Introduction to Marketing Concepts

<p>Commercialization (B)</p> Signup and view all the answers

<p>People (B)</p> Signup and view all the answers

<p>To deliver customer satisfaction at a profit. (C)</p> Signup and view all the answers

<p>The specific group of people who are most likely to buy a product. (D)</p> Signup and view all the answers

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

<p>The value of the entire stream of purchases a customer makes over a lifetime (C)</p> Signup and view all the answers

<p>The loyalty and recognition the brand commands in the market (A)</p> Signup and view all the answers

<p>To assess a company's competitive position (A)</p> Signup and view all the answers

<p>Internal factors that hinder a company's success (D)</p> Signup and view all the answers

<p>The proportion of a customer's total spending that a company earns (B)</p> Signup and view all the answers

<p>The hidden factors that influence buying behavior (B)</p> Signup and view all the answers

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

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

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

<p>Economic and cultural influences (C)</p> Signup and view all the answers

<p>To compare business processes to industry standards (C)</p> Signup and view all the answers

<p>Making a decision on the best alternative (C)</p> Signup and view all the answers

<p>Gauging customer loyalty (A)</p> Signup and view all the answers

<p>Building customer relationships (D)</p> Signup and view all the answers

<p>Conducting Market Research (D)</p> Signup and view all the answers

<p>Segmenting, Targeting, Positioning (B)</p> Signup and view all the answers

<p>Geographic segmentation (B)</p> Signup and view all the answers

<p>Product Concept (B)</p> Signup and view all the answers

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

<p>Segmentation based on age and income levels (B)</p> Signup and view all the answers

<p>Retain and capture customer value (A)</p> Signup and view all the answers

<p>To build and maintain profitable customer relationships (D)</p> Signup and view all the answers

<p>Wants are influenced by culture and individual personality (A)</p> Signup and view all the answers

<p>Ignoring underlying consumer needs (D)</p> Signup and view all the answers

<p>Frequent and inexpensive purchases (B)</p> Signup and view all the answers

<p>Understanding customer needs and providing value (B)</p> Signup and view all the answers

<p>Delivering intended value (D)</p> Signup and view all the answers

Marketing helps to appreciate a product's purpose and value.

A customer buys a product; a consumer uses it.

Planning, organizing, staffing, leading, controlling are key functions of management.

Product, Price, Place, Promotion form the core of marketing strategy.

Includes Product, Price, Place, Promotion, People, Process, Physical evidence.

Groups of people sharing similar experiences in a certain time period.

Steps: Idea generation, screening, evaluation, development, commercialization.

Marketing builds customer relationships by creating value and satisfaction.

Focuses on Telling and Selling techniques.

Focuses on building Customer Relationships.

Steps to create value and maintain customer relationships.

Consists of Customers, Competition, Company for decision-making.

Unique advantage of a product that distinguishes it from competitors.

Framework for selecting and serving market segments.

Dividing the market based on shared characteristics.

Benefits a company promises to deliver to customers.

Combination of products, services, or experiences to satisfy needs.

Focusing only on existing wants and neglecting needs.

Divides market by variables like age, gender, and income.

Divides market based on social classes and lifestyles.

Categorizes goods into convenience, shopping, specialty, and unsought.

Comprehensive plan for communicating value to customers.

Building and maintaining profitable customer relationships.

The difference between total customer value and total customer cost relative to competing offers.

The extent to which a product’s perceived performance meets a buyer's expectations.

The total value of a customer's stream of purchases over a lifetime.

The portion of a customer's purchases in a company’s product categories.

The total combined customer lifetime values of all a company's customers.

A framework for evaluating a company’s competitive position via strengths, weaknesses, opportunities, and threats.

The strategic advantage one company has over its rivals.

Future events that can lead to competitive advantages.

The process of comparing business processes to industry standards.

The buying behavior of individuals and households for personal consumption.

Stages include need recognition, search, information sources, choice, purchase, and post-purchase.

Metaphor for how consumers process stimuli and make decisions.

Initiator, influencer, decider, gatekeeper, buyer, user.

Consumers assess product performance against their expectations post-purchase.

A strategic tool for generating and comparing strategies based on SWOT analysis.