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Chapter 1 Game. Concepts. Concepts. Concepts. Short Answer. Concepts. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500.

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Chapter 1 Game

Concepts

Concepts

Concepts

Short Answer

Concepts

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Everywhere, at home, at school, at work and at the supermarket. Marketing is all around us, all the time!


What are marketers susceptible to when they get too preoccupied with their own products and lose sight of underlying consumer needs.


Marketing Myopia preoccupied with their own products and lose sight of underlying consumer needs.


The set of actual and potential buyers of a product. preoccupied with their own products and lose sight of underlying consumer needs.


A Market preoccupied with their own products and lose sight of underlying consumer needs.



Market Offerings of ____________?



Value Proposition consumers to satisfy their needs?


In addition to attracting new customers and creating transactions, the goal of marketing is to _________ customers and grow their business.


Retain transactions, the goal of marketing is to _________ customers and grow their business.



Marketers want consumers to search out them, adopt their brand/product in their identity and build long term customer relationships. The “hard” sell is no longer a long term sustainable strategy.



They look “inside” their company for a product then find a market to buy it. An outside-in approach would look to the market first then create a product to fit the market’s needs, wants and demands.



Target Marketing serve is called ____________?


The serve is called ____________?set of marketing tools a firm uses to implement its marketing strategy is called the _____________?

DAILY DOUBLE


Marketing Mix serve is called ____________?


Why is it important for EVERYONE in the company to participate in the marketing effort?



Using customer profitability analysis to weed out unprofitable customers and target winning ones for pampering is referred to as ________________?


Selective Relationship Management unprofitable customers and target winning ones for pampering is referred to as ________________?


In the case of excess demand, _____________ may be required to reduce the number of customers or to shift demand temporarily or permantly.


Demarketing to reduce the number of customers or to shift demand temporarily or


What is the most important concept of modern marketing? to reduce the number of customers or to shift demand temporarily or

DAILY DOUBLE


Customer Relationship Management to reduce the number of customers or to shift demand temporarily or


Striving to create exceptional value and service for customers and aiming to exceed customer expectations will likely create ________________?


Customer Delight customers and aiming to exceed customer expectations will likely create ________________?



Few customers will be satisfied attempts to serve all customers?


Consumer wants, society’s interests and company profits are all fundamental to this marketing management concept?


Societal Marketing Concept are all fundamental to this marketing management concept?


What is the term for customers who make repeat purchases and tell others about their positive experiences with a product or service? The crazy people who really LOVE the company and product. Think tattoos!


Customer Evangelists tell others about their positive experiences with a product or service? The crazy people who really LOVE the company and product. Think tattoos!


How would lowering prices increase customer satisfaction? tell others about their positive experiences with a product or service? The crazy people who really LOVE the company and product. Think tattoos!




Customer Perceived Value __________________ value?



Sellers __________________ value?should consider the particular benefits and experiences produced by their products, rather than focusing primarily on the specific products they offer. In addition, sellers must not lose sight of underlying customer needs.



The company’s aim is to sell its supplies rather than make what the market wants; such a strategy creates sales transactions but not long-term relationships. The company’s likely faulty assumption is that customers who are persuaded to buy the product will like it or that they will buy the product again even if they weren’t really initially satisfied. Company X will not foster customer loyalty with this approach.



The production concept holds that consumers favor products that are available and affordable. With this concept, manufacturers work to increase production and improve manufacturing efficiency. Beanie Babies manufacturers purposefully limited production, making their products less available and less affordable, a technique that contradicts the philosophy of the production concept.



Customer just customer satisfaction, but customer delight. Explain. satisfaction cannot be taken for granted. Because brand loyalty is dependent upon strong customer satisfaction, companies strive to retain, satisfy, and even delight current customers. Firms create customer delight by promising only what they can deliver and then delivering more than what they promised. They also create emotional relationships with key customers. Delighted customers make repeated purchases and become customers for life. More importantly, they also essentially become an unpaid sales force for the firm as “customer evangelists” who tell other potential customers about their positive experiences with the product.


  • A modern marketing system relies on profitable relationships, including the relationship buyers have with sellers. For example, an organization’s purchasing agents must identify sellers and negotiate for beneficial terms. Considering this, what might Wal-Mart rely on in order to offer low prices?


Wal-Mart relationships, including the relationship buyers have with sellers. For example, an organization’s purchasing agents must identify sellers and negotiate for beneficial terms. Considering this, what might Wal-Mart rely on in order to offer low prices?must rely on suppliers that will provide merchandise at low costs. Wal-Mart should focus on supply chain management.


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