Marketing

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Which one of the following best describes marketing?

The process of attracting new customers

The process of capturing value from customers

The process of building strong customer relationships

The process of creating customer value (correct)

What are the two main functions of marketing?

Delivering value and satisfaction to customers

Understanding the marketplace and customer needs and wants

Attracting new customers and building strong customer relationships (correct)

Capturing value from customers and creating customer delight

What is customer equity?

The value derived from the number of customers and brand loyalty (correct)

The value obtained by the seller from the customer

The value derived from sales and profits

The value obtained by the customer from the seller

What is the formula for calculating customer equity?

Average Customer Lifetime Value (CLTV) x Number of Customers Signup and view all the answers

What are market offerings?

Products, services, information, and experiences offered to a market Signup and view all the answers

What are customer needs?

States of felt deprivation Signup and view all the answers

What are customer wants?

Form human needs take as they are shaped by culture and individual personality Signup and view all the answers

What are customer demands?

Human wants that are backed by buying power Signup and view all the answers

What is the first step in the marketing process?

Understanding the marketplace and customer needs and wants Signup and view all the answers

What is the last step in the marketing process?

Capturing value from customers in return to create profits and customer equity Signup and view all the answers

Which of the following is NOT included in market offerings?

Persons Signup and view all the answers

What is the act of obtaining a desired object from someone by offering something in return called?

Exchange Signup and view all the answers

What is the set of actual and potential buyers of a product or service called?

Market Signup and view all the answers

What is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction called?

Customer relationship management Signup and view all the answers

Which marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Marketing concept Signup and view all the answers

What are the four components of a company's Marketing Mix (4 P's)?

Product, Price, Place, Promotion Signup and view all the answers

What is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers called?

Perceived value Signup and view all the answers

What is the use of digital marketing tools such as websites, social media, mobile apps, and ads to engage consumers anywhere, at any time via their digital devices called?

Digital and social media marketing Signup and view all the answers

What is all about fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community called?

Customer engagement Signup and view all the answers

What is it called when consumers themselves create brand exchanges and play an increasing role in shaping their own brand experiences and those of others?

Consumer-generated marketing Signup and view all the answers