Transcript section 1p.marketing

Principles of
Marketing
Section 1
What is Marketing ?
The simple definition of marketing is that : Marketing is
managing profitable customer relationships
The Marketing is
The process by which companies create value for
customers and build strong customer relationships in
order to capture value from customers in return
The Main goal of marketing is to attract new customers
by promising superior value and to keep and grow current
customers by delivering satisfaction.
The Marketing Process
Which of the following is NOT an accurate
description of modern marketing?
A) Marketing involves managing profitable customer
relationships.
B) Marketing is building value-laden exchange relationships with
customers.
C) Marketing emphasizes selling and advertising exclusively.
D) Marketing involves satisfying customers' needs.
E) Marketing is the creation of value for customers.
According to management guru Peter Drucker,
"The aim of marketing is to ________.“
A) maximize profits of the company
B) make selling unnecessary
C) emphasize customer wants and not customer needs
D) sell products
E) fulfill unrealistic customer expectations
________ is defined as a social and managerial
process by which individuals and organizations
obtain what they needs and wants through value
creation and exchange.
A) Research
B) Manufacturing
C) Marketing
D) Innovation
E) Production
According to the five-step model of the marketing
process, which of the following is the final step in
creating value for customers?
A) constructing an integrated marketing program that delivers
superior value
B) understanding the marketplace and customer needs
C) designing a customer-driven marketing strategy
D) building profitable relationships and creating customer
delight
E) capturing value from customers to create profit and customer
equity
5) Which steps of the five-step marketing process
are about understanding customers, creating
customer value, and building strong customer
relationships?
A) the first two only
B) the first three only
C) the first four only
D) the last three only
E) the last four only
________ are human needs that are shaped by
culture and individual personality.
A) Demands
B) Necessities
C) Values
D) Wants
E) Exchanges
When backed by buying power, wants become
________.
A) social needs
B) physical needs
C) exchanges
D) self-esteem needs
E) demands
A ________ is some combination of products,
services, information, or experiences provided to
consumers to satisfy a need or want.
A) brand positioning
B) value proposition
C) market segment
D) market offering
E) market mix
What do companies call a set of benefits that
they promise to consumers to satisfy their
needs?
A) market offering
B) value proposition
C) demand satisfaction
D) need proposition