Marketing : Creating Customer Value and Engagement

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

• A) designing a customer-driven marketing strategy

• B) understanding the marketplace and customer needs

• C) constructing an integrated marketing program that delivers superior value

• D) building profitable relationships and creating customer delight

• E) capturing value from customers to create profit and customer equity

According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

• A) determine how to deliver superior value to customers

• B) build profitable relationships with customers

• C) use customer relationship management to create full partnerships with key customers

• D) understand the marketplace and customer needs and wants

Marketing is managing profitable customer relationships.

• True

• False

________ are human needs that are shaped by culture and individual personality.

• A) Necessities

• B) Wants

When backed by buying power, wants become ________.

• social needs

• demands

Needs include all of the following EXCEPT ________.

• food

• knowledge

• the newest iphone

A(n) ________ is the set of actual and potential buyers of a product or service.

• market

• focus group

• audience

The final step in the marketing process is ________.

• capturing value from customers

• creating customer delight

Dividing the market into various groups of customers that a company may serve is called ________.

• market segmentation

• positioning

Selecting which segments of a population to serve is called ________.

• market segmentation

• target marketing