Exam 1: Marketing: Creating and Capturing Customer Value

A company's value proposition should answer this question:

Customer relationship management is perhaps the least important concept of modern marketing.

Under the marketing concept,________ are the paths to sales and profits.

A potentially highly profitable,short-term customer is a ________

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

The marketing mix includes production,price,promotion,and packaging; this is known as the four Ps of marketing.

A church targeting different demographic groups to increase attendance is an example of ________

When sellers focus on existing wants and lose sight of underlying customer needs,they suffer from marketing myopia.

The marketing team at Bead Beautiful,a line of jewellery targeted at pre-teenage girls,is meeting to formulate the products' value proposition.What should team members consider as they define a value proposition for Bead Beautiful?

To increase their "share of customer," a firm concentrates on retaining as many customers as possible over their lifetimes.

UPS's three-pronged corporate sustainability mission stresses economic prosperity,social responsibility,and ________

According to management guru Peter Drucker,"The aim of marketing is to ________."

Not-for-profit organizations,such as universities,hospitals,and museums,do not need to use marketing.

The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.

____________ refers to the brand exchanges create by consumers themselves-both invited and uninvited-through which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

Cathy's Clothes is a small retail chain successfully selling women's clothing and accessories with a profitable focus on buyers who have relatively modest means.This is an example of ________

The purpose of marketing is to generate customer value profitably.

Only sellers of products,services,and ideas practise marketing; buyers do not.

Market offerings are limited to physical products.

During a(n)________ a desired object is obtained from someone while giving something else of value in return.