Marketing Principles Overview

False (B)

Product, Price, Place, Promotion

Signup and view all the answers

<p>Prioritizing customer needs above all else (D)</p> Signup and view all the answers

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

<p>B2B marketing involves businesses selling to other businesses, while B2C marketing involves businesses selling directly to consumers.</p> Signup and view all the answers

<p>consumer needs and wants</p> Signup and view all the answers

<p>Product Orientation = Focus on product innovation and distribution Sales Orientation = Emphasis on selling products despite customer needs Market Orientation = Prioritizing customer needs and wants Value-based Orientation = Triple bottom line: people, profit, planet</p> Signup and view all the answers

<p>Prioritizing profit over customer service (B)</p> Signup and view all the answers

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

<p>Customer lifetime value (CLV) refers to the total revenue a company can expect to generate from a single customer over their entire relationship with the business.</p> Signup and view all the answers

<p>Safety and convenience (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Supply chain management</p> Signup and view all the answers

<p>communicated</p> Signup and view all the answers

<p>Price = Transacting value Place = Delivering value Promotion = Communicating value Product = Creating value</p> Signup and view all the answers

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

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

<p>sophisticated information technology</p> Signup and view all the answers

<p>customer relationship management</p> Signup and view all the answers

<p>Increases costs (D)</p> Signup and view all the answers

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

<p>Global presence = Goods are available from countries worldwide Entrepreneurial = Encourages innovation and new ventures Persuasive = Influences various members of the supply chain Enrichment = Enhances societal wellbeing</p> Signup and view all the answers

<p>Focus on key benefits and eliminate unnecessary costs</p> Signup and view all the answers

<p>Marketers assess the effectiveness of their advertising (A)</p> Signup and view all the answers

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

<p>Need, Want</p> Signup and view all the answers

<p>To satisfy customer needs and wants (B)</p> Signup and view all the answers

<p>Product = Creating value through offerings Price = Exchanging value through pricing strategies Place = Delivering value via distribution methods Promotion = Communicating value to consumers</p> Signup and view all the answers

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

<p>A customer segment that a firm is interested in selling its products and services to.</p> Signup and view all the answers

Signup and view all the answers

<p>Value; exchange</p> Signup and view all the answers

<p>Building and maintaining a loyal customer base, creating a product that satisfies various demands, establishing value through marketing, and protecting the brand constantly.</p> Signup and view all the answers

<p>C) Developing new product features (C)</p> Signup and view all the answers

<p>Sales</p> Signup and view all the answers

<p>B) People, profit, and planet (B)</p> Signup and view all the answers

<p>By sharing information, balancing benefits and costs, building long-term customer relationships, and connecting with customers using technology and social media.</p> Signup and view all the answers

<p>Supply chain management</p> Signup and view all the answers

<p>D) Increases costs (D)</p> Signup and view all the answers

<p>Small; innovation</p> Signup and view all the answers

<p>A) Consumer (A)</p> Signup and view all the answers

The study of how individuals make decisions to spend their resources on consumption-related items.

A combination of factors that can be controlled by a company to influence consumers to purchase its products.

The amount of money that a buyer pays in exchange for a product or service, representing what the buyer gives up.

The activities needed to get the product to the customer when they want it, involving logistics and supply chain management.

Communication activities aimed to inform, persuade, and remind potential buyers about a product or service.

A set of practices for planning and presenting products to build consumer relationships.

Product, Price, Place, Promotion; key elements for effective marketing.

The strategy of presenting a product in a way that resonates with customers.

Need is a basic necessity; Want is how to fulfill that need.

Specific segments of consumers that a business aims to sell its products to.

The process where two parties exchange value, not just money for goods.

Refers to the goods, services, or ideas offered to meet consumer needs.

Activities aimed at communicating the value of a product to the customer.

Business-to-Business marketing where transactions happen between businesses.

Business-to-Consumer marketing where businesses sell directly to consumers.

Consumer-to-Consumer marketing where individuals sell goods to each other.

Focus on creating innovative products with little concern for consumer needs.

View of marketing as primarily selling products, often neglecting customer wants.

Starting with consumer needs to design and sell products.

Focus on the triple bottom line: people, profits, and planet.

Firms that share information and focus on long-term customer relationships.

Critical for coordinating sales, forecasting, and delivery in firms.

A long-term view of the profitability of a customer relationship.

Using data to strengthen long-term customer relationships.

Using social media platforms to connect with and engage customers.

Understanding and focusing on core benefits while minimizing costs.

Expands a firm’s presence by reaching consumers globally.

Ensuring every supply chain step adds value to the customer.

Collecting and sharing data to predict upcoming fashion trends.