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Chapter 1. Marketing: Creating Customer Value and Engagement

Marketing is about satisfying customer needs through managing customer relationships. The marketing process involves understanding the marketplace and customers' needs, designing a strategy to target markets, constructing a program to deliver customer value and satisfaction, and building profitable relationships. The marketing concept focuses on knowing customer needs better than competitors to achieve corporate goals.

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Tieu Ha
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89 views

Chapter 1. Marketing: Creating Customer Value and Engagement

Marketing is about satisfying customer needs through managing customer relationships. The marketing process involves understanding the marketplace and customers' needs, designing a strategy to target markets, constructing a program to deliver customer value and satisfaction, and building profitable relationships. The marketing concept focuses on knowing customer needs better than competitors to achieve corporate goals.

Uploaded by

Tieu Ha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Chapter 1.

Marketing: Creating Customer Value and Engagement


1.Marketing is __c___.
a) the same as advertising and sales
b) not used by small corporations
c) about satisfying customer needs
d) making a profit
2. Marketing is ___c______.
a) part of manufacturing
b) part of the finance department
c) managing customer relationships
d) sales promotion
3. The first step in the marketing process is to design a marketing strategy.
false
4.Now that we have created value for customers, the final step in the marketing process is to capture
value from them.
true
5.The most basic concept underlying marketing is that of __c___.
a) profits
b) products
c) human needs
d) services
6.Outstanding marketing companies go to great lengths to learn about and understand the customers’
needs, wants, and demands.
true
7.Market offerings are limited to physical products.
false
8.The art and science of selecting target markets and developing profitable relationships with those
markets is called marketing __d___.
a. profiles
b. maneuvers
c. selection
d. management
9.Which marketing philosophy purports that achieving corporate goals depends on knowing the
needs/wants of your markets and delivering the desired satisfactions better than your competitors?
1
a) 1.production concept
b) 2.product concept
c) 3.selling concept
d) 4. marketing concept
10.Customer relationship management (CRM) deals with all aspects of acquiring, keeping, and
growing customers.
true
11.To build lasting customer relationships, organizations should focus on delivering _____ and
_____.
a. high quality products; low prices
b. customer value; customer satisfaction
c. customer satisfaction; customer growth
d. customer value; high profits
12.The set of benefits/values a company promises to its customers is called _______.
a. value proposition
b. advertising
c. supply and demand
d. production concept
13. Companies that research current customers, gather new product ideas, and test purposed product
improvements are ________.
a. profit-driven
b. customer-driven
c. sales-driven
d. cost-reducing-driven
14. Human welfare, want satisfaction, and profits are the three considerations underlining the concept
known as _____.
a. societal marketing
b. customer-driven
c. sales-driven
d. production
15. There are five alternative concepts under which organizations design and carry out their marketing
strategies: the production, product, selling, marketing, and societal marketing concepts.
true
false

2
16. The customer’s evaluation of the difference between benefits and costs of a product/service as it
relates to the competition is called customer perceived value.
true
false
17. Which of the first four steps of the marketing process asks, “What consumers will we serve?” and
“How can we best serve targeted customers?”
a. Step 1: Understanding the marketplace
b. Step 2: Designing the marketing strategy
c. Step 3: Constructing the marketing program
d. Step 4: Building profitable relationships with customers
18. Which step of the marketing process is the most important?
a. Step 1: Understanding the marketplace
b. Step 2: Designing the marketing strategy
c. Step 3: Constructing the marketing program
d. Step 4: Building profitable relationships with customers
19. Customer satisfaction depends on the product/service’s perceived performance relative to a
seller’s expectations.
true
false

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