Page Ref: 29
AACSB:
Skill: Concept
Objective: 1-2
Difficulty: Moderate
93.
A market is the set of actual and potential buyers of a product or service.
Page Ref: 29
AACSB:
Skill: Concept
Objective: 1-2
Difficulty: Easy
94.
Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.
Page Ref: 31
AACSB:
Skill: Concept
Objective: 1-3
Difficulty: Easy
95.
The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
Page Ref: 32
AACSB:
Skill: Concept
Objective: 1-3
Difficulty: Easy
96.
An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.
Page Ref: 32
AACSB:
Skill: Concept
Objective: 1-3
Difficulty: Moderate
97.
The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.
Page Ref: 33
AACSB:
Skill: Concept
Objective: 1-3
Difficulty: Moderate
98.
Marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.
Page Ref: 34
AACSB:
Skill: Concept
Objective: 1-3
Difficulty: Easy
99.
For most marketers, customer relationship management (CRM) is exclusively a matter of customer data management.
Page Ref: 34
AACSB:
Skill: Concept
Objective: 1-4
Difficulty: Easy
100.
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.
Page Ref: 34
AACSB:
Skill: Concept