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Business
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Marketing
Quiz 1: Marketing: Creating and Capturing Customer Value
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Question 21
Short Answer
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. product production selling equity marketing
Question 22
Short Answer
"Build a better mousetrap and the world will beat a path to your door" reflects the ________ concept. production marketing selling product target marketing
Question 23
Essay
The product concept says that a company should ________. improve marketing of its best products market only those products with high customer appeal focus on the target market and make products that meet those customers' demands devote its energy to making continuous product improvements make promoting products the top priority
Question 24
Essay
Which of the following reflects the marketing concept philosophy? "We don't have a marketing department, we have a customer department." "We're in the business of making and selling superior products." "We build them so you can buy them." "When it's profits versus customers' needs, profits will always win out." "You won't find a better deal anywhere."
Question 25
Short Answer
________ is the set of benefits a company promises to deliver to its consumers to satisfy their needs. A money-back guarantee Low pricing Good customer service A value proposition An attribute
Question 26
Short Answer
When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing. customer-driven customer-driving societal production product
Question 27
Essay
Customer-driven marketing is most likely to work well when ________ and when customers ________. a clear need exists; are difficult to identify customers do not know what they want; have limited budgets there are few competitors; are concerned about their long-run welfare a clear need exists; know what they want a want exists; cannot afford it
Question 28
Essay
An effective value proposition answers the question _______________. "Why should I buy your brand rather than a competitor's?" "How does your brand benefit me and society?" "What are the costs and benefits of your brand?" "What kind of experience will I have with products and services associated with this brand?" "What are the benefits of being a loyal consumer of your brand?"
Question 29
Short Answer
Which of the following consumer products would likely be marketed using the selling concept? laundry detergent funeral services chocolate bars hair stylist services computer tablets
Question 30
Short Answer
The set of marketing tools a firm uses to implement its marketing strategy is called the ________. promotion mix product mix marketing mix TQM marketing effort
Question 31
Short Answer
If this is the only marketing management concept adopted, manufacturers can develop to marketing myopia? customer-driven marketing customer-driving marketing societal marketing selling product
Question 32
Short Answer
The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. short-run costs and profits short-run ethics long-run welfare immediate health value propositions
Question 33
Short Answer
The ________ concept calls for aggressive selling and promotion effort. marketing production product selling societal marketing
Question 34
Short Answer
The authors of the text would argue that __________ is the most fundamental concept of modern marketing. customer relationship management social media broadcast advertising properly trained sales people low prices