Chapter 11 Review: Marketing

What is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders?

• Financing

• Marketing

• Accounting

• Communications

What is the ability of goods and services to satisfy consumer “wants”?

• Utility

• Value

• Selling

• Marketing

What are the four types of utility?

• Form utility

• Time utility

• Place utility

• Ownership utility

• Marketing Utility

What are the four eras in the evolution of marketing?

• Production

• Selling

• Marketing

• Relationship

• Manufacturing

A strategy for managing an organization's relationships and interactions with potential customers is:

• Management relationship (MR)

• Customer relationship management (CRM)

• Marketing relationship management (MRM)

• Strategic relationship Management (SRM)

A customers perception that a product has a better relationship than its competitors between the cost and the benefits.

• Perception

• Price

• Quality

• Value

When customers perceive that a good or service delivers value above and beyond their expectations.

• Value expectation

• Services expectations

• Customer satisfaction

• Negative outcome

What are the two traps of a marketer?

• Overpromising

• Underpromising

• Marketing mix

• Overselling

A formal document that defines marketing objectives and the specific strategies for achieving those objectives.

• Strategies Plan

• Marketing plan

• Marketing ideas

• Marketing tactics

The process of dividing a market into distinct groups of buyers with different needs or behaviors:

• Price segmentation

• Division segmentation

• Market segmentation

• Behavior segmentation