Marketing Fundamentals Overview

<p>Long-term benefits for customers and communities (C)</p> Signup and view all the answers

<p>Consumerism and environmentalism (B)</p> Signup and view all the answers

<p>Delivering value to customers while considering societal well-being (A)</p> Signup and view all the answers

<p>Comprehensive analysis of all stakeholders including society, consumers, and the company (C)</p> Signup and view all the answers

<p>It emphasizes consumer interests over company profits (B)</p> Signup and view all the answers

<p>Marketing strategies must benefit both consumers and society (B)</p> Signup and view all the answers

<p>They should be integrated into marketing strategies for sustainability (A)</p> Signup and view all the answers

<p>To create value for customers and build relationships (A)</p> Signup and view all the answers

<p>It emphasizes long-term engagement and customer loyalty. (C)</p> Signup and view all the answers

<p>By providing ongoing services and building strong relationships (B)</p> Signup and view all the answers

<p>Delivering products and services that meet customer needs and preferences (B)</p> Signup and view all the answers

<p>The necessity to adapt to more relationship-focused dynamics (C)</p> Signup and view all the answers

<p>Product, Price, Promotion, Place (C)</p> Signup and view all the answers

<p>Building and maintaining profitable customer relationships (B)</p> Signup and view all the answers

<p>A customer's evaluation of all benefits versus costs of a market offering (D)</p> Signup and view all the answers

<p>Matching perceived performance with expectations (C)</p> Signup and view all the answers

<p>By fostering continuous customer involvement (B)</p> Signup and view all the answers

<p>They maximize customer loyalty. (B)</p> Signup and view all the answers

<p>Perceived performance aligning with expectations (A)</p> Signup and view all the answers

<p>Profit (B)</p> Signup and view all the answers

<p>Large-scale selling and promotion efforts (A)</p> Signup and view all the answers

<p>Unsought goods (C)</p> Signup and view all the answers

<p>High levels of customer disengagement (A)</p> Signup and view all the answers

<p>Understanding the needs and wants of target markets (B)</p> Signup and view all the answers

<p>Customer-centered approach (A)</p> Signup and view all the answers

<p>Focusing on selling transactions (B)</p> Signup and view all the answers

<p>Building customer focus and value leads to sales. (C)</p> Signup and view all the answers

<p>Customer feedback mechanisms (D)</p> Signup and view all the answers

<p>To attract new customers by promising superior value (B)</p> Signup and view all the answers

<p>To grow current customers by delivering satisfaction (B)</p> Signup and view all the answers

<p>Attract new customers and deliver superior value to existing ones (B)</p> Signup and view all the answers

<p>Television commercials from the 1980s (B)</p> Signup and view all the answers

<p>Focusing solely on product features (C)</p> Signup and view all the answers

<p>Boosting customer loyalty and repeat business (C)</p> Signup and view all the answers

<p>The continuous evolution of marketing practices (A)</p> Signup and view all the answers

<p>Building relationships with customers (B)</p> Signup and view all the answers

Marketing is the process of creating value for customers, building strong relationships, and capturing value in return.

Marketing is a fundamental function within a business organization.

Marketing focuses on creating value for customers, which can include meeting their needs and desires.

Building strong customer relationships is essential for long-term success in marketing.

Capturing value from customers involves generating revenue and profits through sales and brand loyalty.

A marketing approach that prioritizes the well-being of both customers and society in its marketing strategies.

The concept emphasizes that a company's marketing decisions should consider not just consumer wants but also the long-term interests of both the consumer and society.

The societal marketing concept aims to make a company's marketing strategies contribute to a better future.

The societal marketing concept acknowledges that customers' wants should be met while ensuring those wants don't negatively impact the larger society.

The societal marketing concept ensures that a company's marketing actions are ethically sound and contributing to a positive future.

Considering the overall industry trends, competitors' actions, and potential opportunities, both within and outside the company's local region.

A marketing approach that prioritizes long-term sustainability by balancing economic needs, environmental responsibility, and social well-being.

Businesses are increasingly expected to act ethically and contribute positively to society, demonstrating a commitment to social responsibility.

Consumers are increasingly aware of environmental issues and are choosing products and brands that align with their values.

The widespread practice of purchasing goods and services, often driven by consumerism and marketing.

The practice of attracting and retaining customers by delivering superior value and satisfaction.

Attracting new customers by promising superior value.

Growing existing customer relationships by delivering satisfaction.

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Needs, wants, and demands; target markets; value and satisfaction; exchange relationships; and marketing channels.

A philosophy that focuses on understanding and meeting customer needs.

A combination of traditional and modern tools, such as websites, mobile apps, online videos, and social media.

The fundamental objective of marketing is to create value for the customer.

A marketing approach that focuses on aggressive selling and promotion efforts to convince customers to buy products they may not necessarily want or need.

This concept prioritizes customer needs and wants, aiming to deliver superior value and satisfaction to achieve organizational goals.

Products that customers don't typically think about buying, like life insurance or blood donations. They require significant effort to sell.

A product-centric approach that focuses on producing and selling products without considering customer needs or wants.

A customer-centric approach prioritizes understanding and meeting customer needs and wants to build long-term, profitable relationships.

The marketing concept emphasizes delivering value and satisfaction to customers, leading to both sales and profits.

A marketing strategy focused on building strong, lasting customer relationships, prioritizing their satisfaction and loyalty.

The marketing concept emphasizes creating a customer-centric philosophy, replacing the traditional 'make-and-sell' approach with a customer-focused one.

The marketing mix is a set of four key tools that businesses use to achieve their marketing objectives.

Product refers to the goods or services that a business offers to its customers. This includes features, benefits, design, and packaging.

Price is the amount of money customers are willing to pay for a product or service. It considers production costs, competitor pricing, and customer value.

Place refers to how and where a product is made available to customers. This includes distribution channels and accessibility.

Promotion refers to all the activities a business undertakes to communicate the value of its products or services to customers. This may include advertising, public relations, and sales promotions.

Customer Relationship Management (CRM) is the process of building and maintaining relationships with customers by providing excellent service and value. It involves managing customer information and interactions to foster loyalty.

Customer-perceived value is the customer's evaluation of the benefits they receive from a product or service compared to the costs, considering alternatives.

Customer satisfaction is the extent to which a customer's expectations are met or exceeded by the performance of a product or service.