Exam 1: Marketing: Creating and Capturing Customer Value

Fast Food, Inc. views marketing as the process of finding and retaining profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

When demand for toys produced by Bean Toyz was at its highest, manufacturers purposefully maintained strong demand by limiting supply, which drove the price of Beanie Babies up. Compare the actions of these manufacturers to the production concept.

Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________.

A gym equipment manufacturer encourages customers to become members of the firm's Web site. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. This is an example of ________.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." The above statement specifically indicates loss in terms of ________.

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.

Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept.

The meaning of value is perceived identically by all consumers.

The final step in the marketing process is ________.

A firm that uses the selling concept takes a(n) ________ approach.

________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

You are a manufacturer of tents, sleeping bags, and outdoor cooking equipment. How might you go about creating brand experiences for your customers?

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

The marketing team at Bead Beautiful, a jewelry brand targeted at preteen girls, is meeting to formulate the products' value proposition. What should team members consider as they define a value proposition for Bead Beautiful?

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.

Marketing is managing profitable customer relationships.

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.