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| the core concept that is present in today's marketing definition is... |
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| the mistake of focusing to narrowly on the product the company offers rather than the benefits and experiences the product offers defines... |
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| True/False: The first step in the marketing process is to design a marketing strategy. |
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| True/False: Now that we have created value for customers, the final step in the marketing process is to capture value from them. |
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| The most basic concept underlying marketing is that of... |
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| True/False: Outstanding market companies go to great lengths to learn about and understand the customers needs, wants, and demands. |
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| FALSE--you can sell experience too. |
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| True/False: Market offerings are limited to physical products. |
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| the art and science of selecting target markets and developing profitable relationships with those markets is called Marketing... |
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| Which marketing philosophy purports that achieving corporate goals depends on knowing the needs/wants of your market and delivering the desired satisfaction better than your competitors? |
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| T/F: Customer relationship management (CRM) deals with all aspects of acquiring, keeping and growing customers. |
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| Customer Value and Customer Satisfaction |
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Definition
| To build lasting customer relationships, organizations should focus on delivering... and ... |
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| The set of benefits/values a company promises to its customers is called... |
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| This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment. |
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| Distinctive Competetencies |
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Definition
| The organization should base its mission statement on its... |
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Definition
| SBU's are classified as stars, cash cows, cats or dogs. |
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Definition
| ...are low growth, high share businesses or products that require little investments in order to maintain at the market share |
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| Example of market penetration for Starbucks |
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Definition
| Adding drive thru windows to their current coffee shops |
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Definition
| Dividing a market into distinct groups of buyers who have distinct needs, characteristics or behavior and who might require separate production or marketing programs is... |
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| Product, Price, Place, and Promotion |
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Definition
| All of the following are elements of the marketing mix... |
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