Intro to Marketing-Chapter 1

True
Today’s successfull companies have one thing in comon: They are strongly customer focused and heavily commited to marketing. (true/false)
Simple definition of Marketing
Managing profitable customer relationships.
Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
True
Martketing must be understood not in the old sense of making a sale – “telling and selling” – but in a new sense of “satifying customer needs”. (true/false)
To make selling unnescessary
According to managment duru Peter Drucker, what is the aim of marketing?
marketing process
1) Needs, wants, and demands
2) Market offerings (products, services, and experriences
3) Value and satisfaction
4) excanges and relationships
5) markets
This is the 5 step model of the _________
Needs
States of felt deprivation.
Wants
The form human needs take as they are shaped by culture and indivudual personality.
Demands
Human wants that are backed up by buying power.
Market Offerings
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing myopia
The mistake of paying more attention to the specific products a company offers that to the benefits and experiences produced by these products.
Exchange
The act of obtaining a desired object from someone by offering something in return.
False
Market offerings are limited to physical products.
Brand experiences
By orchestrating several services and products, companies create _____ for customers.
Market
The set of all actual and potential buyers of a product or service.
Customer-managed relationships
In addition to customer relationship management, today’s marketers must also deal effectively with _________.
Marketing Management
The art and science of choosing target markets and building profitable relationships with them.
Market segmentation
Dividing the market into segments of customers.
Target Marketing
Selecting the segments to go after.
Customer Management and Demand Management
Ultimately, marketing managers must decide which customers they want to target and on the level, timing, and nature of their demand. Simply put, Marketing Management is _______________.
differentiate, position
The company must also decide how it will serve targeted customers-how it will ________ and _______ itself in the marketplace.
Value proposition
A brand’s ____________ is the set of benefits or values it promises to deliver to cusumers to satisfy their needs.
Production Concept
The ____________holds that consumers will favor products that are available and hight affordable; therefore, the organization should focus on improving production and distribution efficiency.
Product
The ________concept says 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
The concept that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
Marketing Concept
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.
Make and sell, Sense and respond
Instead of a product-centered _________ philosophy, the marketing concept is a customer-centered __________philolophy.
Inside-out
The selling concept takes an _____________perspective.
Outside-in
The marketing concept takes an ____________ perspective.
Customer-driven marketing
Understanding customer needs even better than customers themselves do and creating products and services that meet both existing and latent needs, now and in the future.
Societal marketing concept
The concept that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, customers’ long-run interests, and society’s long-run interests.
Sustainable Marketing
Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
True
The Societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. (true/false)
Shared value
Even more broadly, many leading business and marketing thinkers are now preaching the concept of ___________, which recognizes that societal needs, not just economic needs, define markets.
Economic prosperity
Profitable growth through a customer focus.
Social responsibility
Community engagement and individual well-being.
Environmental stewardship
Operating efficiently and protecting the environment.
Marketing Mix
The set of marketing tools the firm uses to implement its marketing strategy.
The four P’s of marketing
Product – Price – Place – Promotion
Integrated marketing program
The firm must blend each marketing mix tool into a comprehensive ________that communicates and delivers the intended value to chosen customers.
Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value
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.
True
Customer relationship management is perhaps the msot important concept of modern marketing. (true/false)
Customer Satisfaction
The extent to which a product’s perveived performance matches a buyer’s expectations.
Basic relationships
Companies with many low-margin customers may seek to develop ______ with them
Full partnerships
Companies with few customers and high margins, sellers want to create _____ with key customers.
Frequency marketing programs
Reward customers who buy frequently or in large amounts.
Club marketing programs
Offer members special benefits and create member communities.
True
Some customers are more costly to service than lose. (true/false)
Customer-managed relationships
Marketing relationships in which customer, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands.
Attraction
A marketing practice that creates market offerings and messages that involve customers rather than interrupt them.
Customer-generated marketing
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.
True
Marketers can’t create customer value and build customer relationships by themselves. They must work closely with other company departments and partners outside the firm. (true/false)
Partner relationship management
Working closely with partners in other company departments and outsie the company to jointly bring greater value to customers.
Supply chain
A long channel, streatching from raw materials to componenets to final products that are carried to final buyers..
Supply chain
_________ management is when today’s companies strengthen their connections with partners all along the supply chain.
Customer lifetime value
The value of the entire streatm of purchases a customer makes over a lifetime of patronage.
Share of customer
The portion of the customer’s purchasing that a company gets in its product categories.
Customer equity
The total combined customer lifetime values of all of the company’s customers.
Customer relationship groups
Butterflies, true freinds, strangers and barnacles.
Internet
A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository.
True
The goal of marketing is to build and manage profitable customer relationships (true/false)