Marketing an introduction 11th edition pdf


 

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Marketing An Introduction 11th Edition Pdf

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Answer: TRUE Diff: 1 LO: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy. This marketing approach used by the firm is most likely based on the production concept. Answer: FALSE Diff: 2 LO: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.

AACSB: Analytical thinking 46 Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing. Answer: TRUE Diff: 2 LO: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.

AACSB: Ethical understanding and reasoning 47 Product, price, place, and promotion make up the elements of a firm's marketing mix. Answer: A company decides whom it will serve by dividing the market into segments of customers and selecting which segments it will go after. Some people think of marketing management as finding as many customers as possible and increasing demand.

But marketing managers know that they cannot serve all customers in every way. By trying to serve all customers, they may not serve any customer well. Hence, companies usually want to select only customers that they can serve well and profitably. Ultimately, marketing managers must decide which customers they want to target and on the level, timing, and nature of their demand.

Diff: 2 LO: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy. Answer: The production concept holds that consumers will favor products that are available and highly affordable.

Therefore, it dictates that management should focus on improving production and distribution efficiency. This concept is one of the oldest orientations that guides sellers. The production concept is still a useful philosophy in some situations. For example, both personal computer maker Lenovo and home appliance maker Haier dominate the highly competitive, price-sensitive Chinese market through low labor costs, high production efficiency, and mass distribution.

However, although useful in some situations, the production concept can lead to marketing myopia. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective — satisfying customer needs and building customer relationships.

The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements.

Product quality and improvement are important parts of most marketing strategies. However, focusing only on products can also lead to marketing myopia. For example, manufacturers of mousetraps might believe that if they can build a better mousetrap, their profits will soar but they are often rudely shocked. downloaders may be looking for a better solution to a mouse problem but not necessarily for a better mousetrap. The better solution might be a chemical spray, an exterminating service, a house cat, or something else that suits their needs even better than a mousetrap.

Furthermore, a better mousetrap will not sell unless the manufacturer designs, packages, and prices it attractively, places it in convenient distribution channels, brings it to the attention of people who need it, and convinces downloaders that it is a better product. Diff: 3 LO: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.

AACSB: Analytical thinking 50 Compare the selling and marketing concepts, and list the key components of each concept. Answer: The selling concept reflects an inside-out perspective, while the marketing concept takes an outside-in perspective.

The selling concept is typically practiced when an organization markets products or services that downloaders do not normally think of downloading, such as insurance or blood donation. Aggressive selling focuses on creating sales transaction rather than on building long-term relationships with customers, with the aim of selling what a company makes rather than making what the customer wants.

The marketing concept, on the other hand, is based on identifying the needs and wants of target markets and then satisfying those needs and wants better than competitors do. Under the marketing concept, customer focus and value are the paths to sales and profits. Instead of a product-centered make-and-sell philosophy, the marketing concept is a customer-centered sense-and-respond philosophy.

The job is not to find the right customers for a product but to find the right products for customers. Answer: The societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.

Is a firm that satisfies the immediate needs and wants of target markets always doing what's best for its consumers in the long run?

The societal marketing 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. It calls for sustainable marketing, 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. Companies like GE, Dow, Google, IBM, and Nestle are concerned not just with short-term economic gains, but with the well-being of their customers, the depletion of natural resources vital to their businesses, the viability of key suppliers, and the economic well-being of the communities in which they produce and sell.

A perceived-value management B societal marketing C customer relationship management D partner relationship management E enterprise resource planning Answer: C Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A customer-perceived value B customer equity C share of customer D customer profitability E customer lifetime value Answer: A Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A loyalty B satisfaction C equity D engagement E lifetime value Answer: B Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. A customer delight B customer lifetime value C customer equity D customer share E customer-perceived value Answer: A Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Marketing An Introduction 11th Edition Armstrong Kotler

A use personal selling methods to market products and services B spread the word about their good experiences with a brand or product C use their expertise to influence people about specific products D work with quality-assurance teams to improve product safety E evaluate newly launched products in the marketplace Answer: B Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A when the market has few customers and high margins B when the market has a huge number of customers C when the firm has a frequency marketing program D when the firm has a large number of low-margin customers E when the firm has few marketing resources at its disposal Answer: A Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Instead, Tide creates engagement and relationships through brand- building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?

A full partnerships B basic relationships C joint ventures D strategic alliances E business partnering Answer: B Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A intrusion B attraction C competition D forceful persuasion E impersonal selling Answer: B Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A Cristal, a jewelry store, uses its page on Facebook to provide information about its upcoming products to its customers. B Figa, a leading provider of athletic shoes, helps its customers customize their shoes on its Web site and choose personalized settings. D Barton's, a local pet supply store, rewards frequent downloaders with vouchers and exclusive offers. E Energix, a manufacturer of soft drinks, attracts customers through televised advertisements.

Answer: C Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A consumer-generated marketing B frequency marketing C customer-club marketing D sustainable marketing E multi-level marketing Answer: A Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A Demand management B Customer-generated marketing C Integrated communication D Partner relationship management E Channel value proposition Answer: D Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A A supply chain B A marketing channel C A market segment D A demand chain E A marketing-mix channel Answer: A Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A capturing value from customers B constructing an integrated marketing program C building profitable relationships with the customers D understanding the marketplace E designing a customer-driven marketing strategy Answer: A Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

It's built 30 additions onto the original store, which now serves more than , customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service.

A decreasing customer-perceived value B managing partner relationships C attracting "butterflies" D converting "strangers" into "butterflies" E capturing customer lifetime value Answer: E Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A Value proposition B Share of customer C Brand equity D Customer lifetime value E Customer equity Answer: B Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A Share of customer B Value proposition C Customer equity D Market share E Customer-perceived value Answer: C Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A produce high customer equity B divide markets into distinct segments C evaluate customer lifetime value D turn "strangers" into "butterflies" E evaluate current sales share Answer: A Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A barnacles B strangers C butterflies D true believers E true friends Answer: B Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A true friend B butterfly C stranger D barnacle E true believer Answer: B Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A barnacle B stranger C true believer D laggard E butterfly Answer: C Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A barnacle B true believer C stranger D laggard E butterfly Answer: B Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A barnacles B strangers C true believers D laggards E butterflies Answer: E Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. A are attracted to a company's competitor's deals and offers B have needs and wants that do not fit a company's offerings C are not very profitable for a company D tell others about their good experiences with a company E are projected to be less loyal to any brand Answer: D Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

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? A butterflies B true friends C strangers D barnacles E innovators Answer: D Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

A ambush B social C for-profit D consumer-generated E multi-level Answer: B Diff: 3 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. AACSB: Analytical thinking; Ethical understanding and reasoning 78 Which of the following transforms marketing strategies into real values for consumers? A share of customer B customer equity C the four Ps of marketing D a firm's value proposition E customer satisfaction surveys Answer: C Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Answer: FALSE Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. Answer: TRUE Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Answer: TRUE Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. Answer: FALSE Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.

Answer: Customer-perceived value is defined as the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. Importantly, customers often do not judge values and costs accurately or objectively. They act on perceived value. A customer downloads from the firm that offers the highest customer- perceived value.

Diff: 1 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. Answer: Customer satisfaction cannot be taken for granted. Since brand loyalty is dependent upon strong customer satisfaction, companies strive to retain, satisfy, and even delight current customers.

Firms create customer delight by promising only what they can deliver and then delivering more than what they promise. They also create emotional relationships with key customers.

Delighted customers make repeated downloads and become customers for life. More importantly, they also essentially become an unpaid sales force for the firm as "customer evangelists" who tell other potential customers about their positive experiences with a product. Diff: 2 LO: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. Answer: At one extreme, a company with many low-margin customers may seek to develop basic relationships with them.

Instead, it creates relationships through brand-building advertising, public relations, and social media presence. At the other extreme, in markets with few customers and high margins, sellers want to create full partnerships with key customers.

In between these two extremes, other levels of customer relationships are appropriate.

Marketing : an introduction

Beyond offering consistently high value and satisfaction, marketers can use specific marketing tools to develop stronger bonds with customers. For example, many companies offer frequency marketing programs that reward customers who download frequently or in large amounts.

Airlines offer frequent-flyer programs, hotels give room upgrades to their frequent guests, and supermarkets give patronage discounts to "very important customers. Answer: Today's consumers have more information about brands than ever before, and they have a wealth of platforms for airing and sharing their brand views with other consumers. Thus, the marketing world is now embracing not only customer relationship management, but also customer-managed relationships.

Greater consumer control means that companies can no longer rely on marketing by intrusion. Instead, marketers must practice marketing by attraction — creating market offerings and messages that involve consumers rather than interrupt them. Hence, most marketers now augment their mass-media marketing efforts with a rich mix of direct marketing approaches that promote brand-consumer interaction.

We examine five core customer and marketplace concepts: 1 needs wants and demands 2 market offerings products services and experiences 3 value and satisfaction 4 exchanges and relationships and 5 markets. Customer needs Wants and Demands The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for food clothing warmth and safety social needs for belonging and affection and individual needs for knowledge and self- expression.

Marketers did not create these needs they are a basic part of the human makeup. Wants are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac french fries and a soft drink. A person in Papua New Guinea needs food but wants taro rice yams and pork.

When backed by downloading power wants become demands.

Marketing: An Introduction (11th Edition), Author: Gary Armstrong/Philip Kotler - StudyBlue

Given their wants and resources people demand products and services with benefits that add up to the most value and satisfaction. They conduct consumer research analyze mountains of customer data and observe customers as they shop and interact offline and online. People at all levels of the company—including top management—stay close to customers.

For example Kroger chairman and CEO David Dillon regularly dons blue jeans and roams the aisles of local Kroger supermarkets blending in with and talking to other shoppers. Similarly Walmart president and CEO Michael Duke and his entire executive team make regular store and in-home visits with customers to get to know them and un- derstand their needs. Market offerings are not limited to physical products. They also include services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.

Examples include banking airline hotel retailing and home repair services. More broadly market offerings also include other entities such as persons places organizations information and ideas. Stop the Wrecks. The campaign points out that a texting driver is 23 times more likely to get into a crash that a non-texting driver. Department of Agriculture and the U. Department of Health and Human Services markets the idea of reducing childhood author Comment Marketing is all about creating value for customers.

So as the first step in the marketing process the company must fully understand consumers and the marketplace in which it operates. Wants The form human needs take as they are shaped by culture and individual personality. Demands Human wants that are backed by downloading power. Market offerings Some combination of products services information or experiences offered to a market to satisfy a need or want.

It was established more than years ago and is well known for its core values of technological excellence innova- tion and responsibility. The company focuses its sustainability efforts on three strategic fields of Business Oppor- tunities Walk the Talk and Stakeholder Engagement.

More than one-third of its total revenue comes from green products and solutions. Siemens works in the energy and health-care sectors where the company has a clear signature on many levels. For instance it helps the surrounding communities and always aims to provide eco-friendly power generation and water purification plants. One approach that Siemens Middle East uses is green market- ing a relatively new way to connect with consumers.

Siemens launched a range of eco-friendly cordless phones and hired Raee Public Relations a consulting firm to drive eco- consciousness messages to both believers and nonbe- lievers to spearhead a green campaign to key target audiences and to leverage eco-consciousness to gain a dominant market position. Siemens wants to distin- guish itself in the market not only through high-quality and distinctive features but by adopting a green plat- form.

Since climate change and global warming are becoming major concerns worldwide businesses that wish to sustain their profits are discovering new ways to sell eco-friendly products. This was a crucial preliminary step in the campaign since the drive to position green products was still in its early stages in the Middle East and the concept had not spread across the region as a whole. These products which had a special logo were designed to be energy efficient and to have numerous functions that enable the vari- able reduction of transmission power.

Masdar City the self-proclaimed global center of future energy is a special economic zone in Abu-Dhabi UAE that aims to be a global center for innovation research product develop- ment and light manufacturing in the fields of renewable energy and sustainable technologies. Established in the city operates through 5 integrated units including a research-driven The ability to read while talking on the phone is one of the luxuries of a comfortable hand-held mobile phone and a standard Siemens takes very seriously.

The forte of this commercially driven enterprise is its architecture which makes it a model for sustainable urban development. In addition several multina- tionals numerous small- and medium-sized enterprises and a variety of entrepreneurial startups will locate their RD labs marketing offices and headquarters in the city.

Masdar is a wholly-owed subsidiary of the Mubadala Development Company which is being used by the Abu Dhabi government to spur economic development. This building was designed by David Ardill partner and design director at Sheppard Robson to use 45 percent less energy and 50 percent less water than other buildings of the same size.

The building has reduced the use of construction material by about 60 percent making its structure very flexible for reorganization in the future.

The Pearl Rating System is a key component of Estidama that deals specifically with the built environment and its performance in relation to economic environmental cultural and social aspects. A Pearl represents the Pearl Rating System levels—1 Pearl is the entry level and 5 Pearls is the highest level of achievement.

The square-feet space is equipped with several sus- tainable design features and the whole system is automated using Siemens technology. This building has among other awards received the first prize for the Sustainable Project of the Year category at the Middle East Architects Award As part of its partnership with the Masdar Institute Siemens is committed to a long-term RD pro- gram for smart grids smart buildings and carbon capture and storage systems in the region.

The Siemens Building Technologies Division is working to identify and develop new applications that can allow buildings to autonomously implement control strategies in response to the grid that includes conventional and renewable energy sources.

Siemens will provide integrated building automation technologies for smart buildings and jointly develop a smart grid solution including demand— response applications that will optimize energy consump- tion and reduce emissions. Finally Masdar City integrates innovation alongside proven technologies and showcases energy-efficient solutions that can be applied to other cities globally. Siemens believes in being a green infrastructure pioneer and wants to further enhance its collabora- tion with Masdar City.

Siemens and other technology leaders in cooperation with Masdar City aim to contribute to the creation of a knowledge-based clean energy sector in the UAE.

The marketing concept is a philosophy of customer value and mutual gain. Its practice leads the economy by an invisible hand to satisfy the many and changing needs of millions of consumers. Not all marketers follow the marketing concept however. Moreover even well-intentioned marketing actions that meet the current needs of some consumers may cause immediate or future harm to other consumers or the larger society.

Responsible marketers must consider whether their actions are sustainable in the longer run. This chapter examines sustainable marketing and the social and environmental effects of private marketing practices. First we address the question: What is sustainable market- ing and why is it important Sustainable Marketing Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Figure The marketing concept recognizes that organizations thrive from day to day by deter- mining the current needs and wants of target customers and fulfilling those needs and wants more effectively and efficiently than competitors do. Sustainable marketing 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. In turn many consumers began looking for healthier eating options causing a slump in the sales and profits of the fast-food industry.

Whereas the societal marketing concept identified in Figure Sustainable marketing calls for socially and environmentally responsible actions that meet both the immediate and future needs of customers and the company. The chain points out that 80 per- cent of its national menu is under calories and that it wants to help customers feel better about the items they are choosing. For ex- ample it calls for food-supply sustainabil- ity reduced and environmentally sustainable packaging reuse and recycling and more responsible store designs.

The marketing concept means meeting the current needs of both customers and the company. But that can sometimes mean compromising the future of both. Sustainable marketing concept Figure The following sections examine several sustainability questions: What are the most frequent social criticisms of marketing What steps have private citizens taken to curb marketing ills What steps have legislators and government agencies taken to promote sustainable market- ing What steps have enlightened companies taken to carry out socially responsible and ethical marketing that creates sustainable value for both individual customers and society as a whole Social Criticisms of Marketing Marketing receives much criticism.

Some of this criticism is justified much is not. Social critics claim that certain marketing practices hurt individual consumers society as a whole and other business firms.

Surveys usually show that consumers hold mixed or even slightly unfavor- able attitudes toward marketing practices.

Consumer advocates government agencies and other critics have accused marketing of harming consumers through high prices decep- tive practices high-pressure selling shoddy or unsafe products planned obsolescence and poor service to disadvantaged consumers. Such questionable marketing practices are not sustainable in terms of long-term consumer or business welfare.

Such high prices are hard to swallow especially when the economy is tight. Critics point to three factors—high costs of distribu- tion high advertising and promotion costs and excessive markups. A long-standing charge is that greedy marketing channel members mark up prices beyond the value of their services.

Critics charge that there are too many intermediaries that intermediaries are inefficient or that they provide unnecessary or duplicate services. As a result distribution costs too much and consumers pay for these excessive costs in the form of higher prices.

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