Principles of Marketing - Quiz 1 with Answers

Marketing - the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Needs - states of felt deprivation, including basic physical, social, and individual; part of human makeup Wants - the form human needs take as they are shaped by culture and individual personality Demands - human wants backed by buying power Market offerings - some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia - the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Exchange - the act of obtaining a desired object from someone by offering something in return Market - the set of all actual and potential buyers of a product or service Marketing management - the art and science of choosing target markets and building profitable relationships with them Production concept - the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency Product concept - the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements Selling concept - the idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort Marketing concept - a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do Societal marketing concept - 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 Customer relationship management - managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty