Exam 1: Marketing: Creating and Capturing Customer Value

A(n)is the set of actual and potential buyers of a product.

The marketing world is embracing because consumers can wield greater power and control in the marketplace through communication technologies.

Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means.This is an example of _ .

Selecting which segments of a population of customers to serve is called .

is one of the best ways to increase share of customer.

The production concept and product concept are orientations that are more likely to lead to marketing myopia than the marketing concept and the societal marketing concept are.

The societal marketing concept calls on marketers to balance consumer wants and desires,company profits,and society's interests.

is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

According to the authors of your text,the concept is a "sense and respond" philosophy rather than a "make and sell" philosophy.

Jolene's firm markets preplanning services for a mortician.She finds that most of her target market wants to avoid discussing their future funeral needs,and she must somehow first get their attention.Jolene's firm most likely practices the .

The final step in the marketing process is .

To increase its "share of customer," a firm concentrates on retaining as many customers as possible over their lifetimes.

Suzie Chan 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?

An organic farmer has identified three distinct groups who might be interested in his products: vegetarians,people who are concerned about chemicals in their foods,and people who consider themselves innovators and trendsetters.These three groups are examples of .

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

Your state's department of education has budgeted a significant amount of money for a radio,print,television,and online advertising campaign emphasizing the long- term benefits,both educationally and professionally,of reading every day.This is an example of a(n)_ campaign.

Explain why the aim of customer relationship management is to create not just customer satisfaction,but also customer delight.

When marketers set low expectations for a market offering,the biggest risk they run is .

Ben & Jerry's challenges all stakeholders,including employees,top management,and even ice cream scoopers in their stores,to consider individual and community welfare in their day- to- day decisions.Actions such as this by companies seizing the opportunity to do well by doing good reflects .

The set of marketing tools a firm uses to implement its marketing strategy is called the _.