Introduction to Marketing

Fill in the blank: Marketing is the process by which companies ___ for customers and build strong customer relationships in order to capture value from the customers in return.

The Marketing process includes which steps from the following?

• Understand the marketplace and customers needs & wants

• Design a customer value-driven marketing strategy

• Construct an integrated marketing program that delivers superior value

• Engage customers, build profitable relationships and create customer delight

• Capture value from customers to create profits and customer equity

___ are human needs take as they are shaped by culture and individual personality.

• Demands

• Wants

• Value

• Satisfaction

The mistake of paying more attention to the specific products than to the benefits and experiences produced by these products is called ___.

• Market offering

• Markets

• Marketing myopia

• Dissatisfaction

The Marketing strategy answers 2 important questions. What are they? Select 2 correct answers.

• What customers will we serve?

• Where are our customers?

• How can we serve these customers best?

The value of the entire stream of purchases that the customer would make over a lifetime of patronage is called ___

• Share of Customer

• Customer Equity

• Customer Lifetime Value (LTV)

• Market Share

Company strategic planning includes which of the following steps? (multiple answers)

• Define the company mission

• Setting company objectives and goals

• Designing the business portfolio

• Planning marketing and other functional strategies

• Implement the strategies

True or False: Marketing Department does not need to partner with other departments within the company to create value chain.

• True

• False

According to BCG Growth-Share Matrix, the Star position has which characteristics?

• High growth, High share

• Low growth, High share

• Low share, High growth

• Low growth, low share

The Marketing Management has which functions from the following? (multiple answers)

• Analysis

• Planning

• Implementation & Organization

• Control