MARKETING

Question 1

can be defined as the process by which companies create value for customers and build strong   relationships to capture value from customers in return

Accepted Answer

marketing

Question 2

are states of felt deprivation and can include physical, social and individual needs

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human needs

Question 3

are the form human take as they are shaped by culture and individual personality

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wants

Question 4

are human wants that are backed by buying power

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demands

Question 5

are a combination of products, services and experiences offered to a market to a need or want. These can be physical products, but also services – activities that are essentially intangible.

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market offerings

Question 6

key building blocks for customer relationships

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value and satisfaction

Question 7

are the acts of obtaining a desired object form someone by offering something in return.

Accepted Answer

exchange

Question 8

is the set of all actual and potential buyers of a product or service

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market

Question 9

involves serving a market of final consumers in the face of competitors.

Accepted Answer

marketing

Question 10

is the art and science of choosing target markets and building profitable relationships with them

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marketing management

Question 11

is the set of benefits or values a company promises to deliver. Five concepts to carry out their marketing strategy.

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value proposition

Question 12

the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.

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production concept

Question 13

the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvement

Accepted Answer

product concept

Question 14

the idea that consumers will not buy enough of the firm’s product, unless it undertakes a large-scale selling and promotion effort.

Accepted Answer

selling concept

Question 15

the idea that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

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marketing concept

Question 16

is the idea that a company’s marketing decisions should consider consumer wants, the company’s requirements, consumers’ long-term interests and society’s long-term interests.

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societal marketing concept

Question 17

outlines which customers it will serve and how it will create value

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marketing strategy

Question 18

is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Accepted Answer

Customer relationship management

Question 19

is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

Accepted Answer

customer lifetime value

Question 20

is the total combined customer lifetime values of all of the company’s customers.

Accepted Answer

customer equity