Customer-Centric Marketing Strategies Quiz

Outstanding marketing companies do not need to understand their customers' needs, wants, and demands in order to be successful.

The value proposition is a set of benefits that companies promise to consumers to satisfy their needs.

Market offerings include only products and services, not solutions or experiences.

Customer lifetime value is not a concern for marketing companies focused on short-term profits.

The result of understanding and addressing needs, wants, and demands is increased short-term customer equity for the firm.

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