The Marketing Concept Learning Outcome 1 Quiz

Test your knowledge on the marketing concept, which involves identifying consumer needs, producing goods or services, and making a profit for the organization. Explore key aspects like getting the right goods or services to the right people using the appropriate promotion techniques.

Created by

@MarvellousFeynman

Study Flashcards Play Quiz

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?

Marketing

What does customer value represent?

The benefits relative to the sacrifice needed to obtain them

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

Relationship Marketing

Customer satisfaction is best described as:

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

What is the marketing concept focused on?

Identifying consumer needs and producing goods or services to satisfy them profitably 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?

Cost competitive advantage 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?

Product/Service differentiation competitive advantage 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?

Product/Service differentiation competitive advantage 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:

Niche competitive advantage Signup and view all the answers

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

Relationship marketing strategy Signup and view all the answers

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

The Marketing Concept Learning Outcome 1 Quiz

Access to a Library of 520,000+ Quizzes & Flashcards

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?

What does customer value represent?

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

Customer satisfaction is best described as:

What is the marketing concept focused on?

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?

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

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

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

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

Studying That Suits You

More Quizzes Like This

The Marketing Concept and Consumer Behavior Quiz

Fundamentals of Digital Marketing 2022 Basics Quiz

Societal Marketing Concept and Share Value

Marketing Basics and Concepts Quiz

Upgrade to continue