40 Questions
Marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do
the marketing
Marketing can adopt one of five competing market ______. The production concept holds that management’s task is to improve production efficiency and bring down prices
orientations
The core ______ concepts are needs, wants, and demands; market offerings (products, services, solutions, and experiences); value and satisfaction; exchange and relationships; and markets
marketplace
The ______ of customer relationship management and customer engagement is to produce high customer equity, the total combined customer lifetime values of all the company’s customers
aim
The key to building lasting ______ is the creation of superior customer value and satisfaction
relationships
To design a winning marketing ______, the company must first decide whom it will serve
strategy
Customer-engagement ______ aims to make a brand a meaningful part of consumers’ conversations and lives through direct and continuous customer involvement in shaping brand conversations, experiences, and community
marketing
Online, mobile, and social media ______ offer exciting new opportunities to target customers more selectively and engage them more deeply
marketing
The societal marketing ______ holds that generating customer satisfaction and long-run societal well-being through sustainable marketing strategies is key to both achieving the company’s goals and fulfilling its social responsibilities
concept
Dramatic ______ are occurring in the marketing arena. Marketing in an age of disruption calls for new marketing thinking and strategies
changes
Marketing is the set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return
marketing
First, ______ need to understand the marketplace and customer needs and wants
marketers
Next, marketers design a customer value– driven marketing strategy with the goal of getting, engaging, and growing target ______
customers
Marketers construct a marketing mix that actually delivers superior value
marketers
The ______ reaps the rewards of strong customer relationships by capturing value from customers
company
Outstanding ______ companies go to great lengths to learn about and understand their customers’ needs, wants, and demands
marketing
This ______ helps them to design want- satisfying market offerings and build value-laden customer relationships by which they can capture customer lifetime value and greater share of customer
understanding
The ______ is increased long-term customer equity for the firm
result
Define marketing and outline the steps in the marketing process
OBJECTIVE 1-1
Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts
OBJECTIVE 1-2
What is marketing?
Marketing is the set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.
How many steps are involved in the marketing process?
The marketing process involves five steps.
What is the first step in the marketing process?
The first step is for marketers to understand the marketplace and customer needs and wants.
What is the goal of designing a customer value–driven marketing strategy?
The goal is to get, engage, and grow target customers.
What is the third step in the marketing process?
The third step is for marketers to construct a marketing mix that actually delivers superior value.
What do outstanding marketing companies do to learn about and understand their customers’ needs, wants, and demands?
Outstanding marketing companies go to great lengths to learn about and understand their customers’ needs, wants, and demands.
What is the result of understanding customers’ needs, wants, and demands for outstanding marketing companies?
The result is increased long-term customer equity for the firm.
What is the final step in the marketing process?
The final step is for the company to reap the rewards of strong customer relationships by capturing value from customers.
What is the importance of understanding the marketplace and customers for marketing companies?
Understanding the marketplace and customers helps marketing companies to design want-satisfying market offerings and build value-laden customer relationships.
What do marketers aim to create through engagement, building profitable customer relationships, and creating customer delight?
Marketers aim to create customer lifetime value and greater share of customer.
Explain the concept of customer relationship management and its importance in marketing strategy.
Customer relationship management is the process of engaging customers and building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It is important in marketing strategy as it aims to create high customer equity, capture customer lifetime value, and build lasting relationships with customers.
Discuss the key elements of a customer value–driven marketing strategy and the marketing management orientations that guide marketing strategy.
The key elements of a customer value–driven marketing strategy include identifying the needs and wants of target markets, delivering desired satisfactions more effectively and efficiently than competitors, and creating superior customer value and satisfaction. The marketing management orientations that guide marketing strategy include production concept, product concept, selling concept, marketing concept, and societal marketing concept.
Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
The major trends and forces changing the marketing landscape include the digital age, advances in digital, social, and mobile media, opportunities for selective targeting and deep customer engagement, big data and improved marketing analytics, global connectivity with customers and competitors, and the call for greater responsibility for social and environmental impacts of marketing actions.
What are the core marketplace concepts discussed in the text? Provide examples of each concept.
The core marketplace concepts are needs, wants, and demands; market offerings (products, services, solutions, and experiences); value and satisfaction; exchange and relationships; and markets. Examples include basic human needs (food, water, shelter), smartphones as market offerings, customer satisfaction from quality products, exchange of goods and services for money, and global markets.
How do companies address needs, wants, and demands in the marketplace? Provide an example of a value proposition.
Companies address needs, wants, and demands by putting forth a value proposition, a set of benefits that they promise to consumers to satisfy their needs. An example of a value proposition is a smartphone company promising advanced features and reliable performance to satisfy the communication needs of consumers.
Explain the concept of target marketing and its significance in designing a winning marketing strategy.
Target marketing involves dividing the market into segments of customers and selecting which segments to cultivate. It is significant in designing a winning marketing strategy as it helps the company decide whom it will serve and how it will differentiate and position itself in the marketplace.
What are the five competing market orientations that marketing can adopt? Provide a brief explanation of each orientation.
The five competing market orientations are production concept, product concept, selling concept, marketing concept, and societal marketing concept. The production concept focuses on improving production efficiency and lowering prices. The product concept emphasizes quality, performance, and innovative features. The selling concept centers on large-scale selling and promotion efforts. The marketing concept prioritizes determining the needs and wants of target markets. The societal marketing concept emphasizes generating customer satisfaction and societal well-being through sustainable marketing strategies.
How do marketing activities in the digital age differ from traditional marketing approaches?
In the digital age, marketing activities leverage digital, social, and mobile media to engage and relate to individual customers. This allows for selective targeting, deep customer engagement, and enhanced marketing analytics. Traditional marketing approaches may rely more on mass media and conventional market research techniques.
What is the aim of customer-engagement marketing and how does it contribute to building customer equity?
The aim of customer-engagement marketing is to make a brand a meaningful part of consumers’ conversations and lives through direct and continuous customer involvement. It contributes to building customer equity by creating value-laden relationships with customers, leading to increased long-term customer equity for the firm.
Why is it important for marketers to take greater responsibility for the social and environmental impacts of their actions?
It is important for marketers to take greater responsibility for the social and environmental impacts of their actions to fulfill their social responsibilities, address the call for sustainable marketing strategies, and contribute to long-run societal well-being. Additionally, it aligns with the major trend of increased global connectivity and the interconnectedness of markets.
Study Notes
Marketing Concept
- Achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
- Marketing can adopt one of five competing market orientations: production, product, sales, marketing, and societal marketing.
Core Marketplace Concepts
- Needs: the basic necessities of human life.
- Wants: the form that a person's needs take, shaped by their unique preferences and values.
- Demands: wants that are backed by the ability and willingness to purchase.
- Market offerings: products, services, solutions, and experiences.
- Value and satisfaction: the benefits that customers receive from a market offering.
- Exchange and relationships: the process of obtaining a desired product or service from someone else.
- Markets: the set of actual and potential buyers of a product or service.
Marketing Process
- Step 1: Understand the marketplace and customer needs and wants.
- Step 2: Design a customer value–driven marketing strategy with the goal of getting, engaging, and growing target customers.
- Step 3: Construct a marketing mix that delivers superior value.
- Step 4: Capture value from customers in return.
Customer Relationship Management
- The goal of customer relationship management and customer engagement is to produce high customer equity, the total combined customer lifetime values of all the company's customers.
- Marketers aim to create superior customer value and satisfaction through customer engagement and building profitable customer relationships.
Marketing Strategies
- Outstanding marketing companies go to great lengths to learn about and understand their customers' needs, wants, and demands.
- The result of understanding customers' needs is the ability to design want-satisfying market offerings and build value-laden customer relationships.
- The final goal is to increase long-term customer equity for the firm.
Trends and Forces in Marketing
- Dramatic changes are occurring in the marketing arena due to the digital age.
- Online, mobile, and social media channels offer new opportunities to target customers more selectively and engage them more deeply.
- Marketers must take greater responsibility for the social and environmental impacts of their actions.
Test your knowledge of marketing concepts with this quiz on defining marketing and outlining the marketing process. Learn about the steps involved in acquiring and engaging customers, building customer relationships, and creating customer value to capture value in return.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
