According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.

• determine how to deliver superior value to customers

• build profitable relationships with customers

• use customer relationship management to create full partnerships with key customers

• understand the marketplace and customer needs and wants

Which of the following is NOT an accurate description of modern marketing?

• Marketing is the creation of value for customers.

• Marketing involves managing profitable customer relationships.

• Marketing emphasizes selling and advertising exclusively.

• Marketing involves satisfying customers' needs.

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

• the marketing concept

• the production concept

• the product concept

• the selling concept

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________.

• products and technologies result in low returns on investment.

• consumer preferences with regard to products and technology are difficult to predict.

• consumer preferences for different product categories vary from time to time.

• products and technologies eventually become outdated.

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

• TRUE

• FALSE

________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

• Positioning

• Mass customization

• Market targeting

• Market segmentation

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

• demographic segmentation

• geographic segmentation

• benefit segmentation

• psychographic segmentation

A public relations firm tailors its advertising and promotional services according to the needs and preferences of specific customers. This exemplifies ________.

• trigger-based marketing

• mass marketing

• segmented marketing

• individual marketing

Product planners need to consider products and services on three levels. At the second level, product planners must ________.

• offer additional product support and after-sale services.

• identify the core customer value that consumers seek from the product.

• turn the core benefit into an actual product.

• find out how they can create the most satisfying brand experience.

________ means that service quality depends on the quality of buyer-seller interaction during the service encounter.

• Interactive marketing

• Service differentiation

• Service productivity

• Corporate image marketing