Exam 1: Marketing: Creating and Capturing Customer Value

The ________ concept holds that achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.

Organisations such as universities,public museums and symphony orchestras aim to make ________ to continue their operations but do not seek to make profits for shareholders.

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

Product,price,place and promotion make up the elements of a firm's marketing mix.

________ is the set of actual and potential buyers of a product.

The Apex Corporation has sold the same product since its entry into the marketplace.Each time the sales of its product have slipped,the firm has responded by cutting prices and increasing promotions.In spite of its efforts,sales continued to decline.Apex's 'product-focused' response is evidence of ________.

The key to creating excitement in a market offering,such as sport,is ________ and interactivity.

The difference between human needs and wants is that needs are not influenced by marketers.

According to the text,the three most commonly used measures of marketing performance are ________.

Delighted customers,known as 'customer evangelists',are more likely to ________.

A product manager strengthens her company's connections by treating suppliers of raw materials,vendors and distributors as partners in delivering customer value.What type of management is she practicing?

In its broadest sense,customer relationship management (CRM)is a customer data management activity.

Which of the following best explains why consumers have greater power and control in today's marketplace?

A recent graduate of business school has a different philosophical approach than his marketing manager,who believes in keeping customers at arm's length and using mass media advertising.He knows that today few successful firms still practice this type of true ________,and are instead turning to selective relationship management.

The relationship segment known as 'butterflies' are profitable,but not loyal.Marketers should engage in efforts to convert butterflies into loyal customers.

Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

A firm has high customer equity when it has a high proportion of loyal,profitable customers.

The art and science of choosing target markets and building profitable relationships with them is called ________.

The final step in the marketing process is ________.

In many instances,marketing managers try to ensure that there is a sense of excitement (or enjoyment)associated with a market offering and the marketing communication used.Which of the following factors is a key to creating excitement?