Exam 1: Marketing: Creating and Capturing Customer Value

Which of the following is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service?

The production concept and product concept are orientations that can lead to marketing myopia.

Beyond simply retaining good customers,marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

One of Seagull Terrace's regular guests has created a blog devoted to her summer stays at the resort.This has the potential to attract new guests to Seagull Terrace and is an example of ____________.

__________ is defined as the art and science of choosing target markets and building profitable relationships with them.

Greg Williams now has the buying power to purchase the computer system he has wanted for the past six months.Greg's want now has become a(n)________.

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

________ is defined as the customer's evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Human wants are states of felt deprivation.

The product concept says that a company should do which of the following?

Company X carries organizational and office supplies and follows the selling concept.Explain how Company X may lose sight of customer relationships with its marketing orientation.

Afia,a team leader in charge of customer relationship management,is planning strategies for improving the profitability of her firm's least profitable but loyal customers.She is also examining methods for "firing" customers in this group who cannot be made profitable.To which of the following customer relationship groups do these customers belong?

Our ________ are the products and services,backed by buying power,that we believe will provide us with benefits that add up to the most value and satisfaction.

Holt Renfrew and Harry Rosen stores want to only select customers they can serve well and profitably so they target affluent professionals.

The value of the entire stream of purchases that the customer would make over a lifetime of patronage is called customer loyalty.

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

________ is broadly defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.

Companies can build customer relationships at many levels,depending on the nature of the ________.

The _________ is the set of benefits or values a company promises to deliver to customer to satisfy their needs.

Very low expectations set by marketers for a market offering can likely result in ________.