A concept car for example or a concept smartphone. For example, a car buyer now buys a comprehensive bundle of service benefits, in addition to the tangible components of the car 1. - Manage your own revision with step-by-step support from experienced examiners Sandie Harrison and David Milner - Maintain an appropriate international focus in exams with examples and case studies from around the world - Get the top marks ... In​ today's global​ environment, everything and everyone are digitally connected to everything and everyone else. In the 1960s and '70s, the unethical practices of many companies became public. 118)Marketers set up company and brand Web sites that provide information and promote the company's products. In manufacturing industries such as motor vehicles, it is straightforward to measure . 94) is one of the best ways to increase share of customer. In the example, Aims to help managers develop their expertise in managing products and customers by addressing such questions as: what is the product or service?; how variable are the customers?; what do customers want?; how does the company create a niche ... The Five Concepts Described The Production Concept. Companies can achieve customer delight by ', 72) Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called. In the word of Gulhrie and Wallace: "In Economics, cost of production has a special meaning. In the 5th century BC, Pindar defined health as "harmonious functioning . 95) Keith, a clothing store owner, offers product suggestions to customers based on their current purchases. 51) The societal marketing concept seeks to establish a balance between. The PPF captures the concepts of scarcity, choice, and tradeoffs. This easy-to-use guide offers people with a product to sell an introduction to the art of writing a finance-generating sales letter, one of the most powerful tools of direct marketing 44) Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do? 33) Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain? The whole philosophy on Henry Ford was to perfect the production process of Ford Model-T. Private costs. In the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production (in German: Produktionsweise, meaning "the way of producing") is a specific combination of the following: . Marketing tries to have the most accurate and detailed product concept possible in order to get accurate reactions from target buyers. This is an example of a(n) campaign. Elisandra's plan is an example of. What is the primary reason a company would use multiple social media. Your thirst is a​ ________ and your choice of iced tea is a​ ________. To differentiate and position a market offering in the marketplace. The actual and potential buyers in a market share which of the following​ characteristics? • During the production orientation, companies wanted efficient production lines to mass produce products for the consumer. However, the company has noticed that this customer group is the least profitable for the company, and in some cases, it increases their losses when engaging in business with this group. Product Concept. Industrialization fundamentally altered the production of goods around the world. Product Concept states that customers or consumers prefer product which is of the highest quality, performance and features. In other words, Production in Economics is an act of creating value that satisfies the wants of the individuals. This book reports on current research to improve the safety and nutrition of these foods through an elucidation of the microorganisms and mechanisms involved in their production. Also included are recommendations for needed research. Creating superior customer value and satisfaction. It speaks to the human truth that we prefer products that are easily available and inexpensive. A minimum viable product (MVP) is a concept from Lean Startup that stresses the impact of learning in new product development. Product concept is a mandatory concept in order to give the best possible product to the customer as per the demand and expectation. 104)A marketer wants to increase its "share of customer." Engaging customers and managing profitable customer relationships is the simplest definition of​ ________. Social costs. Two companies which stand apart from the crowd when we talk about the product concept are Apple and google.Both of these companies have strived hard on their . Which kind of customer is not the most valuable to a company, but, can over time, contribute to the firm's success? It contains animations and videos with voiceover narration, as well as the figures from the text for presentation purposes. For example, costs of manufacturing, production, sale, advertising, etc. The total combined lifetime value of a​ company's current and potential customers is called​ __________. The Production Concept. ; We use three measures of production and productivity: Total product (total output). Found insideThis book is divided into four sections: Introduction—Learn what site reliability engineering is and why it differs from conventional IT industry practices Principles—Examine the patterns, behaviors, and areas of concern that influence ... 125)A church targeting different demographic groups to increase attendance is an example of. 10) A is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. 101)Digital technology allows companies to reach out to customers in numerous ways. 52) refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. 2) According to management guru Peter Drucker, "The aim of marketing is to, 3) Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through. 88) Through , companies today are strengthening their connections with all partners, from providers of raw materials and components to those involved in the delivery of final goods and services. 89) The final step in the marketing process is, 90) "Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." 78) Which of the following terms refers to customers who make repeat purchases and tell others about their positive experiences with a product or service? A business opportunity , in the simplest terms, is a packaged business investment that allows the buyer to begin a business. Leadership is inspiring others to pursue your vision within the parameters you set, to the extent that it becomes a shared effort, a shared vision, and a shared success (Zeitchik, 2012). What Does Marketing Concept Mean? Points on the interior of the PPC are inefficient, points on the PPC are efficient, and points beyond the PPC are unattainable. 119)Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the of their products. The third step in New product development is Concept Development and Testing. What is Selling Concept? Which of the following is Keith trying to increase? Which of the following correctly identifies the five core customer and marketplace​ concepts? A product is not complete in itself and requires other factors of business like marketing, distribution, sales, service etc to be successful. The product concept is a synthesis or a description of a product idea that reflects the core element of the proposed product. A production process minimizes the waste and brings out the product in the market in the most effective manner. Employees: Employees are the ones who work closely with the product and the customers.According to research, almost 45% of all new product ideas come from the . Which of the following is a characteristic of customer-driven marketing? Companies that use the production concept have the belief that customers primarily want products that are affordable and accessible. We are all consumers and we are all members of society, so consumer behavior, and attempts to influence it, are critical to all of us. This text is designed to provide an understanding of consumer behavior. Found insideCities have experienced an unprecedented rate of growth in the last decade. More than half the world's population lives in urban areas, with the U.S. percentage at 80 percent. For which customer relationship group should a company make continuous relationship investments to​ delight, engage,​ retain, and grow​ them? An attractive idea has to be developed into a Product concept.As opposed to a product idea that is an idea for a product that the company can see itself marketing to customers, a product concept is a detailed version of the idea stated in meaningful consumer terms. The product concept The marketing concept Companies such asIBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. Start studying Chapter 10 Product Concepts. understand the marketplace and customer needs and wants. The life cycle has four stages . Quality at the source - Quality Management. Found insideDrug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. The videos that​ Vince's Video does sell are often outpriced by versions coming from China or​ Taiwan, or they are accused of being damaging to the environment. Ha-Joon Chang dispels the myths and prejudices that have come to dominate our understanding of how the world works. 84) The marketing world is most likely embracing because consumers wield greater power now with many platforms for airing and sharing their brand views with other consumers. Okun Gap: A macroeconomic term that describes the situation when an economy's potential gross domestic product (GDP) differs from its actual gross domestic product. Social media is a significant part of today's marketing strategy. Which of the following uses a​ sense-and-respond philosophy to promote a​ customer-centered marketing​ orientation? Principles of Economics covers the scope and sequence for a two-semester principles-of-economics course. The text has been developed to meet the scope and sequence of most introductory courses. OTHER SETS BY THIS CREATOR. 37) Which of the following is the aim of the product concept? These are; (1) production concept, (2) product concept, (3) selling concept, (4) marketing concept, and (5) societal marketing concept. Quizlet is great for subjects that require memorization, such as foreign language, vocabulary, geography, and life science. What is the purpose of a value​ proposition? The primary goal of consistently delivering superior value is to​ ________. theory of production, in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its "outputs" or "products") it will produce, and how much of each kind of labour, raw material, fixed capital good, etc., that it employs (its "inputs" or "factors of production") it will use. Eric Ries, defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.This validated learning comes in the form of whether your customers will actually . 45) Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy? Production Concept Demand for a product is greater than supply. 55) Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? The marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. 2. The overall experience provided at the motel is a part of its, 19) The art and science of choosing target markets and building profitable relationships with them is called, 19) Selecting which segments of a population to serve is called, 28) Dividing the market into various groups of customers that a company may serve is called, 29) Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. 59) At a local farmers' market, Molly Malone sells mussels while shouting to passersby, "Fresh seafood, get your fresh seafood here!" 127)Many organizations use multiple social media, such as Facebook, Twitter, Instagram, and YouTube. 5) According to the five-step model of the marketing process, a company should before designing a customer-driven marketing strategy. Because of the flexibility and customization available, Quizlet can be used in any grade level and any type of class. The legal concept of evidence is neither static nor universal. The invention of the heterosexual, in Freud's vision, is a deeply disturbed production. The Production Concept. 82) A room upgrade offered by a hotel to a guest who often stays in the hotel is an example of, 83) A gym equipment manufacturer encourages customers to become members of the firm's Web site. The _____ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products. Membership provides customers with exercise tips as well as discounts on gym equipment and workout apparel. 117)Marketers use mobile channels for several purposes. Examples of Production Concept. Conversely, the selling concept relies on the transfer of title and possession of the product from one person to another. 77) The primary key to delivering customer satisfaction is to match product performance with . Everything both favorable and unfavorable that a person recieves in an exchange, Relatively inexpensive item that merits little shopping effort, Requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores, Particular item for which consumers search extensively and are very reluctant to accept subtitles, A product unknown to the potential buyer or a known product that the buyer does not actively seek, Specific version of a product that can be designated as a distinct offering among an organization's products, Number of product lines an organization offers, Number of product items in a product line, Change in one or more of the product's characteristics, Practice of modifying products so those that have already been sold become obsolete before they actually need replacement, Adding additional products to an existing product line, A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products, That part of a brand that can be spoken, including letters words and numbers, Elements of a brand that cannot be spoken, A brand that obtains at least one-third of its earnings from outside its home country, is recognizable outside home base of customers and has publicly available marketing and financial data, Consistent preference for one brand over all others, Brand name owned by a wholesaler or retailer, Brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation, Using different brand names for a different products, Marketing several different products under the same brand name, Placing two or more brand names on a product of its package, The exclusive right to use a brand or part of a brand, Identifies a product by class or type and cannot be trademarked, Type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary, A type of a package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase, Series of thick and thin vertical lines(bar codes) readable by computerized optical scanners that represent numbers used to track products, Confirmation of a quality or performance of a good or service, An unwritten guarantee that the good or service is fit for the purpose for which it was sold. 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