Principle of Marketing

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

• vendor lock-in

• value proposition

• marketing myopia

• conspicuous consumption

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

• disappointing loyal customers

• failing to attract enough customers

• failing to understand their customers' needs

• incorrectly identifying a target market

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

• Valuation

• Exchange

• Market offering

• Donation

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

• focus group

• audience

• subsidiary

• market

Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.

• production

• positioning

• marketing

• outsourcing

When are sellers most effective?

• when they focus more on their specific products and services

• when they focus more on where their products and services can be purchased

• when they focus more on the benefits and experiences produced by their products and services

• when they focus more on the price of their products and services

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

• marketing mix

• marketing management

• market offering

• differentiation

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

• market segmentation

• positioning

• target marketing

• differentiation

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

• differentiation

• customization

• market segmentation

• target marketing

Which of the following marketing management concepts is most likely to lead to marketing myopia?

• customer-driven marketing concept

• customer-driving marketing concept

• societal marketing concept

• product concept