Marketers at Johnny Inc. believe in putting their customers ahead of everything else. Their products are carefully designed to meet customer requirements and the entire focus is on achieving customer satisfaction. Johnny Inc., follows the ________ concept in doing business.
A) production
B) product
C) selling
D) marketing
E) social responsibility
Answer: D
The marketing concept that aligns with the approach followed by Johnny Inc., where the entire focus is on achieving customer satisfaction and meeting customer requirements, is the "customer-centric" or "customer-oriented" concept.
In a customer-centric approach, businesses prioritize understanding and fulfilling their customers' needs, wants, and preferences. Critical aspects of the customer-centric concept include:
- Customer Focus: Putting the customer at the center of all business decisions and activities. It involves listening to customer feedback, understanding their needs and preferences, and designing products, services, and experiences that add value and meet their expectations.
- Market Orientation: Adopting a market-driven approach, where businesses continuously gather market intelligence, monitor trends, and analyze competitor strategies to stay informed about changes in customer preferences and market dynamics.
- Relationship Marketing: Building strong and enduring customer relationships based on trust, transparency, and mutual value creation. It involves personalized communication, proactive engagement, and delivering consistent, exceptional experiences to foster loyalty and advocacy.
- Customer Lifetime Value (CLV): Recognizing the long-term value of retaining existing customers and nurturing their loyalty over time. Businesses focus on maximizing CLV by offering superior products, excellent service, and ongoing support to encourage repeat purchases and customer referrals.
- Continuous Improvement: Embracing a constant improvement and innovation culture to adapt to evolving customer needs and market trends. Businesses actively seek feedback, analyze performance metrics, and iterate on their products and processes to enhance customer satisfaction and drive sustainable growth.
By following a customer-centric approach, Johnny Inc. demonstrates its commitment to delivering value and satisfaction to its customers, fostering long-term relationships, and achieving a competitive advantage in the marketplace.
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Marketing Management
- With respect to the segmentation of businesses, sales force coverage is an example of the attitudes segment.
- With respect to the segmentation of businesses, ________ is an example of a demographic segment.
- In the marketing context, what does 80:20 mean?
- If customers are known for their expertise and involvement in a category, and if they've demonstrated a willingness to share information and give advice, they will be perceived by others as early adopters.
- In the context of Vals segments, based on people's motivations, self-expression people are guided by knowledge and principles.
- Vals is a popular tool used in the segmentation of ________ data.
- _______ care about new developments in their product category and seek out new products.
- Which of the following is an example of a demographic customer segment?
- The goal of heterogeneity in customers' likes or dislikes is more likely to be achieved as the segment size gets smaller.
- Niche marketing is a type of segmentation in which the company strategically focuses on a smaller market.
- One-to-one marketing occurs when:
- Mass marketing occurs when:
- On a continuum from "mass marketing" to "one-to-one marketing," market segmentation is in the middle.
- A market segment is a:
- Great marketing is an art based on an individual's soft skills and instincts.
- The 5Cs, STP, and 4Ps operate interdependently.
- With respect to STP in the marketing framework, the positioning process helps a marketer to:
- With respect to STP in the marketing framework, which of the following statement distinguishes segmentation from targeting?
- With respect to STP in the marketing framework, the targeting process helps:
- STP stands for segmentation, targeting, and ________.
- The central players in a marketing exchange are:
- With respect to the 5Cs in the marketing framework, which of the following is an example of "context"?
- With respect to the 5Cs in the marketing framework, "context" includes the backdrop of micro-environment factors.
- In context to the marketing management framework, the 4Ps precede STP.
- The STP helps systematically frame the general analysis of the entire business situation.