Marketing 3000-Ch.1 HW Questions

Building profitable relationships and creating customer delight is the __________ step in the marketing process.
last
__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing
__________ is the extent to which a product’s perceived performance matches a buyer’s expectations.
Customer satisfaction
__________ refers to a state of felt deprivation.
needs
What is customer lifetime value?
The value of the entire stream of purchases a customer makes over a lifetime of patronage
Customer satisfaction is the __________.
extent to which a product’s perceived performance matches a buyer’s expectations
__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
Customer lifetime value
What is the 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
What is customer equity?
The total combined values of all of the company’s customers
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.
marketing concept
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
The societal marketing concept is best described as __________.
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
A need is best described as __________.
a state of felt deprivation
__________ 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.
Product concept
What is the last step in the marketing process?
Build profitable relationships and create customer delight
__________ is the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
Selling concept
A market is the __________.
set of all actual and potential buyers of a product or service
__________ 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.
Production concept
wants are______
Shaped by culture and an individual’s personality
Due to the changing economic environment, marketers are increasingly emphasizing __________.
value
__________ is the total combined values of all of the company’s customers.
Customer equity
Marketing myopia is the __________.
mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product
__________ are backed by buying power.
Demands
Marketing is best described as the __________.
process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
__________ is best defined as the art and science of choosing target markets and building profitable relationships with them.
Marketing management
Customer-perceived value 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
__________ is the overall process of building and maintaining profitable customer relationships.
Customer relationship management
Market offerings are __________.
some combination of products, services, information, or experiences offered to a market