Ch 1

Question 1

Providing Value

Answer 1

• Build & maintain a loyal customer base
• Make a product that satisfies a variety of consumer demands
• Consumer positioning is important
• Good marketing can establish value
• Leveraging influencers to help promote a brand is critical

Question 2

How to build and maintain a loyal customer base

Answer 2

each company must distinguish themselves from its competitors by offering unique products and services and a strong brand that appeal to customers

Question 3

How to ensure that companies offerings provide value

Answer 3

making a product that can satisfy a variety of demands consumers

Question 4

What is marketing

Answer 4

a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.

Question 5

Why is marketing used

Answer 5

to create value in products & services

Question 6

What do the 4 P’s do

Answer 6

creates, transacts, communicates & delivers value

Question 7

What are the core aspects of marketing

Answer 7

• helps create value
• about satisfying customer needs and wants
• entails an exchange
• requires product, price, place, and promotion decisions
• can be performed by both individuals and organizations
• occurs in many settings

Question 8

Marketing entails an exchange

Answer 8

Each party to the exchange gives up something of value: The customer gives up not only money but also time and information, and the firm gives up the good or service
- exchange in the end is mutually beneficial

Question 9

Marketing requires marketing mix decisions

Answer 9

Price, product, promotion, place

Question 10

Price

Answer 10

• transacting value
• everything the buyer gives up in exchange for the product (time, money, energy)

Question 11

Place

Answer 11

• delivering value/product to the customer
• All activities necessary to get the product to the right customer when that customer wants it

Question 12

Promotion

Answer 12

• communicating value
• Used to inform, persuade and remind potential buyers
• Used to influence their opinions or elicit a response

Question 13

Marketing by individuals and organizations

Answer 13

B2B: Wholesaling is often only Business to Business

B2C: All retailing is Business to Consumer selling

C2C: Swap Meets, EBay, yard sales, etc.

Question 14

four orientations of marketing

Answer 14

1. product orientation
2. sales orientation
3. market orientation
4. value based orientation

Question 15

product orientation

Answer 15

most firms believed a good product would sell itself

Question 16

sales orientation

Answer 16

production and distribution techniques improved and supply outpaced demand
- Firms found an answer to overproduction by focusing on sales

Question 17

market orientation

Answer 17

focus was on what customers wanted

Question 18

value based orientation

Answer 18

maintains the market orientation but also includes a focus on giving greater value than the competition

Question 19

what does value based orientation focus on

Answer 19

To compete successfully, firms focus on the triple bottom line:
- People (consumer needs & wants)
- Profits (long-term profitable relationships)
- Planet (social and environmental responsibility)

Question 20

How do firms become more value driven?

Answer 20

Sharing Information
Balancing benefits with costs
Building customer relationships
Connecting with customers via social media

Question 21

Why is marketing important?

Answer 21

• expands global presence
• pervasive across the organization
• pervasive across supply chain
• makes life easier
• enriches society
• can be entrepreneurial