Podcast
Questions and Answers
Outstanding marketing companies do not need to understand their customers' needs, wants, and demands in order to be successful.
Outstanding marketing companies do not need to understand their customers' needs, wants, and demands in order to be successful.
False
The value proposition is a set of benefits that companies promise to consumers to satisfy their needs.
The value proposition is a set of benefits that companies promise to consumers to satisfy their needs.
True
Market offerings include only products and services, not solutions or experiences.
Market offerings include only products and services, not solutions or experiences.
False
Customer lifetime value is not a concern for marketing companies focused on short-term profits.
Customer lifetime value is not a concern for marketing companies focused on short-term profits.
Signup and view all the answers
The result of understanding and addressing needs, wants, and demands is increased short-term customer equity for the firm.
The result of understanding and addressing needs, wants, and demands is increased short-term customer equity for the firm.
Signup and view all the answers
Marketing can adopt 1 of 5 competing market orientations. Production concept holds that management’s task is to improve production efficiency and reduce prices. Product concept holds that consumers favor products that offer high quality, performance, & innovative features, so little promotional effort is needed. Selling concept holds that consumers won’t buy enough of a firm’s products unless it undertakes a large-scale selling & promotion effort. Marketing concept holds that achieving organizational goals depends on determining the needs & wants of target markets and delivering the desired satisfactions more effectively & efficiently than competitors. Societal marketing concept holds that generating
Marketing can adopt 1 of 5 competing market orientations. Production concept holds that management’s task is to improve production efficiency and reduce prices. Product concept holds that consumers favor products that offer high quality, performance, & innovative features, so little promotional effort is needed. Selling concept holds that consumers won’t buy enough of a firm’s products unless it undertakes a large-scale selling & promotion effort. Marketing concept holds that achieving organizational goals depends on determining the needs & wants of target markets and delivering the desired satisfactions more effectively & efficiently than competitors. Societal marketing concept holds that generating
Signup and view all the answers
