Marketing Chapter 1 - Creating Customer Value and Engagement

What is marketing primarily concerned with?

• Maximizing profits immediately

• Creating value for customers

• Reducing production costs

• Increasing share prices

Which equation best describes customer-perceived value?

• Value = Costs / Benefits

• Value = Benefits + Cost

• Value = Benefits - Cost

• • Value = Cost / Benefits

What is a marketing manager’s goal?

• To engage and grow the customer base

• To cut costs in marketing campaigns

• To ignore customer feedback

• To focus solely on advertising

What does a market offering include?

• Only physical products

• • Only services

• Products, services, information, or experiences

• Only information

What does the "exchange" in marketing refer to?

• Exchange of products for services

• Exchange of ideas only

• • Obtaining a desired object by offering something in return

• Exchange of employees between departments

The concept of "needs" in marketing is described as:

• Additional desires beyond basic necessities

• States of felt deprivation

• Wants shaped by culture and personality

• Backed by buying power

Which marketing management orientation focuses on fulfilling customer needs and building relationships?

• Production concept

• Selling concept

• Marketing concept

• Product concept

What is a value proposition?

• A cost-benefit analysis of a product

• The financial value of a product

• A set of benefits or values promised to customers

• A legal agreement between company and consumer

What aspect does societal marketing consider?

• Increasing short-term sales

• Conflicts between short-run wants and long-run welfare

• Focus only on profits

• Ignoring customer feedback

What does "customer equity" refer to?

• Debt incurred from marketing campaigns

• The tangible assets of a company

• The combined lifetime values of all the company’s customers

• Annual profit margins from sales