Exam 1: Marketing: Creating and Capturing Customer Value

The three areas of consideration that should be balanced in the societal marketing concept are consumer wants,society's interests,and ________.

An experience such as a vacation can be defined as a market offering.

Stew Leonard,the owner of a highly successful regional supermarket chain,reacts adversely to losing a single customer sale.He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area.Stew Leonard's concern is an illustration of which of the following?

Briefly explain how and why marketers go beyond selling a product or service to create brand experiences.

Which of the following best explains why consumers have greater power and control in today's marketplace? A. The production concept and competition have lowered prices. B. Implementation of the product concept has resulted in continually improving products. C. Customer-driven marketing creates products and services that meet customers' future needs. D. More companies are implementing social marketing and weighing long-term costs and benefits. E. Through new communication technologies, customers have more information about brands and a wealth of platforms for airing and sharing their views with other consumers.

Though often criticized,the selling concept is particularly appropriate and effective with which of the following types of products?

A company needs to understand the marketplace and customer needs and wants and then ________ according to the five-step model of the marketing process described in the text.

Through ________,many companies today are strengthening their connections to all partners,from providers of raw materials to components to final products that are delivered to final buyers.

When an airline goes after a "share of travel" from its customers,it is attempting to increase ________.

Computer maker Lenovo dominates the highly competitive,price-sensitive Chinese PC market through low labour costs,high production efficiency,and mass distribution.This is an example of the product concept.

A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of a ________.