MKTG 3101 Exam 1 Study Guide Verified Solutions
Marketing ️The process by which companies engage customers, build strong customer relationships,
and create customer value in order to capture value from customers in return.
Needs ️state of felt deprivation
wants ️the form human needs t...
MKTG 3101 Exam 1 Study Guide Verified Solutions
Marketing ✔️The process by which companies engage customers, build strong customer relationships,
and create customer value in order to capture value from customers in return.
Needs ✔️state of felt deprivation
wants ✔️the form human needs take as they are shaped by culture and individual personality
demands ✔️Human wants that are backed by buying power
market offerings ✔️some combination of products, services, information, or experiences offered to a
market to satisfy a need or want
marketing myopia ✔️the mistake of paying more attention to the specific products a company offers
than to the benefits and experiences produced by these products
exchange ✔️the act of obtaining a desired object from someone by offering something in return
market ✔️the set of all actual and potential buyers of a product or service
marketing management ✔️the art and science of choosing target markets and building profitable
relationships with them
production concept ✔️the idea that consumers will favor products that are available and highly
affordable; therefore, the organization should focus on improving production and distribution efficiency
product concept ✔️the idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy to making continuous
product improvements
, selling concept ✔️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 ✔️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 ✔️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 ✔️The overall process of building and maintaining profitable
customer relationships by delivering superior customer value and satisfaction
customer perceived value ✔️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 ✔️the extent to which a product's perceived performance matches a buyer's
expectations
Customer-engagement marketing ✔️making the brand a meaningful part of consumers' conversations
and lives by fostering direct and continuous customer involvement in shaping brand conversations,
experiences, and community
customer brand advocacy ✔️actions by which satisfied customers initiate favorable interactions with
others about a brand
Consumer-generated marketing ✔️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
partner relationship management ✔️working closely with partners in other company departments and
outside the company to jointly bring greater value to customers
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