Exam 1: Marketing: Creating and Capturing Customer Value

The ________ marketing concept questions whether the pure marketing concept is adequate in the age of environmental problems,resource shortages,rapid population growth,worldwide economic problems and neglected social services.

________ are human wants backed by buying power.

The elements of the marketing mix are price,place,promotion and product.

How can an organisation increase brand engagement?

One of the major developments in marketing can be summed up in one word: relationships.Define customer relationship management and its associated tools and levels of relationships.

One of the challenges facing marketers as we move into the future is changing customer ________ and orientations.

Human needs are shaped by culture and individual personality.

________ is the set of actual and potential buyers of a product.

Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers?

________ is the total combined customer lifetime values of all the company's current and potential customers.

Amazon.com leverages relationships with its customers by offering them music,videos,gifts,toys,consumer electronics and office products,among other product items.Based on the customer's prior purchase history,the company recommends related CDs,books or videos that might be of interest.This helps Amazon.com capture a greater ________.

Of the following,which is the most important concept of modern marketing?

In the contemporary environment,many companies find that they are competing for shares of flat or fading markets,and as a consequence must work to retain existing customers.Which of the following factors does NOT explain the intense competition for share of market?

Demands are human wants that are backed up by buying power.

A company with many low-margin customers may seek to develop basic relationships with customers while companies operating in markets with few customers and high margins want to create full partnerships with key customers.

Discuss how organisations use digital and social media marketing to engage consumers.

You are an assistant marketing manager for a firm in a market with many low-margin customers.What type of relationship would it be most profitable for you to develop with these customers?

The cost of attracting new customers is thought to be ________ than the cost of retaining existing customers.

________ refers to sellers being preoccupied with their own products and losing sight of underlying potential consumer and market needs.

The Apex Corporation has sold the same product since its entry into the marketplace.Each time the sales of its product have slipped,the firm has responded by cutting prices and increasing promotions.In spite of its efforts,sales continued to decline.Apex's 'product-focused' response is evidence of ________.