Marketing Principles Quiz

The act of obtaining a desired object from someone by offering something in return.

The set of actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships.

A combination of products, services, information, or experiences offered to satisfy a need or want.

The degree to which a product meets or exceeds a customer's expectations.

Focusing on existing wants and losing sight of underlying consumer needs.

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

States of deprivation.

The form that wants take.

The process of dividing a market into groups of customers with similar needs and wants.

The process of selecting which customer segments to target with marketing efforts.

The set of values or benefits a brand promises to deliver to customers to satisfy their needs.

A marketing approach that focuses on producing and distributing products efficiently and at low costs.

A marketing approach that emphasizes providing high-quality products and continuous improvements.

A marketing approach that relies heavily on advertising and selling efforts to persuade customers to buy products.

A marketing approach that focuses on understanding and satisfying customer needs and wants while considering the long-term well-being of customers and society.

A marketing approach that considers the long-term interests of customers, society, and the environment.

A marketing philosophy that considers not only customer wants and company requirements but also long-term consumer and societal interests.

The set of tools (product, price, place, and promotion) that a company uses to implement its marketing strategy.

A comprehensive plan that communicates and delivers the intended value to chosen customers.

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

The difference between the total customer perceived benefits and customer costs.

A process that involves understanding the marketplace, designing a customer-driven marketing strategy, constructing an integrated marketing program, managing the marketing effort, and capturing customer value.

The total value of all purchases a customer is expected to make throughout their relationship with a company.

The proportion of a customer's purchases in specific product categories that a company captures.

The combined value of all a company's customers' lifetime values.

Customers who are potentially profitable but not loyal.

Customers who are both highly loyal and profitable.

Customers who are highly loyal but not very profitable.

Customers who show low potential profitability and little projected loyalty.

Different customer types require different management strategies to maximize their value.