Marketing Principles Quiz

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What is the primary goal of marketing?

To capture value from customers in return for providing value. (correct)

To develop a marketing strategy without understanding customer needs.

To create products that are not needed.

To maximize profits without customer involvement.

What are demands in the context of marketing?

States of deprivation experienced by consumers.

Wants that are purely theoretical.

Wants that are backed by buying power. (correct)

Needs that are not expressed by consumers.

What is a characteristic of marketing myopia?

Understanding broader consumer needs beyond current wants.

Becoming indifferent to market trends and customer preferences.

Concentrating solely on existing wants without recognizing underlying needs. (correct)

Focusing on customer feedback for future products.

How do marketers set customer value and satisfaction?

By setting the right level of expectations. Signup and view all the answers

What is the definition of exchange in marketing?

The act of obtaining a desired object by offering something in return. Signup and view all the answers

What constitutes a market?

Actual and potential buyers who share a need or want. Signup and view all the answers

In marketing, what are market offerings?

Combinations of products, services, information, or experiences. Signup and view all the answers

How is customer satisfaction best achieved according to marketing principles?

By consistently exceeding customers’ expectations. Signup and view all the answers

What does market segmentation involve?

Dividing the market into segments of customers Signup and view all the answers

Which marketing management orientation emphasizes continuous product improvements?

Product concept Signup and view all the answers

What is a brand's value proposition?

The set of benefits a brand promises to deliver Signup and view all the answers

What do the selling concept's principles suggest about consumer behavior?

Consumers will buy products only if they are heavily promoted Signup and view all the answers

Which marketing management orientation asserts that consumers will favor products that are affordable?

Production concept Signup and view all the answers

What is the primary focus of target marketing?

Deciding which customer segments to pursue Signup and view all the answers

Which marketing management orientation primarily prioritizes large-scale production and efficiency?

Production concept Signup and view all the answers

What does the societal marketing concept include in its approach to marketing?

Balancing company profits, customer wants, and societal interests Signup and view all the answers

What does customer lifetime value represent?

The overall stream of purchases a customer makes over their lifetime Signup and view all the answers

Which term describes the portion of a customer's spending that a company captures in its product categories?

Share of customer Signup and view all the answers

What does customer equity represent for a company?

The total combined lifetime values of all customers Signup and view all the answers

How are customers classified in the Customer Relationship Groups Matrix?

According to their profitability and projected loyalty Signup and view all the answers

What characterizes 'barnacles' in the context of customer relationship management?

Highly loyal but not very profitable customers Signup and view all the answers

What strategy should be applied to 'strangers' in customer relationship management?

Minimize marketing efforts since they show little potential Signup and view all the answers

Which type of customer is referred to as 'true friends'?

Customers who are both profitable and loyal Signup and view all the answers

Which of the following strategies is most appropriate for managing 'butterflies'?

Capitalize on their profitability when they do buy Signup and view all the answers

What does the marketing concept emphasize in relation to target markets?

Understanding needs and delivering satisfaction better than competitors Signup and view all the answers

Which of the following is a central idea of societal marketing?

Balancing consumers' wants with long-run societal interests Signup and view all the answers

What does the marketing mix consist of?

Product, price, place, and promotion Signup and view all the answers

What is the primary focus of customer relationship management (CRM)?

Delivering superior customer value and maintaining profitable relationships Signup and view all the answers

How is customer perceived value defined?

The total benefits minus customer costs Signup and view all the answers

What is the goal of an integrated marketing program?

To create a comprehensive plan that communicates and delivers value to chosen customers Signup and view all the answers

What does customer satisfaction refer to?

The extent to which perceived performance meets a buyer's expectations Signup and view all the answers

Which statement best describes the relationship between customer perceived value and customer cost?

Customer perceived value is the total benefits minus customer cost. Signup and view all the answers