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AU Marketing MKTG 396 (Chp. 1-7) - Athabasca University
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AU Marketing MKTG 396 (Chp. 1-7) - Athabasca University
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AU Marketing MKTG 396 (Chp. 1-7) - Athabasca UniversityMarketing ✔ Ans - The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Needs ✔ Ans - States of felt deprivation.
Wants ✔ Ans - The form human needs take as they are shaped by culture and individual personality.
Demands ✔ Ans - Human wants that are backed by buying power.
Market Offerings ✔ Ans - Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing Myopia ✔ Ans - The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Exchange ✔ Ans - The act of obtaining a desired object from someone by offering something in return.
Market ✔ Ans - The set of all actual and potential buyers of a product or
service.
Marketing Management ✔ Ans - The art and science of choosing target markets and building profitable relationships with them.
Production Concept ✔ Ans - The idea that consumers will favour products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
Product Concept ✔ Ans - The idea that consumers will favour products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continual product improvements.
Selling Concept ✔ Ans - The idea that consumers will not buy enough of
the firm's products unless the firm undertakes a large-scale selling and promotion effort.
Marketing Concept ✔ Ans - A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal Marketing Concept (societal marketing) ✔ Ans - The idea that a
company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
Customer Relationship Management ✔ Ans - The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived Value ✔ Ans - The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Customer Satisfaction ✔ Ans - The extent to which a product's perceived performance matches a buyer's expectations.
Customer-engagement Marketing ✔ Ans - Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continual customer involvement in shaping brand conversations, experiences, and community.
Consumer-generated Marketing ✔ Ans - Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
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