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Term 1) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.

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Definition Marketing
Term 2) The first step in the marketing process is ________.
Definition Understanding the marketplace and customer needs and wants
Term 3) ________ are states of felt deprivation.
Definition Needs
Term 4) ________ are human needs as shaped by individual personality and culture.
Definition Wants
Term 5) When backed by buying power, wants become ________.
Definition Demands
Term 6) Abel now has the buying power to purchase the computer that he wanted for the last six months. Abel"s want has now become a(n) ________.
Definition Demand
Term 7) ________ refers to the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Definition Marketing myopia
Term 8) The art and science of choosing target markets and building profitable relationships with them is called ________.
Definition Marketing Management
Term 9) Selecting particular segments of a population of customers to serve is called ________.
Definition target marketing
Term 10) The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods. It is famous for its white cream-filled center. Home Foods created a different version of these biscuits for consumers in Germany. To appeal to German consumers, Home Food created dark chocolate filling for the same cookie sandwiches. This is an example of ________.
Definition Target marketing
Term 11) A brand"s ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
Definition value Proposition
Term 12) Which of the following marketing management concepts is most likely to lead to marketing myopia?
Definition the production concept
Term 13) The production concept holds that ________.
Definition consumers will favor products that offer the most in quality, performance, and innovative features
Term 14) Henry Ford"s philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________.
Definition production concept
Term 15) According to the product concept, a company should ________.
Definition devote its energy to making continuose product improvements
Term 16) The selling concept holds that ________.
Definition consumers will not buy enough of the firm"s products unless the firm undertakes a large-scale selling and promotion effort
Term 17) Which of the following reflects the marketing concept philosophy?
Definition We don"t have a marketing department, we have a customer department
Term 18) The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Definition Marketing
Term 19) Customer-drivenmarketing is most likely to work well when ________ and when customers ________.
Definition a clear need exists, know what they want
Term 20) When customers don"t know what they want or don"t even know what"s possible, the most effective strategy is ________ marketing.
Definition customer-driving
Term 21) Josie enjoys her work at Futuristic Designs Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet existing and latent needs, now and in the future. Josie"s firm practices ________ marketing.
Definition customer-driving
Term 22) The societal marketing concept holds that ________.
Definition B) a company"s marketing decisions should consider consumers" wants, the company"s requirements, consumers" long-run interests, and society"s long-run interests
Term 23) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________.
Definition C) long-run welfare
Term 24) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ concept.
Definition D) Societal marketing
Term 25) ________ marketing is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
Definition C) Sustainable
Term 26) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.
Definition C) customer relationship management
Term 27) Which of the following terms refers to a customer"s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers?
Definition A) customer-perceived value
Term 28) Nickson released a new range of watches that were titled after the famous mountaineer Adam Wills. These new watches were promoted through claims that the design is a favorite of Adam Wills who used a similar watch designed by Nickson for its high durability and quality on his expeditions. Such a measure to entice customers to buy one"s products aims at creating ________.
Definition C) Customer-perceived value
Term 29) Sally purchased the newly launched "Jolie" lotion. By attempting to find out if the lotion"s perceived performance matches her expectations, Sally was measuring her level of customer ________.
Definition B) satisfaction
Term 30) Ryan attempts to deliver customer satisfaction every day in his installation business, Audio Expressions. The key to achieving this goal is to match the customer-perceived performance of his product with ________.
Definition C) Customer expectations
Term 31) Bill recently bought a BMW M3. Bill had several preconceived notions on the elegance and reliability of the car. After the purchase, he discovered that the car had a lot more attributes than he initially perceived. Hence, it created an emotional relationship with the car resulting in ________.
Definition A) Customer delight
Term 32) Which of the following terms refers to the customers who make repeat purchases and tell others about their positive experiences with a product or service?
Definition B) Customer evangelists
Term 33) Companies can build customer relationships at many levels, depending on the nature of the target market. Hence, a company with few customers and high margins is most likely to seek to develop ________ with key customers.
Definition A) full partnerships
Term 34) You are an assistant marketing director for a firm in a market with many low-margin customers. Which of the following types of relationships would be most profitable for you to develop with these customers?
Definition B) Basic relationships
Term 35) The Niketown running club that organizes twice weekly evening runs for Nike customers is an example of a ________.
Definition C) Club marketing program
Term 36) Greater consumer control means that companies must rely more on marketing by ________ rather than marketing by ________.
Definition B) Attraction; intrusion
Term 37) Which of the following is an example of consumer-generated marketing?
Definition A) Toyota"s page on Facebook which provides information about its upcoming cars to its customers
Term 38) Ellis, a marketing manager at a regional chain restaurant, has decided to create a contest calling for customers to create commercials for the restaurant. Winning entries will be posted on the organization"s home page. Ellis" plan is an example of ________ marketing.
Definition A) Consumer-generated
Term 39) ________ describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers.
Definition A) The supply chain
Term 40) The final step in the marketing process is ________.
Definition Capturing value from customers
Term 41) At Ken"s boutique, the policy statement posted in the reception states that "Without our customers, we don"t exist." Ken and his staff aim to delight each customer and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Instead of focusing on each individual transaction, Ken and his staff are putting a priority on ________.
Definition Capturing consumer lifetime value
Term 42) ________ refers to the portion of the customer"s purchase that a company gets in its product categories.
Definition B) Share of customer
Term 43) ________ is the total combined customer lifetime values of all the company"s current and potential customers.
Definition Customer equity
Term 44) The ultimate aim of customer relationship management is to produce ________.
Definition A) high customer equity
Term 45) Customers can be classified into four relationship groups, according to their profitability and projected loyalty. Based on this classification, you should avoid ________ and shouldn"t invest anything in them.
Definition B) Strangers
Term 46) Customers can be classified into four relationship groups, according to their profitability and projected loyalty. According to this classification, a highly profitable, short-term customer is known as a ________.
Definition B) Butterfly
Term 47) Customers can be classified into four relationship groups, according to their profitability and projected loyalty. With reference to this classification, a firm should turn true friends into ________, who come back regularly and tell others about their good experiences with the company.
Definition D) True believers
Term 48) Carla, a team leader in charge of customer relationship management, is planning strategies for improving the profitability of her firm"s least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?
Definition D) Barnacles
Term 49) Which of the following has been the most common consumer response to the economic downturn that began in 2008?
Definition C) spending less and choosing products more carefully
Term 50) Your state"s department of health has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the ill effects of smoking. This is an example of a(n) ________ campaign.

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Definition B) societal marketing
Term 51) With its marketing strategy chosen, the company constructs an integrated marketing program consisting of a blend of marketing mix elements called the ________, that transforms the marketing strategy into real value for customers.
Definition C) four P"s