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Principles Of Marketing
Customer Needs And Wants
Customer Lifetime Value
Marketing
Flash cards (30)
According to the simple five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
understand customer needs and wants
Which of the following is NOT an example of a type of market offering?

a) places

b) experiences

c) people

d) all of the above are types of market offerings

e) ideas
d) all of the above are types of market offerings
Which of the following reflects the marketing concept philosophy?

a) We"re in the business of making and selling superior products.

b) When it's profits versus customers' needs, profits will always win

c) We build them so you can buy them

d) We don't have a marketing department, we have a customer department
d) We don't have a marketing department, we have a customer department
When managing a company's marketing efforts, the conduct of a SWOT analysis should ________ the development of its marketing strategy.
precede
Customers buy from stores and firms that offer the highest ________.
perceived value
Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he/she remains in the area. This is an illustration of ________.
customer lifetime value
Which of the following is true of strategic planning in a firm?
Strategic planning deals with adapting the firm to take advantage of opportunities in its changing environment.
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
Acme Inc., has modified the production processes of its widgets and gadgets in order to enter the Eastern European market. Acme is likely following a ________ strategy.
market development
Which of the following best describes market segmentation?
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
Which of the following is true of marketing ROI?
Marketing ROI measures the profits generated by investments in marketing activities.
A society's basic values, perceptions, preferences, and behaviors are all part of its ________ environment.
cultural
Which of the following forces would marketers be MOST likely to be able to influence?

a) increasing ethnic diversity

b) geographic population shifts

c) core cultural values

d) media publics

e) income distribution
d) media publics
Which of the following statements about income distribution in the United States is NOT true?

a) The top 20 percent of American earners account for almost half of all American income.

b) The top one percent of American earners receive a higher percentage of the nation's total income than do the bottom 50 percent of American earners.

c) In recent decades, the rich have gotten richer.

d) In recent decades, the middle class has grown.

e) In recent decades, the poor have remained poor.
d) In recent decades, the middle class has grown.
T/F "From the perspective of the marketer, elements of the marketing environment are largely controllable."
False

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