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Marketing: Creating Value for Customers

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Questions and Answers

What is the primary focus of marketing?

Selling and advertising products
Competing with other companies
Maximizing profits
Satisfying customer needs (correct)

What is the objective of penetration pricing?

To attract repeat customers
To encourage consumers to try out a new product (correct)
To increase profit margins
To maintain a competitive market share

Which of the following is NOT a part of the marketing mix?

Product
Promotion
Price
Targeting (correct)

What is the difference between needs and wants in marketing?

Needs are essential, while wants are desirable (A) Signup and view all the answers

What is e-commerce, according to the text?

The buying and selling of goods and services online (B) Signup and view all the answers

What is the purpose of an integrated marketing program?

To communicate and deliver the intended value to chosen customers (D) Signup and view all the answers

What is the primary goal of the marketing concept?

To focus on product benefits and customer needs (D) Signup and view all the answers

What is the term for a narrow-minded approach to marketing that focuses excessively on products or services?

Marketing myopia (C) Signup and view all the answers

Which of the following is NOT a marketing management orientation?

Contests (A) Signup and view all the answers

What does the term 'share of customer' refer to?

The percentage of the customer's purchasing that a company gets in its product categories (B) Signup and view all the answers

What is the primary focus of the production concept?

Production and distribution efficiency (C) Signup and view all the answers

What is the potential problem with the product concept?

It leads to marketing myopia (D) Signup and view all the answers

What is the relationship between wants and demands in marketing?

Wants are shaped by culture, personality, and personal factors, and demands result from possessing buying power. (A) Signup and view all the answers

What is the essence of market segmentation?

Involves dividing markets into segments of customers based on preferences and characteristics. (A) Signup and view all the answers

Which of the following is NOT a component of McDonald’s value proposition?

Static menu for all locations (D) Signup and view all the answers

In Customer Relationship Management (CRM), what does 'relating with more carefully selected customers' entail?

Building relationships with fewer but more profitable customers (A) Signup and view all the answers

What characterizes Consumer-Generated Marketing?

Creating marketing materials and ideas based on consumer input (D) Signup and view all the answers

How does Target Marketing differ from Market Segmentation?

Target Marketing involves identifying profitable customers, while Market Segmentation involves dividing markets based on characteristics. (C) Signup and view all the answers

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