1st Marketing Competition

According to the five-step model of the marketing process, the first step in marketing is ________.

• capturing value from customers to create profits and customer equity

• constructing an integrated marketing program that delivers superior value

• engaging customers, building profitable relationships, and creating customer delight

• understanding the marketplace and customer needs and wants

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

• Wants

• Demands

• Values

• Exchanges

Consumers' needs and wants are fulfilled through ________.

• value

• demand

• desire

• market offerings

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

• value proposition

• marketing myopia

• market segmentation

• market offering

When marketers set low expectations for a market offering, they run the risk of ________.

• disappointing loyal customers

• having to use an outside-in rather than an inside-out perspective

• failing to attract enough customers

• failing to understand their customers' needs

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

• Valuation

• Exchange

• Market offering

• Donation

The difference between human needs and wants is that needs are not created by marketers.

• True

• False

Market offerings are limited to physical products.

• true

• false

The art and science of choosing target markets and building profitable relationships with them is called ________.

• marketing management

• positioning

• marketing mix

• market offering

• differentiation

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

• market segmentation

• positioning

• target marketing

• differentiation