Customer Value and Marketing Concepts

<p>Shareholder Concept (A)</p> Signup and view all the answers

<p>Generating customer information, understanding their needs, and satisfying their demands. (A)</p> Signup and view all the answers

<p>It can hinder investments in employee development and growth opportunities. (D)</p> Signup and view all the answers

<p>Understanding and satisfying customer needs and wants. (C)</p> Signup and view all the answers

<p>Items that consumers generally don't think about buying. (C)</p> Signup and view all the answers

<p>Understanding and attracting the target audience. (A)</p> Signup and view all the answers

<p>Production (A)</p> Signup and view all the answers

<p>Predicting the total revenue a company can generate from a customer over time. (A)</p> Signup and view all the answers

<p>Higher market share is often associated with lower customer satisfaction. (A)</p> Signup and view all the answers

<p>Offering a product with unique features and benefits that appeal to the target audience. (D)</p> Signup and view all the answers

<p>Higher prices for products. (C)</p> Signup and view all the answers

<p>Creating a clear and memorable image of a product in the minds of consumers. (C)</p> Signup and view all the answers

<p>The financial value of a company's customer relationships. (B)</p> Signup and view all the answers

<p>Aquire cash flow from customer - stimulate demand and manage customer value (C)</p> Signup and view all the answers

<p>Marketing requires creativity and innovation to connect with customers, but also relies on data-driven insights and strategies. (D)</p> Signup and view all the answers

<p>Chik-Fil-A's customer satisfaction is unaffected by the controversy as their loyal customers continue to patronize the restaurant despite the controversy. (C)</p> Signup and view all the answers

<p>The ACSI tracks customer satisfaction levels across various industries, and it matters because it provides insights into the overall performance of businesses. (A)</p> Signup and view all the answers

<p>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. (C)</p> Signup and view all the answers

<p>They offer product propositions to cater to customer needs. (C)</p> Signup and view all the answers

<p>Satisfaction is determined by a customer's expectations and the actual experience they have. This tells us that even though McDonald's may not be considered high-quality, it can still achieve satisfaction by meeting low expectations. (C)</p> Signup and view all the answers

<p>No, because target markets are defined by shared needs and wants, and Auburn encompasses a diverse population with varying needs. (D)</p> Signup and view all the answers

<p>Wants are shaped by culture and personality, while demands are backed by buying power. (A)</p> Signup and view all the answers

<p>Customer loyalty programs (B)</p> Signup and view all the answers

<p>Businesses have more information about products and services than consumers do. (B)</p> Signup and view all the answers

<p>Businesses should focus on maximizing profits for their shareholders. (A)</p> Signup and view all the answers

<p>Societal marketing considers the future welfare of consumers, while sustainable marketing focuses on the sustainability of products and services. (A)</p> Signup and view all the answers

<p>Different institutions and organizations have varying viewpoints on the role of business in society. (D)</p> Signup and view all the answers

<p>The right to be compensated for any harm caused by a product. (C)</p> Signup and view all the answers

<p>Meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. (C)</p> Signup and view all the answers

<p>The perception of stakeholders regarding the firm's motives (A)</p> Signup and view all the answers

<p>Investing heavily in mass advertising campaigns (C)</p> Signup and view all the answers

<p>A company launching massive marketing campaigns to promote a new product (A)</p> Signup and view all the answers

<p>Good management and Penance (D)</p> Signup and view all the answers

<p>Maximizing shareholder value through short-term gains (C)</p> Signup and view all the answers

<p>Marketing plays a significant role in both value creation and appropriation, as Beanie Babies benefited from both uniqueness and high demand. (B)</p> Signup and view all the answers

<p>The alignment of the brand's values and target market with the cause's mission and beneficiaries (A)</p> Signup and view all the answers

<p>The need to ensure a strong fit between the brand, the cause, and the consumer's values and preferences (A)</p> Signup and view all the answers

Customers determine the value of a product based on their needs and preferences.

The benefits a brand promises to deliver to satisfy customer needs.

Customer's evaluation of the benefits vs. costs of a marketing offer compared to competitors.

A pleasurable fulfillment response driven by disconfirmation after a consumption experience.

A measure that shows the importance of customer satisfaction in business.

The set of actual and potential buyers of a product who have the desire and ability to purchase.

Marketing combines data analysis (science) and creative strategies (art) to create value.

To acquire cash flow from customers, stimulate demand, and manage customer value.

Achieving organizational goals by knowing and satisfying target market needs better than competitors.

Consumers prefer widely available and affordable products; organizations should enhance production efficiency.

Consumers favor high quality and innovative features; organizations should focus on continuous product improvements.

Consumers need persuasive selling efforts for unsought goods; focuses on large-scale promotions.

Evaluates if marketing practices conflict with consumer welfare in the long run.

Implementing the marketing concept by using customer information throughout the organization.

Focus on maximizing the value for shareholders, often at the expense of other stakeholders.

Neglecting employee needs and growth opportunities can hinder long-term success.

Specifies a target market and marketing mix to create customer value.

A group of consumers who respond similarly to marketing efforts.

Arranging a product to occupy a distinct place in target customers' minds compared to competitors.

Set of tactical tools (product, price, place, promotion) for achieving marketing goals.

The total value of all purchases a customer makes over their lifetime.

Total combined customer lifetime values of all current and potential customers.

The portion of a customer's purchasing in a category that a company secures.

A company's portion of sales in the overall market compared to competitors.

Combination of products, services, or experiences provided to satisfy a need or want.

States of felt deprivation for basic requirements.

The specific form that needs take, shaped by culture and personality.

Wants that are backed by buying power.

Expectations of safety, performance, and protection against bad practices.

High prices and misleading practices that harm customers.

Responsible marketing that meets present needs without compromising future generations.

Societal marketing focuses on consumer welfare; sustainable marketing considers future needs of both consumers and businesses.

Corporate social responsibility spending for social causes to generate goodwill.

Marketing that ties a firm’s charitable actions directly to consumer revenue.

Activities that increase the potential advantage a firm can provide to consumers.

Activities that impact how much advantage a firm can capture and for how long.

Alignment of marketing elements like color and visibility with brand values.

Effective management of CSR initiatives aids in sustaining and increasing financial returns.

Financial support for a social cause that enhances brand reputation.

Alignment of corporate values, target market, and mission with marketing efforts.