Chapter 1

Question 1

marketing mix 4p’s

Answer 1

1. Products
2. Price
3. Place
4. Promotion

Question 2

Products

Answer 2

All the attributes that make up a good, a service or an idea

Question 3

Price

Answer 3

What is exchanged for a product retail or sale price

Question 4

Place

Answer 4

the way in which your product gets to the consumer (distribution channels, retail formats, etc)

Question 5

Promotion

Answer 5

tools needed to communicate with consumers about a product (advertising)

Question 6

marketing process 3 steps

Answer 6

1. identifying the consumers needs
2. managing the marketing mix to meet consumers needs
3. realizing revenues or profits

Question 7

the evolution of marketing 4

Answer 7

1. production orientation
2. sales orientation
3. marketing orientation
4. relationship marketing

Question 8

customer relationship management

Answer 8

the overall process of building and maintaining profitable customer relationships

Question 9

Corporate social responsibility

Answer 9

organizations voluntarily consider the wellbeing of society, taking responsilibilty for how they impact consumers and society

Question 10

7 marketing practices

Answer 10

1. digital marketing
2. augmented reality
3. experimental marketing
4. influential marketing
5. partnership marketing
6. metrics and analytics
7. new marketing relations

Question 11

customer lifetime value

Answer 11

potential sales that generate by a customer if that customer remains loyal to that company