Marketing 310 Test 1

According to Management guru Peter Drucker. “The aim of Marketing is to
Make selling unnecessary
Marketing
A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Human needs as shaped by individual personality and culture
Wants
According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy
Understand the marketplace and customer needs and wants.
___________ is the act of obtaining a desired object from someone by offering something in return
Exchange
A(n)________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want
Market offering
Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
Marketing Myopia
When Marketers set low expectations for a market offering, the biggest risk they run is
Failing to attract enough customers
A _______ is the set of actual and potential buyers of a product
Market
Consumer research, product development, communication, distribution, pricing, and service are all core ______ activities
Marketing
The art and science of choosing target markets and building profitable relationships with them is called
Marketing Management
Selecting which segments of a population of customers to serve is called
Target marketing
Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
Strategic Planning
Strategic planning
When a firm develops and maintains a strategic fit between its goals and capabilities.
Which of the following is the first step in strategic planning?
Define the company mission
Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
A Mission Statement
Which of the following is used to describe the factors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers
The Marketing enviroment
_________________ should be market oriented and defined in terms of _______________
Mission Statements; Customer needs