Chapter 1

Question 1

*Common Sense
*The Same Thing as Sales and Advertising
*An Art: Either you have it or you don’t
*Fluffy: Numbers are optional
Does this explain what marketing is?

Answer 1

No, this is What Marketing is Not

Question 2

What is Marketing?

Answer 2

The process of DISCOVERING and SATISFYING consumer needs

Question 3

*P&G
*Apple
*Disney
*Target
*Tesla
These are examples of what driven organizations?

Answer 3

Marketing Driven Organizations

Question 4

*Kodak
*Nokie
*JCPenny
*Blockbuster
These are examples of what driven organizations?

Answer 4

Non-Marketing Driven Organizations

Question 5

Are all departments created equal?

Answer 5

No

Question 6

*Products and services tailored to meet their needs
*More Options
*Better customer service
*Higher quality of life
*Higher satisfaction
These are the benefits of marketing for?

Answer 6

Consumers

Question 7

*Creates value beyond the product
*Creates competitive insulation
*Can charge more for products and services
*Improve employee morale
*Increase relevancy
These are the benefits of marketing for?

Answer 7

Companies

Question 8

How does Marketing Happen?

Answer 8

*Discovering Needs
*Satisfying Needs

Question 9

*Personal Insights
*Secondary Research
*Primary Research
What needs are these?

Answer 9

Discovering Needs

Question 10

4P’s of Marketing Mix
*Place
*Product
*Price
*Promotion
What needs are these?

Answer 10

Satisfying Needs

Question 11

If you only remember 3 things…1

Answer 11

1.Marketing is not common-sense fluffy advertising, but rather a strategic process of DISCOVERING and SATISFYING consumer needs

Question 12

If you only remember 3 things…2

Answer 12

2.Marketing driven organizations focus on the EVER-CHANGING NEEDS of the consumer and ADJUST their business models in order to stay relevant

Question 13

What is this ?
the trade of things of value between a buyer and a seller so that each is better off after the trade

Answer 13

exchange

Question 14

What is this ?
occurs when a person feels deprived of basic necessities such as food, clothing, and shelter

Answer 14

a need

Question 15

What is this ?
is a need that is shaped by a persons knowledge, culture, and personality

Answer 15

a want

Question 16

What is this ?
people with both the desire and the ability to buy a specific offering

Answer 16

a market

Question 17

What is this ?
one or more specific groups of potential consumers toward which an organization directs its marketing program

Answer 17

target market

Question 18

What is this ?
the controllable factors-product, price, promotion, and place-that can be used by the marketing manager to solve a marketing problem

Answer 18

marketing mix

Question 19

What is this ?
marketing mix elements are under the control of the marketing department in an organization

Answer 19

controllable factors

Question 20

What is this ?
is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Answer 20

customer value

Question 21

What is this ?
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Answer 21

relationship marketing

Question 22

What is this ?
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Answer 22

marketing program

Question 23

What is this ?
the relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action

Answer 23

market segments

Question 24

What is this ?
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals

Answer 24

marketing concept

Question 25

What is this ?
an organization with a market orientation focuses its efforts on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value

Answer 25

market orientation

Question 26

What is this ?
the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase

Answer 26

customer relationship management

Question 26

What is this ?
the internal response that customers have to all aspects of an organization and its offering

Answer 26

customer experience

Question 27

What is this ?
the view that organizations should satisfy the needs of consumers in a way that provides for society well being

Answer 27

societal marketing concept

Question 28

What is this ?
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers need and is received in exchange for money or something else of value

Answer 28

product

Question 29

What is this ?
the people who use the products and services purchased for a household

Answer 29

ultimate consumers

Question 30

What is this ?
those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use for resale

Answer 30

organizational buyers

Question 31

What is this ?
the benefits or customer value received by users of the products

Answer 31

utility

Question 32

What is this ?
having the offering available where consumers need it

Answer 32

place utility

Question 33

What is this ?
having it available when needed

Answer 33

time utility

Question 34

What is this ?
the value of making an item easy to purchase through the provision of credit cards or financial arrangements

Answer 34

possession utility