Exam 1: Marketing Creating and Capturing Customer Value

Bill recently bought a BMW M3.Bill had several preconceived notions on the elegance and reliability of the car.After the purchase,he discovered that the car had a lot more attributes than he initially perceived.Hence,it created an emotional relationship with the car resulting in ________.

If marketers set consumer expectations too low,they may satisfy those who buy but fail to attract enough buyers.

Which of the following has been the most common consumer response to the economic downturn that began in 2008?

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

________ are human needs as shaped by individual personality and culture.

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

Customer-perceived value depends on the product's perceived performance relative to a buyer's expectations.

Nickson Cameras has developed a new design for cameras that their staff believes will offer the most in terms of quality,performance,and innovative features.Nickson Cameras is practicing the production concept here.

Customers can be classified into four relationship groups,according to their profitability and projected loyalty.Based on this classification,you should avoid ________ and shouldn't invest anything in them.

________ refers to the portion of the customer's purchase that a company gets in its product categories.

________ marketing is 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.

The societal marketing concept holds that ________.

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

Customer-driven marketing is most likely to work well when ________ and when customers ________.

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

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

Wants are the form human needs take as they are shaped by culture and individual personality.

Customer 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.

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.