Principles of Marketing Chapter 1 Quiz: Test Your Knowledge

Study Notes

What Is Marketing?

Marketing is a process that creates value for customers and builds strong customer relationships to capture value from customers in return.

The Marketing Process

The marketing process involves understanding the marketplace and customer needs, designing a customer value-driven marketing strategy, and preparing an integrated marketing plan and program.

Understanding the Marketplace and Customer Needs

Customer needs are states of deprivation, while wants are needs with specific objects that will satisfy them.
Demands are wants backed by buying power.
Market offerings are combinations of products, services, information, or experiences that satisfy a need or want.
Marketing myopia occurs when companies focus only on existing wants and lose sight of underlying consumer needs.

Customer Value and Satisfaction

Customer value is the unique benefit that a company offers to its customers.
Customer satisfaction is a function of the customer's expectation and perceived performance.

Exchanges and Relationships

An exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing actions aim to create, maintain, and grow desirable exchange relationships.

Markets

A market consists of all the potential customers sharing a particular need or want.

Designing a Customer Value-Driven Marketing Strategy

Marketing management involves choosing target markets and building profitable relationships with them.
Market segmentation divides markets into segments of customers, and target marketing involves selecting which segments to target.

Selecting Customers to Serve

A company's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.

Marketing Management Orientations

The production concept focuses on providing products that are available and affordable.
The product concept focuses on continuous product improvements to offer the best quality, performance, and features.
The selling concept focuses on large-scale selling and promotion efforts to convince customers to buy.
The marketing concept involves knowing the needs and wants of target markets and delivering satisfaction better than competitors.
The societal marketing concept considers consumers' wants, company requirements, and long-run societal interests.

Preparing an Integrated Marketing Plan and Program

The marketing mix consists of the four Ps: product, price, promotion, and place.
An integrated marketing program is a comprehensive plan that communicates and delivers intended value to chosen customers.

Description

Test your knowledge on the introduction to marketing, marketing processes, understanding the marketplace, and customer needs according to Principles of Marketing Chapter 1. This quiz is based on the content from Copyright © 2016 Pearson Education, Inc.