AU Marketing MKTG 396 (Chp.
1-7) questions and answers
Marketing - answer The process by which companies create value
for customers and build strong customer relationships in order to
capture value from customers in return.
Needs - answer States of felt deprivation.
Wants - answer The form human needs take as they are shaped by
culture and individual personality.
Demands - answer Human wants that are backed by buying power.
Market Offerings - answer Some combination of products, services,
information, or experiences offered to a market to satisfy a need or
want.
Marketing Myopia - answer The mistake of paying more attention
to the specific products a company offers than to the benefits and
experiences produced by these products.
Exchange - answer The act of obtaining a desired object from
someone by offering something in return.
Market - answer The set of all actual and potential buyers of a
product or service.
Marketing Management - answer The art and science of choosing
target markets and building profitable relationships with them.
, Production Concept - answer 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 - answer 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 - answer 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 - answer 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) - answer 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 - answer The overall process
of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction.
Customer-perceived Value - answer 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 - answer The extent to which a product's
perceived performance matches a buyer's expectations.
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