MN151 Business Models - Marketing Chapter 1 Quiz

<p>Segment by customer differences (C)</p> Signup and view all the answers

<p>Innovation is punished (A)</p> Signup and view all the answers

<p>Both parties must be capable of communication and delivery. (C)</p> Signup and view all the answers

<p>Promotional Value (C)</p> Signup and view all the answers

<p>The product’s perceived performance against buyer expectations. (A)</p> Signup and view all the answers

<p>Customer Value = Perceived Benefits – Perceived Sacrifices (C)</p> Signup and view all the answers

<p>It has moved from sales emphasis to long-run profits through customer satisfaction. (A)</p> Signup and view all the answers

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

<p>Marketing is a social and managerial process... (C)</p> Signup and view all the answers

<p>Identifying customer needs (D)</p> Signup and view all the answers

<p>Financial services (C)</p> Signup and view all the answers

<p>To create and exchange value (B)</p> Signup and view all the answers

<p>Marketing has been practiced as long as commerce itself. (C)</p> Signup and view all the answers

<p>Identifying customer needs (C)</p> Signup and view all the answers

<p>Focusing on customer satisfaction (D)</p> Signup and view all the answers

<p>Producing goods economically (A)</p> Signup and view all the answers

<p>They are one of the many elements that can be marketed. (B)</p> Signup and view all the answers

<p>Identifying, anticipating, and satisfying customer requirements (A)</p> Signup and view all the answers

<p>People (C)</p> Signup and view all the answers

<p>Features and benefits of the product (A)</p> Signup and view all the answers

<p>Delivering superior customer value (C)</p> Signup and view all the answers

<p>Enhancing customer satisfaction leading to profitability (D)</p> Signup and view all the answers

<p>The complexity of market needs (D)</p> Signup and view all the answers

The value a customer perceives they receive from a product or service, considering both benefits and sacrifices.

This includes features, quality and innovation that customers perceive as valuable, such as a Dyson vacuum cleaner's perceived quality.

This refers to the emotional connection a customer has with a brand, often linked to brand image or differentiation.

This involves the quality of service, trust, and long-term relationships built with customers.

A business strategy focused on understanding and meeting customer needs, prioritizing customer satisfaction and long-term profitability.

Businesses that prioritize customer needs throughout their operations, focusing on understanding and meeting customer demands.

Businesses that focus primarily on internal operations, emphasizing efficiency and cost control over customer satisfaction.

A strategic approach that involves identifying and understanding specific groups of customers with distinct preferences.

The practice of gathering and analyzing data about customer needs, preferences, and market trends.

A systematic process of analyzing and evaluating competitors' strategies, strengths, weaknesses, and potential threats.

Marketing is the process of creating and delivering value to customers in a profitable way.

The value exchange happens when a customer is willing to give something (money, time, effort) in return for something they want or need from a business.

Customer satisfaction occurs when a product or service meets or exceeds customer expectations.

Marketing orientation is a business philosophy focused on understanding and meeting customer needs and wants.

The marketing concept is the idea that a business should focus on meeting customer needs while also achieving organizational goals.

The Marketing Mix is a set of controllable, tactical marketing tools that a company uses to produce the response it wants in the target market. The four Ps of the Marketing Mix are Product, Price, Place and Promotion.

A wide array of items and services are marketed, including tangible goods, intangible services, events, people, places, ideas, and organizations.

A business strategy focused on understanding and meeting customer needs. It prioritizes customer satisfaction and long-term profitability.

Achieving the right things by focusing on current and latent market needs to attract and retain customers. It prioritizes customer satisfaction and long-term profitability.

Doing things right. It focuses on delivering goods and services efficiently by minimizing costs and maximizing productivity.

The systematic, planned process of identifying, anticipating, and satisfying customer requirements (needs, wants, demands). It aims to do this efficiently and profitably, surpassing competitors.

A set of marketing strategies to achieve marketing objectives. It includes the marketing mix, customer relationship management, and market analysis.

The collection of marketing activities that a company uses to promote its products or services to its target market. It includes product, price, place, and promotion.

The features, benefits, branding, packaging, and after-sales service that a company provides to its customers. It's about delivering value through tangible or intangible aspects of the product.

It involves the price a company sets for its products or services. It needs to consider costs, profitability, value for money, competitiveness, and incentives.