MKT420 Chapter 1

What is marketing?

• Marketing is only selling and advertising.

• Marketing deals primarily with TV commercials.

• Marketing is a process of creating customer value.

• Marketing deals with telling and selling.

In the final step of the five-step marketing model, companies __________.

• work to understand consumers

• reap the rewards of creating customer value

• build strong customer relationships

• capture customer value

The basic concept underlying marketing is __________.

• customer experience

• customer demand

• customer relationship

• customer needs

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

• Need

• Satisfaction

• Exchange

• Demand

A brand's __________ involves the set of benefits or values it promises to deliver to consumers.

• market segmentation

• marketing management

• customer management

• value proposition

Customer relationship building blocks consist of __________.

• customer value and satisfaction

• price and promotion

• the four Ps of marketing

• social and product marketing

The __________ concept holds that consumers will favor products that are available and affordable.

• societal marketing

• production

• selling

• marketing

Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it __________.

• can increase satisfaction by lowering prices compared to its competitors

• does not attempt to maximize customer satisfaction

• attempts to gain customer satisfaction at all cost to ward off competition

• can increase satisfaction by increasing its services compared to its competitors

_________ marketing is perhaps the fastest-growing digital marketing platform.

• Social media

• Mobile

• Sustainable

• Real-time

In today's global environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is ____

• mobile marketing

• the Internet of Things

• the World Wide Web

• social media