MKTG 2500 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
__________ is the total combined values of all of the company's customers. - Answers -
customer equity
The production concept is - Answers - the idea that consumers will favor products that
are available and highly affordable; therefore, the organization should focus on
improving production and distribution efficiency
The production concept is __________.
The __________ is a philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do. - Answers - marketing concept
__________ is the extent to which a product's perceived performance matches a
buyer's expectations. - Answers - customer satisfaction
__________ is the portion of the customer's purchasing that a company gets in its
product categories. - Answers - share of customers
__________ is the act of obtaining a desired object from someone by offering
something in return. - Answers - exchange
__________ is the value of the entire stream of purchases a customer makes during a
lifetime of patronage. - Answers - customer lifetime value
market offerings - Answers - __________ are some combination of products, services,
information, or experiences offered to a market to satisfy a need or want.
Marketing is __________. - Answers - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
__________ is the mistake of paying more attention to the specific product a company
offers than to the benefits and experiences produced by these products. - Answers -
marketing myopia
__________ is the art and science of choosing target markets and building profitable
relationships with them. - Answers - marketing management
The marketing process captures value from customers by __________. - Answers -
creating profits and customer equity
, __________ are human wants that are backed by buying power. - Answers - demands
__________ are the form human needs take as they are shaped by culture and
individual personality. - Answers - wants
The societal marketing concept is __________. - Answers - the idea that a company's
marketing decisions should consider consumers' wants, the company's requirements,
consumers' long-run interests, and society's long-run interests
The __________ is the idea that consumers will not buy enough of the firm's products
unless the firm undertakes a large-scale selling and promotion effort. - Answers - selling
concept
__________ is the overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction. - Answers -
customer relationship management
The __________ is the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy
to making continuous product improvements. - Answers - product concept
Needs are __________. - Answers - states of felt deprivation
__________ is the customer's evaluation of the difference between all the benefits and
all the costs of a marketing offer relative to those of competing offers. - Answers -
customer-perceived value
The growth-share matrix defines four types of SBUs: __________ are low-share
business units in high-growth markets. - Answers - question marks
__________ is turning marketing strategies and plans into marketing actions to
accomplish strategic marketing objectives. - Answers - marketing implementation
__________ is the process of evaluating each market segment's attractiveness and
selecting one or more segments to enter. - Answers - market targeting
__________ is a portfolio-planning tool for identifying company growth opportunities
through market penetration, market development, product development, or
diversification. - Answers - product/ market expansion grid
The growth-share matrix defines four types of SBUs: Stars are __________. - Answers
- high-growth, high-share businesses or products
__________ is company growth through starting up or acquiring businesses outside the
company's current products and markets. - Answers - diversification
ANSWERS
__________ is the total combined values of all of the company's customers. - Answers -
customer equity
The production concept is - Answers - the idea that consumers will favor products that
are available and highly affordable; therefore, the organization should focus on
improving production and distribution efficiency
The production concept is __________.
The __________ is a philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfactions
better than competitors do. - Answers - marketing concept
__________ is the extent to which a product's perceived performance matches a
buyer's expectations. - Answers - customer satisfaction
__________ is the portion of the customer's purchasing that a company gets in its
product categories. - Answers - share of customers
__________ is the act of obtaining a desired object from someone by offering
something in return. - Answers - exchange
__________ is the value of the entire stream of purchases a customer makes during a
lifetime of patronage. - Answers - customer lifetime value
market offerings - Answers - __________ are some combination of products, services,
information, or experiences offered to a market to satisfy a need or want.
Marketing is __________. - Answers - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
__________ is the mistake of paying more attention to the specific product a company
offers than to the benefits and experiences produced by these products. - Answers -
marketing myopia
__________ is the art and science of choosing target markets and building profitable
relationships with them. - Answers - marketing management
The marketing process captures value from customers by __________. - Answers -
creating profits and customer equity
, __________ are human wants that are backed by buying power. - Answers - demands
__________ are the form human needs take as they are shaped by culture and
individual personality. - Answers - wants
The societal marketing concept is __________. - Answers - the idea that a company's
marketing decisions should consider consumers' wants, the company's requirements,
consumers' long-run interests, and society's long-run interests
The __________ is the idea that consumers will not buy enough of the firm's products
unless the firm undertakes a large-scale selling and promotion effort. - Answers - selling
concept
__________ is the overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction. - Answers -
customer relationship management
The __________ is the idea that consumers will favor products that offer the most
quality, performance, and features; therefore, the organization should devote its energy
to making continuous product improvements. - Answers - product concept
Needs are __________. - Answers - states of felt deprivation
__________ is the customer's evaluation of the difference between all the benefits and
all the costs of a marketing offer relative to those of competing offers. - Answers -
customer-perceived value
The growth-share matrix defines four types of SBUs: __________ are low-share
business units in high-growth markets. - Answers - question marks
__________ is turning marketing strategies and plans into marketing actions to
accomplish strategic marketing objectives. - Answers - marketing implementation
__________ is the process of evaluating each market segment's attractiveness and
selecting one or more segments to enter. - Answers - market targeting
__________ is a portfolio-planning tool for identifying company growth opportunities
through market penetration, market development, product development, or
diversification. - Answers - product/ market expansion grid
The growth-share matrix defines four types of SBUs: Stars are __________. - Answers
- high-growth, high-share businesses or products
__________ is company growth through starting up or acquiring businesses outside the
company's current products and markets. - Answers - diversification
