12 Questions
What are the three Marketing Steps?
Engage Customers, Build Strong Relationships with Customers, and Create Customer Value
What is the difference between a Need and a Want?
Needs are essential for survival, while wants are optional desires.
What does the Production Concept emphasize?
Maximizing production efficiency and availability of products
Which marketing concept focuses on making the product the best of its kind?
Product Concept
What are Demands defined as?
Wants backed by buying power
Which marketing step focuses on building strong relationships with customers?
Build Strong Relationships with Customers
What does the Marketing Concept emphasize?
Understanding customer needs and fulfilling them
Which of the following best defines Customer Perceived Value?
The benefit-to-cost analysis done by customers on competing offers
Why is it important that not all customer relationships will be the same?
To differentiate between different customer segments
What is the key factor in determining True Friends as per the text?
Profitability and loyalty
Which of the following is NOT one of the 4 P's of the Marketing Mix?
Placement
What is the main focus of the Societal Concept in marketing?
Considering long-run welfare and society's interests
Test your knowledge of Marketing with these flashcards, covering topics such as Marketing Steps, definition of Marketing, Needs, and Wants.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
