Exam 1: Marketing: Creating and Capturing Customer Value

Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.

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 final step in the marketing process is ________.

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

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

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

What determines whether sellers create basic relationships or full partnerships with customers?

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

Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices.

The ________ concept calls for aggressive selling and promotion effort.

Dollarama stores focus on serving buyers who have relatively modest means. This is an example of ________.

How might a seller avoid marketing myopia?

"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept.

Many companies, such as WestJet Airlines, take an outside-in perspective. How do such companies address their customers' desires?

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

Sally purchased Brand X lotion. In comparing her perception of how the lotion performed to her expectations for Brand X lotion, Sally was measuring her level of ________.

Marketing is managing profitable customer relationships.

The major difference between the selling concept and the marketing concept is that the selling concept considers only existing needs.

Every functional area of an organization, not only a marketing department, can and should interact with customers.

Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future wants and demands. Marie's firm practices ________ marketing.