Exam 1: Scope and Concepts of Marketing

Goods generally refer to tangible products such as cereals, automobiles, and clothing, while services refer to intangible activities or benefits that individuals acquire, but that do not result in ownership.

The outcome of a focus on the selling concept tends to lead to short-term sales while the outcome of a focus on the marketing concept tends to lead to long-term relationships with customers.

The production concept assumes that

Customer lifetime value is defined as the estimated profitability of a customer over the course of his or her entire lifetime.

The marketing era was the period from _____ when the primary focus of marketing shifted to the needs and wants of consumers and society.

The overall price given the quality of the product; perceived as important in the purchase decision, is the definition of

Societal marketing practices are formally integrated into a process known as customer relationship management (CRM).

The societal marketing concept assumes that

Taking a taxi from the airport to the hotel would be an example of an idea or experience.

Marketing orientation is a firm-wide focus on what activity?

Quality is defined as the overall good or service quality, reliability, and the extent to which the product meets consumers' needs.

Distribution of a company's goods and services is the _____ component of the 4 P's.

_____ involves computer analysis of customer data to determine patterns, profiles, or relationships for the purpose of customer profiling or predicting purchase behavior.

If a good or service performs better than expected, consumers are likely to be

The danger of the product, production, and selling concepts is that they may lead to marketing myopia.

Intangible activities or benefits that individuals acquire, but that do not result in ownership are called

Define marketing and identify its key concepts.

The marketing era was from 1950 until the present when the primary focus of marketing shifted to the needs of consumers and society.

The holistic process of identifying, attracting, differentiating, and retaining customers is

The production concept assumes that consumers prefer products that are easily accessible and inexpensive.