Question 1

Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?
A) market segmentation
B) the production concept
C) the marketing concept
D) the inside-out perspective
E) marketing myopia

Accepted Answer

The marketing concept follows a customer-centered "sense-and-respond" philosophy, which means the company focuses on understanding customers' needs and wants and designing products and marketing strategies to satisfy them. This is in contrast to a product-centered "make-and-sell" philosophy, where the company places more emphasis on creating products and then finding ways to sell them to customers. Market segmentation is a strategy that companies use to divide a broad target market into smaller, more homogeneous groups of customers with similar needs and characteristics. The production concept and marketing myopia are both examples of product-centered philosophies, as they focus on producing and selling products without necessarily considering customers' needs and wants. The inside-out perspective refers to a company's orientation towards its own products, capabilities, and goals, rather than those of its customers, so it also aligns more closely with a product-centered philosophy.

Question 2

Which of the following is a characteristic of customer-driven marketing?
A) Companies understand customer needs even better than customers themselves do.
B) Customers are unaware of their needs.
C) Products are created that meet both existing and latent needs, now and in the future.
D) Customers know what they want.
E) Customers don't know what is possible.

Accepted Answer

The answer of Which of the following is a characteristic...

Question 3

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
A) the product concept
B) the production concept
C) the selling concept
D) the marketing concept
E) the societal marketing concept

Accepted Answer

The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. This approach focuses on customer satisfaction and building long-term relationships with customers.

Question 4

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty?
A) customer divestment
B) customer-managed relationships
C) the societal marketing concept
D) partner relationship management
E) customer relationship management

Accepted Answer

Customer relationship management (CRM) is a marketing strategy that allows marketing managers to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty. This strategy involves collecting customer data, analyzing it, and using it to personalize marketing communications and improve the customer experience. By using CRM, marketing managers can build strong relationships with customers, improve customer retention rates, and increase customer lifetime value.

Question 5

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.
A) customer lifetime value
B) customer-perceived value
C) customer relationship management
D) partner relationship management
E) customer equity

Accepted Answer

Customer relationship management involves building and maintaining profitable customer relationships through the delivery of superior customer value and satisfaction. The other options, such as customer lifetime value, customer-perceived value, partner relationship management, and customer equity, are related concepts but do not fully encompass the idea of building and maintaining profitable customer relationships.

Question 6

When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) ambush
E) affinity

Accepted Answer

The answer of When customers don't know what they want...

Question 7

The selling concept is typically practiced ________.
A) to balance consumers' wants, company's requirements, and the society's long-run interests
B) with products that offer the most in terms of quality, performance, and innovative features
C) when the company focuses on building long-term customer relationships
D) with goods that buyers normally do not think of buying
E) by customer-driven companies

Accepted Answer

The selling concept is typically practiced with goods that buyers normally do not think of buying, where companies focus on aggressive sales techniques and promotions to convince customers to buy their products.

Question 8

________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
A) Ambush marketing
B) Evangelism marketing
C) Sustainable marketing
D) Database marketing
E) Affinity marketing

Accepted Answer

Sustainable marketing refers to marketing practices that are socially and environmentally responsible, and that seek to meet the needs of consumers and businesses while preserving or enhancing future generations' ability to meet their needs. It involves using resources responsibly, creating products and services that are safe and environmentally friendly, and promoting social responsibility through ethical behavior and philanthropy.

Question 9

Which of the following statements is true of the selling concept?
A) It requires minimum promotion efforts.
B) It creates long-term, profitable customer relationships.
C) It takes an outside-in perspective.
D) It is typically practiced with unsought goods.
E) It follows the customer-centered sense-and-respond philosophy.

Accepted Answer

The selling concept is typically practiced with unsought goods, which are products that buyers don't typically think of, don't know about, or don't want. This means that the company must use aggressive selling and promotion efforts to generate interest in the product and persuade buyers to make a purchase. However, this approach may not create long-term, profitable customer relationships, as the focus is on making a sale rather than meeting the needs and wants of the customer. The customer-centered sense-and-respond philosophy, on the other hand, emphasizes understanding the needs and wants of the customer and developing products and services that meet those needs.

Question 10

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
A) promotion mix
B) product mix
C) marketing mix
D) market offering
E) marketing effort

Accepted Answer

The marketing mix refers to the set of tactics and tools a firm uses to effectively promote its product or service to target customers. The marketing mix includes the four Ps: product, price, promotion, and place.

Question 11

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?
A) the marketing concept
B) the production concept
C) the product concept
D) the selling concept
E) the societal marketing concept

Accepted Answer

The selling concept calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships.

Question 12

A firm that uses the selling concept takes a(n) ________ approach.
A) outside-in
B) niche marketing
C) inside-out
D) societal marketing
E) customer-driven

Accepted Answer

The selling concept takes an inside-out approach, where the company focuses on aggressive promotion and selling efforts to convince customers to buy their product or service. The company's primary goal is to sell what they have produced rather than producing what the customers want.

Question 13

Which of the following is the aim of the product concept?
A) improve the marketing of a firm's best products
B) market only those products with high customer appeal
C) focus on the target market and make products that meet those customers' demands
D) focus on making continuous product improvements
E) ensure that product promotion has the highest priority

Accepted Answer

The answer of Which of the following is the aim...

Question 14

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.
A) product
B) production
C) societal marketing
D) marketing
E) selling

Accepted Answer

The concept of continuous product improvement is directly related to the product concept in marketing, which focuses on designing, producing, and improving products that offer high quality, performance, and innovative features in order to satisfy customer needs and wants.

Question 15

The marketing concept that starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers takes a(n) ________.
A) outside-in perspective
B) product-centered make-and-sell philosophy
C) inside-out perspective
D) consumer-generated marketing approach
E) telling-and-selling approach

Accepted Answer

Starting with a well-defined market and focusing on customer needs is the definition of an outside-in perspective. This concept is the foundation of the marketing concept, which seeks to align all marketing activities with customer needs and preferences.

Question 16

The societal marketing concept seeks to establish a balance between ________.
A) customer lifetime value and customer equity
B) an inside-out perspective and an outside-in perspective
C) consumer short-run wants and consumer long-run welfare
D) marketing mixes and market offerings
E) customer-driven marketing and customer-driving marketing

Accepted Answer

The societal marketing concept aims to satisfy customer needs and wants while also considering their long-term welfare and the welfare of society as a whole. Therefore, the balance is between short-term wants and long-term welfare. Choice A is incorrect because it refers to customer value, which is not directly related to the societal marketing concept. Choice B is incorrect because it refers to the difference between an inside-out perspective (company-focused) and an outside-in perspective (customer-focused), which is not the main focus of the societal marketing concept. Choice D is incorrect because it refers to two different marketing strategies, not the societal marketing concept. Choice E is incorrect because it refers to customer-driven marketing (responding to wants and needs) and customer-driving marketing (shaping wants and needs), which are not directly related to the societal marketing concept.

Question 17

________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.
A) Customer-perceived value
B) Customer lifetime value
C) Share of customer
D) Customer-managed relationship
E) Brand value proposition

Accepted Answer

Customer-perceived value is the measure of the worth that a customer puts on a product or service. It is determined by the benefits offered by a product or service relative to its costs and compared to offerings from competitors.

Question 18

The primary key to delivering customer satisfaction is to match product performance with ________.
A) the competitor products' performance
B) competitive prices
C) aggressive advertising
D) limited customer services
E) customer expectations

Accepted Answer

Meeting or exceeding customer expectations is necessary to deliver customer satisfaction. If a product performs as expected and meets the customer's needs, then they are likely to be satisfied with their purchase.

Question 19

It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs.
A) objective value
B) perceived value
C) customer lifetime value
D) company image
E) society's interests

Accepted Answer

Customers make purchase decisions based on their perceived value of a product, which includes not only objective factors like quality and price, but also subjective factors like brand reputation and emotional attachment to the product.

Question 20

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice ________ marketing.
A) customer-driven
B) customer-driving
C) affinity
D) societal
E) ambush

Accepted Answer

Customer-driving marketing involves understanding and anticipating customer needs better than the customers themselves and creating products and services to meet those needs.

Quiz 1: Marketing: Creating and Capturing Customer Value

Which of the following follows a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?

Which of the following is a characteristic of customer-driven marketing?

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty?

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.

When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing.

The selling concept is typically practiced ________.

________ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Which of the following statements is true of the selling concept?

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

A firm that uses the selling concept takes a(n) ________ approach.

Which of the following is the aim of the product concept?

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features.

The marketing concept that starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers takes a(n) ________.

The societal marketing concept seeks to establish a balance between ________.

________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

The primary key to delivering customer satisfaction is to match product performance with ________.

It is most accurate to say that when customers purchase products they act on ________ as they judge values and costs.

An organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs is said to practice ________ marketing.