According to the product concept, a company should

devote its energy to making continuous product improvements

The concept of shared value focuses on

creating economic value that also creates value for society

Using the five-step model of marketing, the first step in marketing is

understanding the marketplace and customer needs and wants

Customers who are classified as true believers

tell others about their good experiences with a company

Customer-driven marketing is most effective when

clear needs exist and customers know what their needs are

Customer evangelists are those who

tell others about their good experiences

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MGT3010-1 Intro to Marketing Chapter 1

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#marketing #creating and capturing customer value

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Questions 20

Answers

1
According to the product concept, a company should
make products that contribute to the long-term welfare
devote its energy to making continuous product improvements
market only those products that have high customer appeal
make product promotion a top priority
2
The selling concept is typically practiced with
industrial products
specialty products
unsought goods
essential goods
3
Marketing is managing profitable customer relationships
false
true
4
The concept of shared value focuses on
maximizing profits to satisfy shareholders
creating economic value that also creates value for society
providing more financial incentives to sales team members
creating sales transactions instead of long-term
5
Using the five-step model of marketing, the first step in marketing is
understanding the marketplace and customer needs and wants
designing a customer-driven marketing strategy
constructing an integrated marketing program
capturing value from customers to create profits
6
Which of the following concepts calls for sustainable marketing?
the societal marketing concept
the selling concept
the product concept
the marketing concept
7
The ultimate aim of customer relationship management is to
divide markets into distinct segments
produce high customer equity
evaluate current sales share
turn "strangers" into "butterflies"
8
A customer who is both loyal and profitable is referred to as a
stranger
laggard
barnacle
true believer
9
When backed by buying power, wants become ________.
values
offerings
needs
demands
10
Selecting particular segments of a population of customers to serve is called
process reengineering
market positioning
target marketing
brand synchronizing
11
________ are defined as states of felt deprivation.
Exchanges
Needs
Demands
Ideas
12
The final step in the marketing process is
constructing an integrated marketing program
capturing value from customers
understanding the marketplace
designing a customer-driven marketing strategy
13
When backed by buying power, wants become needs
true
false
14
Barnacles are customers who are potentially profitable but not loyal
true
false
15
Customers who are classified as true believers
are not very profitable for a company
tell others about their good experiences with a company
are projected to be less loyal to any brand
are attracted to a company's competitor's deals and offers
16
The more loyal a firm's profitable customers, the lower its customer equity
true
false
17
Which of the following concepts is based on a customer-centered philosophy?
the selling concept
the product concept
the distribution concept
the marketing concept
18
Customer-driven marketing is most effective when
a clear need exists among customers
customers have wants but cannot afford them
customers seek new products and technological innovations
clear needs exist and customers know what their needs are
19
Customer evangelists are those who
work with quality-assurance teams to improve product safety
use personal selling methods to market products and services
evaluate newly launched products in the marketplace
tell others about their good experiences
20
Dividing a market into several sections of customers is known as ________.
mass customization
value engineering
market segmentation
market positioning

MGT3010-1 Intro to Marketing Chapter 1 Flashcards | StudBud