MARKETING CH 1: Marketing: Creating Customer Value and Engagement

The new concept focuses on having a​ well-developed product.

The new concept focuses on customer needs.

The new concept requires less work from marketing executives.

The new concept is more cost-efficient.

The new concept focuses on making money.

Receiving value from customers

Determining a target market

Creating a quality product

Developing relationships with customers

Evaluating customer needs

Needs, wants, and demands all describe the same state in the customer.

Needs are satisfied by​ wants, and buying power converts wants into demand.

Demands result in customers needing and wanting a particular product.

Wants and demands are​ equivalent, and both satisfy needs at the same rate.

Needs and wants outweigh demands in the​ customer's mind.

They focus on brand image to the detriment of quality.

They focus more on profit than on the​ customer's benefit.

They focus more on the​ customer's experience than on the product itself.

They focus more on products than on the​ customer's underlying need.

They focus on customer wants instead of demands.

Product

Price

Place

Production

Promotion

Societal marketing

Market segmentation

Target marketing

Demand management

Differentiation

Refusing to limit a​ company's efforts to chosen segments of the market

Finding as many customers as possible and increasing demand

Focusing only on affluent customers

Trying to serve all customers in every way

Selecting only customers a company can serve well and profitably

Frequency marketing program

Consumer-generated marketing

​Customer-perceived value

Direct marketing

Mass-media marketing

share of customer

partner relationship management

.
customer lifetime value

customer brand advocacy

customer equity

accelerating the shift to online shopping by an estimated 5 to 10 years

quickening the shift from​ digital-first consumer engagement strategies to​ in-store connections

increasing to​ 25% the amount of sales moving through online channels

boosting​ brands' use of​ online, mobile, social​ media, and other digital platforms to connect with consumers

hastening the transition to digital in almost every area of human activity

social media

mobile marketing

artificial intelligence​ (AI)

Internet of Things​ (IoT)

big data

Products, services,​ needs, and exchanges

Value, satisfaction,​ sales, and profits

Needs, wants,​ products, and advertisements

​Products, services,​ needs, and wants

​Products, services,​ information, and experiences

Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets

Needs, wants, and​ demands; products;​ value; customers; and competitors

Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits

Needs, wants,​ demands, market​ offerings, and markets

decision​ making, buying, and purchasing processes

products and services

distribution methods and channels

needs​, wants​, and demands

marketplace challenges

greater customer equity and greater share of market

customer lifetime value and greater share of customer equity

a greater share of customer and greater share of customer equity

great international market share and greater customer equity

customer lifetime value and greater share of customer

Markets

Customer expectations

Exchange

Customer referrals

.
Product price

Market offerings

Wants

Needs

Markets

Demands

Selling, advertising, and promoting

Creating customer​ value, building customer​ relationships, and having a strong selling orientation

Satisfying​ customers, beating​ competitors, and maximizing profits

Creating customer​ value, building customer​ relationships, and engaging customers

​Advertising, selling, and developing quality products

Constructing an integrated marketing program that delivers superior value

Beginning advertising and promotion to sell the product

Designing a​ customer-driven marketing strategy

Building profitable relationships with customers

Capturing value from customers to create profits and customer equity

create value for​ customers; capture revenue from customers

capture value from​ customers; capture future revenue

create value for​ customers; capture value from customers in return

sell products and​ services; obtain revenue

capture current​ revenue; gain future revenue

capturing value from customers

creating value for customers

designing a customer​ value-driven marketing strategy

constructing an integrated marketing program

understanding customer needs and wants

Construct a marketing program that actually delivers superior value

Understand the marketplace and customer needs and wants

​Get, engage, and grow target customers

Design a customer​ value-driven marketing strategy

Understand customer needs and wants

To price products as low as possible

To drive competitors out of business

To maximize company profits

To make selling unnecessary

To develop innovative products

How can we serve our customers​ best? How can we maximize​ profits?

Who are our​ competitors? How can we beat our​ competitors?

What customers will we​ serve? How can we maximize​ profits?

What markets should we​ enter? How do we maximize sales in those​ markets?

What customers will we​ serve? How can we serve these customers​ best?

Society's interests,​ society's welfare, and a sustainable environment

Society's interests, company​ sales, and consumer wants

​Society's interests, consumer​ wants, and company profits

Company​ sales, company​ profits, and customer satisfaction

Society's interests, consumer​ wants, and identifying competitors

Customer-driven

Market​ research-oriented

Product​ development-driven

​Customer-conscious

​Product-driven

target marketing

market segmentation

value proposition

production concept

marketing management orientation

the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept

the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal and cultural marketing concept

the production​ concept, the product development​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept

the production​ concept, the selling​ concept, the marketing​ concept, the economic​ concept, and the societal marketing concept

the production​ concept, the product​ concept, the​ market-driven concept, the selling​ concept, and the societal marketing concept

products that are affordable and available

​large-scale selling efforts

.
sustainable marketing strategies

continually improving products in quality and performance

customer satisfaction and value

Creating superior customer value and satisfaction

Developing innovative products

Delivering excellent customer service

Offering frequent sales promotions

Developing quality products

To jointly bring greater value to customers by working closely with partners in other company departments and outside the company

To make the brand a meaningful part of​ consumers' conversations and lives

To minimize customer equity

To allow for consumers themselves to play roles in shaping their own brand experiences and those of others

To satisfy customers while maximizing profits

Customer engagement

Customer acquisition

Customer satisfaction

Customer relationship management

Customer growth

the portion of the​ customer's purchasing that a company gets in its product categories

offering frequency marketing programs that reward customers who buy frequently or in large amounts

actions through which satisfied customers initiate favorable interactions with others about a brand

the value of the entire stream of purchases a customer makes over a lifetime of patronage

the reliance on marketing through intrusion

customer relationship management

customer engagement marketing

joint venturing

strategic vendor management

partner relationship management

satisfaction

customer equity

share of customer

sales volume

customer-engagement marketing

The IoT is a data analytics technique to track sales made over the internet.

The IoT is a mobile shopping app.

The IoT is a global environment where everything and everyone is digitally connected to everything and everyone else.

The IoT refers to the ability for consumers to buy things over the internet.

The IoT is a social media site that allows consumers to buy and sell merchandise.

big​ data; the Internet of Things

marketing​ analytics; big data

big​ data; marketing analytics

big​ data; real-time marketing

marketing​ analytics; artificial intelligence

​online, mobile, and social media

visualization software technologies

​e-commerce and mobile payment technologies

big data and analytics

digital media streaming technologies

Big data

Growth of​ not-for-profit marketing

Globalization

Mobile marketing

Sustainable marketing

Artificial intelligence

Mobile marketing

Internet of Things

Digital marketing tools

Social media marketing

Social​ media, online​ video, and newspaper coupons

​email, telemarketing, and blogs

social​ media, mobile​ apps, and blogs

social​ media, mobile​ apps, and television advertising

mobile​ apps, online​ video, and personal selling

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

states of felt deprivation

human wants that are backed by buying power

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

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

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

The act of obtaining a desired object from someone by offering something in return

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

The mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

value of the entire stream of purchases a customer makes during a lifetime of patronage

a portion of the customer’s purchasing that a company gets in its product categories

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

societal marketing concept

product concept

selling concept

marketing concept

marketing concept

selling concept

product concept

production concept

creating profits and customer equity

understanding the marketplace and customers’ needs and wants

constructing an integrated marketing program that delivers superior value

building profitable relationships and creating customer delight

The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

The portion of the customer’s purchasing that a company gets in its product categories

The extent to which a product’s perceived performance matches a buyer’s expectations

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Share of customer

Customer satisfaction

Customer-perceived value

Customer relationship management

Marketing management

Marketing

Exchange

Marketing myopia

Wants

Needs

Demands

Marketing offerings

The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

The extent to which a product’s perceived performance matches a buyer’s expectations

The portion of the customer’s purchasing that a company gets in its product categories

The marketing process

Customer satisfaction

Share of customer

Customer relationship management

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

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

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

a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

when sellers are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs.

obtaining a desired object from someone by offering something in return

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

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Exchange

Marketing management

Marketing

Marketing myopia

product concept

production concept

selling concept

marketing concept

Customer satisfaction

Customer-perceived value

Customer relationship management

Share of customer

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

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

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

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Customer equity

Customer lifetime value

Share of customer

Customer-perceived value

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

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

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

a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Human wants that are backed by buying power

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

States of felt deprivation

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Customer-perceived value

Customer relationship management

Customer satisfaction

Share of customer

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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

the act of obtaining a desired object from someone by offering something in return

the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products

Customer relationship management

Customer-perceived value

Customer satisfaction

Share of customer

value of the entire stream of purchases a customer makes during a lifetime of patronage

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

portion of the customer’s purchasing that a company gets in its product categories

customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

states of felt deprivation

shaped by culture and individual personality

human wants that are backed by buying power

some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Marketing offerings

Demands

Wants

Needs