The Marketing Concept Learning Outcome 1 Quiz
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Questions and Answers

What is the process of getting the right goods or services or ideas to the right people at the right place, time, and price called?

  • Supply Chain Management
  • Promotion Strategy
  • Consumer Behavior Analysis
  • Marketing (correct)
  • What does customer value represent?

  • The profit margin
  • The advertising budget
  • The cost of goods sold
  • The benefits relative to the sacrifice needed to obtain them (correct)
  • Which strategy focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction?

  • Inbound Marketing
  • Mass Marketing
  • Relationship Marketing (correct)
  • Market Penetration
  • Customer satisfaction is best described as:

    <p>The customer's feeling that a product has met or exceeded expectations</p> Signup and view all the answers

    What is the marketing concept focused on?

    <p>Identifying consumer needs and producing goods or services to satisfy them profitably</p> Signup and view all the answers

    What type of competitive advantage does a firm have when it can produce a product at a lower cost than its competitors while maintaining satisfactory profit margins?

    <p>Cost competitive advantage</p> Signup and view all the answers

    Which type of competitive advantage exists when a firm provides something unique that is valuable to buyers beyond just offering a low price?

    <p>Product/Service differentiation competitive advantage</p> Signup and view all the answers

    Which type of competitive advantage tends to be longer lasting because it is not easily eroded by competitors catching up?

    <p>Product/Service differentiation competitive advantage</p> Signup and view all the answers

    A company that targets and effectively serves a single segment of the market within a limited geographic area has a:

    <p>Niche competitive advantage</p> Signup and view all the answers

    Which strategy focuses on offering value and providing customer satisfaction to forge long-term partnerships with customers?

    <p>Relationship marketing strategy</p> Signup and view all the answers

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