Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

Which of the following concepts is based on a customer-centered philosophy?

Which of the following concepts holds that consumers will favor products that are available and highly affordable?

When customers don't know what they want or don't even know what's possible,the most effective strategy is ________ marketing.

What is marketing? Briefly describe the marketing process.

After the Great Recession,marketers have started focusing on value-for-the-money,practicality,and durability in their product offerings and marketing pitches.

The selling concept is typically practiced with ________.

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

At Ken's boutique,the policy statement posted in the reception states: "Without our customers,we don't exist." Ken and his staff aim to delight each customer and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied.Instead of focusing on individual transactions,Ken and his staff are putting a priority on ________.

Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.

Which of the following is an example of consumer-generated marketing?

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

In markets with few customers and high margins,sellers should try to develop basic relationships rather than full partnerships.

Barnacles are customers who are potentially profitable but not loyal.

Explain market offerings and marketing myopia.

According to the product concept,a company should ________.

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products,they suffer from marketing myopia.

Carla,a team leader in charge of customer relationship management,is planning strategies to improve the profitability of her firm's least profitable but loyal customers.She is also examining methods for "firing" customers in this group who cannot be made profitable.To which of the following customer relationship groups do these customers belong?

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

The production concept holds that ________.