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Marketing Terms Overview

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Questions and Answers

What is the difference between wants and demands?

Wants are human needs, while demands are a form of felt deprivation

Wants are shaped by culture and individual personality, while demands are backed by buying power (correct)

Wants are products offered in the market, while demands are consumer expectations

Wants are backed by buying power, while demands are shaped by culture and individual personality

What does the concept of Marketing Myopia refer to?

Focusing more on the benefits and experiences produced rather than specific products

Creating, maintaining, and growing exchange relationships through marketing actions

Paying attention to the specific products rather than the overall value and experiences delivered (correct)

Choosing target markets and building profitable relationships with them

What is the core focus of Societal Marketing concept?

Meeting present needs of consumers while preserving the ability of future generations to meet their needs (correct)

Delivering satisfaction better than competitors

Promoting large scale selling and promotion efforts

Creating sustainable marketing strategies for long-term profit

How does Marketing Management differentiate from Marketing as a process?

Marketing management includes choosing target markets and building relationships, while marketing is the art of delivering satisfaction Signup and view all the answers

How do customers form expectations about market offerings?

Through the value and satisfaction experienced from market offerings Signup and view all the answers

What are the four Ps of the marketing mix?

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

Which term describes the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction?

Customer relationship management Signup and view all the answers

What does 'customer lifetime value' refer to?

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

In the context of Customer Relationship Groups, which group represents customers with the lowest profit potential?

Barnacles Signup and view all the answers

What does 'Not-for-profit marketing' aim to help organizations attract?

Membership, funds, and support Signup and view all the answers