CHAPTER 1: PRINCIPLES OF MARKETING

Question 1

MARKETING

Answer 1

A set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others

Question 2

The Exchange Process

Answer 2

The act of OBTAINING A DESIRED OBJECT from someone by offering SOMETHING OF VALUE in return

Question 3

4 exchange processes

Answer 3

Customer (or buyer)
Product
Provider (or seller)
Transaction

Question 4

ROLE of marketing

Answer 4

Identify,satisfy,and retain customers

Question 5

What is used in advertising?

Answer 5

paid notices in different forms of media

Question 5

What is Branding

Answer 5

the process of “creating a unique name and image for a product in the consumer’s mind”

Question 6

What is sales

Answer 6

The process of actually selling products or services

Question 7

4 Company Orientations

Answer 7

• the marketing concept
  -the product concept
  -the sales concept
  -the production concept

Question 8

the marketing concept

Answer 8

Success depends ondoing better than competitors at understanding, creating, delivering, and communicating value totheir target customers

Question 9

the product concept

Answer 9

Success depends on creating the best, most innovative product for the lowest price

Question 10

the sales concept

Answer 10

Success depends on a good sales team with the right tools and incentives.

Question 10

the production concept

Answer 10

Success depends on LOW PRODUCTION COST, HIGHLY EFFICIENT PROCESSES, and MASS DISTRIBUTION

Question 10

Relationship Stages

Answer 10

Meeting and Getting Acquainted
Providing a Satisfying Experience
Sustaining a Committed Relationship

Question 10

What is Customer Lifetime Value

Answer 10

Predicts how much profit the company will make from the customer during his or her lifetime relationship with the company