Exam 1: Introduction

The term used to reflect the fact that most products in developed economies satisfy more than one need is customer value.

How can an organization provide superior customer value to customers?

Which of the following is NOT a step in market segmentation?

A consumer's needs and desires are shaped by his or her self-concept and lifestyle.

Two key processes involved in need satisfaction are the actual need fulfillment and the perceived need fulfillment.

Marketing strategy is formulated in terms of the marketing mix; that is, it involves determining the product, features, price, communications, distribution, and services that will provide customers with superior value. This entire set of characteristics is often referred to as the _____.

It is critical that a firm consider value from the customer's perspective.

Which element of the marketing mix is concerned with having the product available where target customers can buy it?

The segment(s) within the larger market on which an organization will focus its marketing effort is referred to as the _____.

Teresa is trying to understand her customers better. She is examining the external influences that shape her customers' self-concepts and lifestyles. Which of the following is a possible external influence Teresa could examine?

A product's position refers to _____.

Karen was at the checkout at the grocery store and remembered that she was out of chewing gum that she normally likes to keep in her purse. Without much thought, she grabbed two packages of the gum she likes. What type of consumer decision does this illustration?

Which of the following is a component of a market analysis?

To survive in a competitive environment, an organization must provide its target customers more _____ than is provided to them by its competition.

Which is NOT an external influence on consumer behavior?

Marketing decisions and regulations are based on exact knowledge of consumer behavior.

A portion of a larger market whose needs differ somewhat from the larger market is referred to as a(n) _____.

The product, price, communications, distribution, and services provided to the target market is referred to as the _____.

Economically developed societies are often referred to as marketing societies.

_____ is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.