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Marketing Exam 1 Flashcards Preview

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Questions and Answers

What are the three Marketing Steps according to the text?

Generate Leads, Make Sales, Provide Support

Promote Products, Expand Market Share, Enhance Brand Awareness

Attract Customers, Increase Revenue, Improve Efficiency

Engage Customers, Build Strong Relationships with Customers, Create Customer Value (correct)

What is the definition of a Need?

Goods and services that are trending.

Desires influenced by social media.

A state of feeling deprived of something needed to live/be fulfilled. (correct)

Products that are essential for survival.

What is the Product Concept according to the text?

Make your product best in its category and continuously improve it. (correct)

Focus on making products available and affordable.

Sell products aggressively to increase revenue.

Produce goods as fast and cheap as possible.

Which example best represents a Want according to the text?

Vacation house and expensive shoes Signup and view all the answers

What is the main focus of the Production Concept as explained in the text?

Make products rapidly and at low cost, concentrating on efficiency. Signup and view all the answers

Which of the following represents the Marketing Concepts outlined in the text?

Production, Product, Selling, Marketing Signup and view all the answers

What is the main idea behind the Selling Concept?

Undertaking large-scale selling and promotion efforts Signup and view all the answers

How is Customer Perceived Value best defined?

The benefit-to-cost analysis done by customers on competing offers Signup and view all the answers

What does the Marketing Concept emphasize?

Giving customers what they want Signup and view all the answers

Which factor is crucial in Customer Relationship Management (CRM) according to the text?

Drawing in customers and keeping them happy Signup and view all the answers

Why is it important that not all relationships in CRM will be the same?

To differentiate between high-margin and low-margin customers Signup and view all the answers

What is the main purpose of the Societal Concept?

To focus on long-run welfare, society's interests, and company requirements Signup and view all the answers