Figure 1-1
A simple model
of the marketing
process.
17.By creating value for customers, companies capture value from customers in
the form of ________, ________ and long-term customer ________.
Understanding the Marketplace and Customer Needs
18.Human ________: state of deprivation (physical, social, esteem); natural part
of human makeup.
19.Human ________: form of needs shaped by culture and individual personality.
It is a method of communicating needs; wants are objectives that satisfy
needs.
20.Our ________ increase with the growing number and quality of
wants/objectives.
21.Marketing ________: manufacturers and sellers focus only on customer wants
and lose sight of underlying customer needs.
47.Benefits of CRM come from ________ marketing costs, ________ price sensitivity
of loyal customers, and partnership activities of loyal customers.
48.Increasing ________ makes attracting a new customer five times as expensive
as keeping a current customer happy.
49.Customer ________ is the discounted lifetime values of all the companys
current and potential customers.
50.________ value is the stream of profits a customer will create over the course
of a business relationship. Average life is determined through surveys or
guest history.
17.________ marketing means that the service firm must effectively train and
motivate its customer-contact employees and all the supporting service
people to work as a team to provide customer satisfaction.
18.________ marketing means that perceived service quality depends heavily on
the quality of the buyer-seller interaction during the service encounter.
19.Service companies face the task of increasing three major marketing areas:
their competitive ________, ________ quality, and ________.
20.Service companies can differentiate their service delivery in three ways:
through ________, physical ________, and ________.
20.
21.First, the company could seek new products that have __________ or __________
synergies with existing product lines, even though the products may appeal
to a new class of customers (concentric diversification strategy).
22.Diversification opportunities sometimes arise as a result of new __________.
23.Companies that diversify too broadly into unfamiliar products or industries
can lose their market __________.
38.________ means activities that communicate the merits of the product and
persuade target customers to buy it.
39.
It holds that the four Ps concept takes the ________ view of the market,
not the ________ view.
Marketing Analysis
1
40.
41.We define a marketing __________ as follows: an area of need that a company
can perform profitably.
42.We define an environmental _________ as follows: A challenge posed by
unfavorable trends or developments that would lead, in the absence of
defensive marketing action, to sales or profit deterioration.
43.The business unit should strive to arrange its objectives from _______ to
________ important.
44.Goals indicate what a business unit wants to achieve; ________ answers how
to get there.
Figure 4-1
Major actors in
the companys
microenvironment.
3. Marketers must do more than adapt to the needs of ________ customers. They
must also adapt to the strategies of other companies serving the same target
markets.
4. Companies can gain strategic advantage by strongly _________ their product
in the minds of consumers.
5. Each firm must consider its size and industry position in relation to that of its
competitors in order to implement a competitive marketing _________.
6. Large firms with ________ positions in an industry can use strategies that
smaller companies cannot afford.
7. Small and individually owned companies do not have to worry about
__________ their products. This allows them to ________ quickly to local trends
and offer more variety.
8. In general a company has three variables to monitor when analyzing each of
its competitors: share of _______, share of _______, and share of _______.
9. In addition to having behavioral loyalty, a truly loyal customer exhibits
__________ loyalty and is more likely to make favorable recommendations.
10.__________ loyal customers are frequent visitors but are not emotionally
attached.
11. The four levels of competition: ________, _________, Product __________, and
Product _________.
12.Suppliers are firms and individuals that provide the _________ needed by the
company to _________ its goods and services.
13.When outsourcing food and beverage operations, a _________ deal creates
more commitment on the chefs part because they share directly in the
__________ of the company.
14.Marketing __________ help the company promote, sell, and distribute its goods
to the final buyers. They include travel agents, wholesale tour operators, and
hotel representatives.
15.Hotels may create ___________ by using Internet reservations systems, making
them less dependent on travel agents.
16.Marketing services agencies are suppliers that help the firm implement its
marketing strategy and tactics. Their capabilities include Public __________,
_________, and ______ mail housing.
17._________ markets consist of individuals and households that purchase
hospitality services for leisure activities, medical needs, and gatherings.
18.The companys marketing environment should include various publics. These
groups have an ________ or ________ interest in or impact on an organizations
ability to achieve its objectives.
19. The ________-environment consists of the larger societal forces that affect the
entire microenvironment, that is, demographic, economic, natural,
technological, political, competitor, and cultural forces.
20.
3
2
4
6.
22.
1
23.The ten most common activities in which marketing researchers engage are:
a. __________ of market potentials
b. ________-share analysis
c. determination of market _________
d. ________ analysis
e. studies of business ________
f. ________-range forecasting
g. competitive ________ studies
h. ________-range forecasting
i. marketing _________ systems studies
j. testing of ________ products
24.Managers must work closely with ________ to define the problem & research
objectives.
25.If they know little about marketing research, managers may ________ the
wrong information, draw wrong _________, or request ________ data than they
need.
26.A marketing research project can have one of three types of objectives:
a. _________ research, to gather preliminary information that will help
define the problem and suggest hypotheses
b. _________ research, to describe size & composition of
the market
c. _________ research, to test hypotheses about cause-and-effect
relationships
27.To meet a managers information needs, researchers can gather ________
data, _________ data, or both.
28._________ data consist of information collected for the specific purpose at
hand.
29._________ data consist of information already in existence somewhere, having
been collected for another purpose.
respects.
13.The _________ remains the most important consumer buying organization in
American society and has been researched extensively.
14.Each role carries a status reflecting the general esteem given to it by society.
People often choose products that show their ________ in society.
15.Instead of throwing more one-way commercial messages at ad-weary
consumers, they hope to use social networks to _________ with consumers and
become a part of their conversations and lives.
16.The types of goods and services people buy change during their lifetimes.
Preferences for leisure activities, travel destinations, food, and entertainment
are often ________ related.
17.A persons ________ affects the goods and services bought. For example,
construction workers often buy their lunches from industrial catering trucks
that come out to the job site.
18.Companies must take advantage of opportunities caused by economic
_________ and take defensive steps when facing an economic ________.
19.Lifestyle portrays the whole person interacting with his or her ________.
Marketers search for relationships between their products and people who are
achievement oriented.
Personality and Self-Concept
20.Personality can be useful in analyzing consumer ________ for some product or
brand choices.
21.The role of self-concept has a ________ bearing on the selection of recreational
pursuits, including golf, sailing, dirt bike riding, fishing, and hunting.
22.A person has many needs at any given time. Some are _________, arising from
hunger, thirst, and discomfort. Others are _________, arising from states of
tension, such as the need for recognition, esteem, or belonging.
23.Maslows hierarchy of needs in order of importance are:
a. _________ needs
b. _________ needs
c. _________ needs
d. _________ needs
e. _________ needs
33.
34.The ________ process starts when the buyer recognizes a problem or need.
35.How much searching a consumer does will depend on the ________ of the
drive, the amount of ________ information, the ________ of obtaining more
information, the ________ placed on additional information, and the ________
one gets from searching.
36.By gathering information, consumers increase their ________ and knowledge
of available choices and product features.
37.The set of beliefs held about a particular brand is known as the brand
________.
38.A ________ function shows how the consumer expects total product
satisfaction to vary with different levels of different attributes.
39.The consumer forms a purchase intention based on factors such as expected
family ________, expected _________, and expected _________ from the product.
40.Following a purchase, the consumer will be _________ or ________ and will
engage in post-purchase actions of significant interest to the marketer.
41.Consumers feel uneasy about acquiring the drawbacks of the chosen brand
and losing the benefits of the rejected brands. Thus consumers feel some
post-purchase _______ with many purchases, and they often take steps after
the purchase to reduce dissonance.