Marketing Concepts Quiz

The five steps in the marketing process are: 1) Understanding the marketplace and customer needs and wants, 2) Designing a customer value-driven marketing strategy, 3) Constructing a marketing mix that delivers superior value, 4) Engaging customers, building profitable relationships, and creating customer delight, and 5) Capturing value from customers.

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.

Understanding customers' needs, wants, and demands helps companies design market offerings, build customer relationships, capture customer lifetime value, and increase long-term customer equity for the firm.

<p>The ultimate goal is to get, engage, and grow target customers.</p> Signup and view all the answers

<p>The company reaps the rewards of strong customer relationships by capturing value from customers.</p> Signup and view all the answers

<p>The key elements of a customer value–driven marketing strategy are needs, wants, and demands; market offerings; value and satisfaction; exchange and relationships; and markets.</p> Signup and view all the answers

<p>The aim 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.</p> Signup and view all the answers

<p>The five competing market orientations that marketing can adopt are the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept.</p> Signup and view all the answers

<p>The major trends and forces changing the marketing landscape in this age of relationships include digital, social, and mobile media, big data and improved marketing analytics, global connectivity, and greater responsibility for social and environmental impacts.</p> Signup and view all the answers

<p>The process of engaging customers and building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called customer relationship management.</p> Signup and view all the answers