WorksheetsQuiz for Lecture 1
Total questions: 10
Worksheet time: 5mins
Marketers need to understand the following fundamental concepts on customer in the marketplace EXCEPT
Needs
Wants
Demands
Supply
The value of the entire stream of purchases that the customer would make over a lifetime of patronage is
Customer lifetime value
Value chain
Value brand
Value for money
The _____________ concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being.
societal marketing
production
product
selling
Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the _________ concept
product
production
selling
marketing
Which of the following statements is TRUE on the production concept?
It considers customer focus and value to be the paths to sales and profits.
It follows the customer-centered sense-and-respond philosophy.
It leads to companies focusing too narrowly on their own operations.
It calls for sustainable marketing.
Marketing myopia is focusing only on existing ________ and losing sights of underlying consumer _______.
wants, needs
needs, wants
demand, wants
wants, demand
Marketing is a process by which companies _____________for customers and build strong customer relationships in order to capture value from customers in return.
create value
create opportunities
create return
create attitude
________________________________ is the set of benefits or values it promises to deliver to customers to satisfy their needs
marketing myopia
need
wants
value proposition
The total combined customer lifetime values of all of the company’s customers
Customer equity
Customer value
Customer satisfaction
Customer return
Marketing mix comprises the following EXCEPT
Place
Product
Price
Offering
