A company needs to _____ before designing a customer-driven marketing strategy.

understand the marketplace and customer needs and wants.

Customer satisfaction is said to occur when:

a product's performance matches or exceeds customer expectations.

Building and maintaining profitable value-laden relationships with customers of a company is called ________.

customer relationship management (CRM).

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MKTG1001 Lesson 1 - Core Marketing Concepts

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1
A company needs to _____ before designing a customer-driven marketing strategy.
build profitable relationships with customers.
understand the marketplace and customer needs and wants.
construct key components of a marketing program.
determine how to deliver superior value.
2
The set of marketing tools a organisation uses to implement its marketing strategy is called the ________.
product mix.
marketing effort.
promotion mix.
marketing mix.
3
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange.
Value.
Donation.
A value proposition.
4
When backed by purchasing power, wants become ________.
physical needs.
self-esteem needs.
demands.
social needs.
5
Customer satisfaction is said to occur when:
a product's performance falls short of customer expectations.
a product's performance matches or exceeds customer expectations.
a product's price was heavily discounted.
the customer's benefits outweighed the costs of purchasing the product.
6
Selecting which segments of a population of customers to serve is called ________.
market segmentation.
target marketing.
choosing a value proposition.
market positioning.
7
Building and maintaining profitable value-laden relationships with customers of a company is called ________.
societal marketing.
customer perceived value.
customer relationship management (CRM).
ustomer lifetime value.
8
_______ is the set of actual and potential buyers of a product.
A market
A group
A segment
An audience
9
Which of the following is an example of a market offering?
A haircut.
All of the above
A movie
A carton of eggs.
10
It is most accurate to say that a customer will buy from the company that offers the highest ________.
value for the dollar.
concern for society's interests.
customer perceived value.
evel of customer satisfaction.

MKTG1001 Lesson 1 - Core Marketing Concepts Flashcards | StudBud