Marketing Chapter 1 LearnSmart

A target market is one or more specific groups of ___________ consumers toward which an organization directs its marketing program.
potential
Marketing created four types of _____________: form, place, time and possession.
utility
What is required of effective market segments?
Buyers will respond similarly to a marketing action.

Buyers have common needs.

Marketing attempts to satisfy consumer needs but clearly also shapes a person’s ________________, because it may impact knowledge or even culture.
wants
To fulfill its objectives, marketing requires ____________, which is the trade of things of value between a buyer and a seller so that each is better off afterward.
exchange
To effectively segment a market, you should ensure that the segments are relatively _____________, at least in terms of prospective buyers’ needs and response to marketing.
homogenous
A customer value proposition is
a cluster of benefits that an organization promises a customer to satisfy their needs.
The American Marketing Association states that “Marketing is the activity for creating, communicating, delivering and ______________ offerings that benefit the organization, its stakeholders, and society at large.”
exchanging
If you develop a desire for a product that does not exist yet in the marketplace, this would be considered an unsatisfied ________________, one of the condition required for marketing to occur.
need
Customer ________________ is the unique combination of benefits received by targeted buyers at a specific price.
value
A market orientation requires firms to create customer value through
collecting information about customers needs.
To be in an organization’s market, it is not enough for a customer just to want a product because it would satisfy unmet needs; a customer must also have
the ability to buy, financially and otherwise.
Ultimate consumers
use goods and services purchased for a household.
___________________ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits.
Relationship.
The marketing _______________ is the idea that an organization should strive to satisfy customer needs while trying to achieve its own goals.
concept.
A _________ is a good or service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something of value.
product
The marketing manager’s controllable factors that can be used to solve a marketing problem is known as the
marketing mix.
Listening to your customers in order to develop a better product is an example of
effective marketing research.
A marketing mix is ____________ to provide a good, service, or idea to prospective buyers is known as a marketing program.
integrated
To serve both buyers and sellers, marketing fundamentally seeks to do which two of the following?
Discover the needs and wants of prospective customers.

Satisfy the needs and wants of customers.

People who use the goods and services purchased for a household are known as
ultimate consumers.
One of the core aspects of marketing, borrowed from economics, includes a ______________ which is a transaction in which things of value are traded between buyer and seller.
exchange
Customer _____________ reflects the relationship of benefits to price, or what you get for what you give.
value
When a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customer’s needs and wants, the firm is
market-oriented.
Firms develop products and services with the understanding that their ultimate goal is to __________ their customer’s needs.
satisfy
_________________ marketing connects the organization to its individual customers beginning before and continuing after the sale.
Relationship
The idea that a company sold attempt to satisfy its customers’ needs while at the same time try to achieve its own objectives is known as
the marketing concept.
What is the most fundamental method an organization uses to discover consumer needs?
Marketing Research
A company accepting social ___________ is purposefully acknowledging its accountability to a larger society.
responsibility
____________ is one of the elements of the four P’s that embodies all activities essential to get the product to the right customer when and where that customer wants it.
Place
When a firm implements the marketing concept to consider customer needs in its strategy it then is said to have a ____________ orientation.
market
The four P’s, or marketing mix, are the _________ set of activities a firm uses to respond to the needs of its target market.
controllable
_______________ is a component of the marketing mix that provides a means of communication between a buyer and a seller.
Promotion
Ideas can be marketed as ___________ if they have the potential to satisfy consumer needs when exchanged for something of value.
products
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization is called
customer relationship management.
The internal response that customers have to all aspects of an organization and its offering is known as the
customer experience.
When a consumer gives money or something else of value for something he or she values, a marketer would describe this as a marketing
exchange.
Homemakers that make due with whatever type of pantry goods they could acquire is an example of which marketing orientation among businesses of that era?
Production
Firms or agencies that buy goods or services for their own use or for resale are known as
organizational buyers.