Chpter 1

customer relationship management
________ involves systematically tracking consumers’
preferences and behaviors over time in order to tailor the value
proposition as closely as possible to each individual’s unique
wants and needs
sustainability
A company that focuses on ________ is concerned with
meeting present consumer needs without compromising the
ability of future generations to meet their needs.
social marketing concept
The _______ maintains that marketers must satisfy customers’
needs in ways that also benefit society and are profitable to
the firm.
production
A firm that focuses on a ________ orientation is likely to view
the market as a homogeneous group that will be satisfied with
the basic function of a product.
marketing planning
________ is the process of thinking strategically about the big
picture and where the firm and its products fit within it.
place
Conveniently located vending machines around your college
or university campus make it easy for you to buy a soda and a
snack between classes. This is an example of the ________
element of the marketing mix.
anticonsumption
Product tampering and spray-painting graffiti on buildings are
both examples of ________.
demand
A customer’s desire for a product coupled with the buying
power or resources to obtain that product is called a
________.
green marketing
Which of the following refers to marketing strategies that
support environmental stewardship by establishing an
environmentally founded differential benefit in the minds of
consumers?
market segment
An organic farmer has identified three distinct groups who
might be interested in his products: vegetarians, people who
are concerned about chemicals in their foods, and people who
consider themselves innovators and trendsetters. These three
groups are examples of ________.
Form
________ utility is the benefit marketing provides by
transforming raw materials into finished products, as when a
dress manufacturer combines silk, thread, and a zipper to
create a bridesmaid’s gown.
want
A ________ is a desire for a particular product a consumer
uses to satisfy a need in a specific way that is culturally and
socially influenced.
target market
A catalog retailer has identified African-American professionals
between the ages of thirty-five and forty-five as the group of
customers within the larger market that is a potential market
for its products. The retailer plans to direct its marketing efforts
toward this group of consumers. The retailer has identified a
________.
selling orientation
Jolene’s firm markets preplanning services for a mortician. She
finds that most of her target market wants to avoid discussing future funeral needs, so she must somehow first get their
attention. Jolene’s firm most likely uses the ________.
consumer goods
________ are the tangible products that individuals purchase
for personal or family use
return on investment
The direct financial impact of a firm’s expenditure on marketing
activities is called the ________.
distinctive competence
A firm’s capability that is superior to that of its competition is
referred to as a(n) ________.
market position
A _______________ refers to how the target market perceives
a product in relation to competitors’ products
marketing concept
Marketers first identify consumer needs and then provide
products that satisfy those needs. This practice is referred to
as the________.
stakeholders
Buyers, sellers, investors, and community residents are all
considered ________ in a company.
Business to business
________ marketing is the marketing of goods and services
from one organization to another
Marketing
________ is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at
large.
lefetimevalue
To calculate ____________, a company would estimate the
amount of money a person would spend with the company
over a lifetime and then subtract what it will cost the company
to maintain this relationship.
Shrinkage
____________ is the industry term for inventory and cash
losses from shoplifting and employee theft.
consumer
A(n) ________ is the ultimate user of a good or service
benefit
A ________ is the outcome that motivates a customer’s buying
behavior.
share of mind
The Internet has created a paradigm shift for businesses,
moving us toward an attention economy in which a company’s
success will be measured by its ________.
value chain
A ________ is a series of activities involved in designing,
producing, marketing, delivering, and supporting any product.
time
Women who rent their wedding gowns instead of buying them
and wearing them only once are taking advantage of a
________ utility.
selling
Companies that have a ________ orientation tend to be more
successful at making one-time sales than at building repeat
business.
valueproposition
A _____________ includes the whole
bundle of benefits the firm promises to
deliver, not just the benefits of the product
itself
consumer grenerated value
The phenomenon of ________ includes
consumers creating their own ads and
buying and selling products on eBay.
market
To be part of the ________ for a product,
consumers must share a common need
that can be satisfied by the product and
have the resources, willingness, and
authority to purchase the product
market position
When comparing itself to its competitors,
Hidden Valley describes its Ranch
dressing as the original. This is the
________ the manufacturer has selected
for the product
differencial benefit
A ________ provides reasons for
customers to pay a premium for a firm’s
products and exhibit a strong brand
preference.
mass market
A ________ consists of all possible
customers in a market regardless of the
differences in their specific needs and
wants.
marketplace
A glitzy shopping mall, a mail-order
catalog, a television shopping network,
and an e-commerce Web site are all
examples of ________.
value
________ refers to the benefits a
customer receives from purchasing a
good or service
service
Alex paid for a(n) ________ when he took
his car to the carwash to be washed and
waxed.
need
When a gap exists between a consumer’s
actual state and some ideal or desired
state, the consumer has a ________.