33 Questions
What is marketing defined as?
Creating value for customers and building customer relationships
Define market segmentation.
Dividing the markets into segments of customers.
The focus of the product concept is on continuous product improvements.
True
Marketing mix includes the set of tools known as the four ___.
Ps
Match the following marketing management orientations with their descriptions:
Production concept = Focusing on product availability and affordability. Selling concept = Requiring large-scale selling and promotion efforts for product sales. Marketing concept = Delivering superior customer satisfaction compared to competitors. Societal marketing = Considering long-term consumer and societal interests in marketing decisions.
Define marketing according to the content.
Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
What are the key elements of a customer-driven marketing strategy?
Marketing concept
Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a ______ or want.
need
Customer value and satisfaction are influenced by marketers setting the right level of expectations.
True
Which marketing management orientation prioritizes offering products with the most quality, performance, and features?
Product concept
Which marketing management orientation is focused on meeting the needs and wants of the target market?
Marketing concept
Which marketing management orientation assumes that consumers will not buy enough of a firm's products unless the firm engages in a large-scale selling and promotion effort?
Selling concept
Which marketing management orientation prioritizes making products available and affordable to consumers?
Production concept
Which marketing management orientation considers the needs and wants of the target market, as well as the broader societal implications of marketing activities?
Societal marketing concept
What is the primary goal of the marketing concept?
To deliver satisfaction to the target market
Which marketing management orientation is most focused on the internal capabilities of the firm?
Production concept
What is the underlying assumption of the selling concept?
Consumers will not buy enough of a firm's products unless the firm engages in a large-scale selling and promotion effort
What is the primary goal of the marketing process?
To create value for customers
Which marketing concept focuses on creating value for customers and building strong customer relationships?
Marketing Concept
What is the primary focus of the Production Concept?
Product quality and efficiency
Which marketing management orientation prioritizes meeting the needs of customers and society?
Societal Marketing Orientation
What is the primary goal of the Selling Concept?
To sell products to customers
Which marketing concept emphasizes the importance of continuous product improvement?
Product Concept
What is the primary focus of the Marketing Concept?
Meeting customer needs and wants
Which marketing management orientation prioritizes meeting the needs of customers and creating value for them?
Marketing Orientation
Which marketing management orientation considers consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests?
Societal marketing
What is the primary goal of a customer value-driven marketing strategy?
To satisfy customers' needs and wants
What is the set of tools used to implement a marketing strategy?
Marketing mix
What is the concept that focuses on creating products with superior quality and performance?
Product concept
What is the primary objective of the production concept?
To minimize production costs
What is customer lifetime value?
The value of a customer's entire stream of purchases over a lifetime
What is share of customer?
The portion of the customer's purchasing in a product category
What is customer equity?
The total value of all customers' lifetime purchases
Study Notes
Marketing: Creating Customer Value and Engagement
What Is Marketing?
- Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
- Marketing involves creating value for customers and capturing value from customers.
The Marketing Process
- The marketing process involves understanding the marketplace and customers, creating a customer-driven marketing strategy, and building strong customer relationships.
Understanding the Marketplace and Customers
- Customer needs are states of deprivation.
- Customer wants are the form that needs take.
- Customer demands are wants backed by buying power.
- Marketing myopia is focusing only on existing wants and losing sight of future needs.
- Market offerings are a combination of products, services, information, or experiences offered to a market to satisfy a need or want.
- Customer value and satisfaction are achieved by setting the right level of expectations.
- Exchanges are the act of obtaining a desired object from someone by offering something in return.
- Marketing actions aim to create, maintain, and grow desirable exchange relationships.
Markets
- Markets refer to the set of all actual and potential buyers of a product or service.
Designing a Customer Value-Driven Marketing Strategy
- Marketing management is the art and science of choosing target markets and building profitable relationships with them.
- Market segmentation involves dividing the market into segments of customers.
- Target marketing involves selecting which segments to go after.
- A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
Marketing Management Orientations
- Production concept: consumers favor products that are available and highly affordable.
- Product concept: consumers favor products that offer the most quality, performance, and features.
- Selling concept: consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
- Marketing concept: know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.
- Societal marketing concept: consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
Preparing an Integrated Marketing Plan and Program
- The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy, including product, price, promotion, and place.
- An integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.
Capturing Value from Customers
- Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
- Share of customer is the portion of the customer's purchasing that a company gets in its product categories.
- Customer equity is the total combined customer lifetime values of all of the company's customers.
The Changing Marketing Landscape
- The digital age has led to online, mobile, and social media marketing.
Marketing: Creating Customer Value and Engagement
What Is Marketing?
- Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
- Marketing involves creating value for customers and capturing value from customers.
The Marketing Process
- The marketing process involves understanding the marketplace and customers, creating a customer-driven marketing strategy, and building strong customer relationships.
Understanding the Marketplace and Customers
- Customer needs are states of deprivation.
- Customer wants are the form that needs take.
- Customer demands are wants backed by buying power.
- Marketing myopia is focusing only on existing wants and losing sight of future needs.
- Market offerings are a combination of products, services, information, or experiences offered to a market to satisfy a need or want.
- Customer value and satisfaction are achieved by setting the right level of expectations.
- Exchanges are the act of obtaining a desired object from someone by offering something in return.
- Marketing actions aim to create, maintain, and grow desirable exchange relationships.
Markets
- Markets refer to the set of all actual and potential buyers of a product or service.
Designing a Customer Value-Driven Marketing Strategy
- Marketing management is the art and science of choosing target markets and building profitable relationships with them.
- Market segmentation involves dividing the market into segments of customers.
- Target marketing involves selecting which segments to go after.
- A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
Marketing Management Orientations
- Production concept: consumers favor products that are available and highly affordable.
- Product concept: consumers favor products that offer the most quality, performance, and features.
- Selling concept: consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
- Marketing concept: know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.
- Societal marketing concept: consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
Preparing an Integrated Marketing Plan and Program
- The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy, including product, price, promotion, and place.
- An integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.
Capturing Value from Customers
- Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
- Share of customer is the portion of the customer's purchasing that a company gets in its product categories.
- Customer equity is the total combined customer lifetime values of all of the company's customers.
The Changing Marketing Landscape
- The digital age has led to online, mobile, and social media marketing.
Marketing Management Orientations
- Production concept: Consumers favor products that are available and highly affordable.
- Product concept: Consumers favor products that offer the most quality, performance, and features, with continuous product improvements.
- Selling concept: Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
- Marketing concept: Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.
- Societal marketing: The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
Marketing Process
- Definition of Marketing: Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Integrated Marketing Plan and Program
- Marketing Mix: The set of tools (four Ps) the firm uses to implement its marketing strategy, including product, price, promotion, and place.
- Integrated Marketing Program: A comprehensive plan that communicates and delivers the intended value to chosen customers.
Capturing Value from Customers
- Customer Lifetime Value: The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
- Share of Customer: The portion of the customer’s purchasing that a company gets in its product categories.
- Customer Equity: The total combined customer lifetime values of all of the company’s customers.
Test your knowledge of marketing principles, customer value, and engagement from Kotler and Armstrong's Global Edition, Chapter 1.
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