art and science of choosing target markets and building profitable relationships with them.
Marketing management
Marketing
Marketing myopia
__________ are the form human needs take as they are shaped by culture and individual personality.
Marketing offerings
What is customer-perceived value?
__________ captures value from customers by creating profits and customer equity.
The marketing process
The societal marketing concept is __________.
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
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
the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
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
Marketing myopia is __________.
when sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs.
obtaining a desired object from someone by offering something in return
the art and science of choosing target markets and building profitable relationships with them
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
__________ is the act of obtaining a desired object from someone by offering something in return.
The __________ is 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.
__________ is the extent to which a product’s perceived performance matches a buyer’s expectations.
What is the selling concept?
idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort
__________ is the total combined customer lifetime values of all of the company’s customers.
Customer equity
Customer lifetime value
The production concept is __________.
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
What are demands?
Human wants that are backed by buying power
The form human needs take as they are shaped by culture and individual personality
States of felt deprivation
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
______is 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.
Marketing is __________.
the act of obtaining a desired object from someone by offering something in return
the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products
__________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer lifetime value is the __________.
portion of the customer’s purchasing that a company gets in its product categories
Needs are __________.
shaped by culture and individual personality
____ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
