CH. 1

Question 1

What is Marketing?

Answer 1

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question 2

What are Needs

Answer 2

States of felt deprivation

Question 3

What are Wants

Answer 3

The form human needs take as shaped by culture and individual personality

Question 4

What are Demands

Answer 4

Human wants that are backed by buying power

Question 5

What is Marketing Offer

Answer 5

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 6

What is Exchange

Answer 6

The act of obtaining a desired object from someone by offering something in return

Question 7

What is a Market

Answer 7

The set of actual and potential buyers of a product or service

Question 8

What is Market Management

Answer 8

The art and science of choosing target markets and building profitable relationships with them

Question 9

What is Product Concept

Answer 9

The idea that consumers will favor products that are available and highly affordable; They offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements

Question 10

What is Marketing Concept

Answer 10

The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do

Question 11

What is Societal Marketing Concept

Answer 11

A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long run interests, and society’s long run interests

Question 12

What is Customer Relationship Management

Answer 12

The overall process of building and maintaining profitable customer value and satisfaction

Question 13

What is Customer Perceived Value

Answer 13

The difference between total customer value and total customer cost

Question 14

What is Customer Satisfaction

Answer 14

The extent to which a product’s perceived performance matches a buyer’s expectations

Question 15

What is Partner Relationship Management

Answer 15

Working closely with partners other company departments and outside the company to jointly bring greater value to customers

Question 16

What is Customer Lifetime Value

Answer 16

The value of the entire stream of purchases that the customer would make over a lifetime of patronage

Question 17

What is Share of Customer

Answer 17

The portion of the customer’s purchasing that a company gets in its product categories

Question 18

What is Customer Equity

Answer 18

The total combined customer lifetime values of all the company’s customers

Question 19

What is Internet of Things (IoT)

Answer 19

A global environment where everything and everyone is digitally connected to everything and everyone else

Question 20

What is Marketing Myopia

Answer 20

Focus only on existing wants, losing sight of their needs

Question 21

What is Digital and Social Media Marketing

Answer 21

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices

Question 22

What is Customer-Engagement Marketing

Answer 22

Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

Question 23

What is Customer Brand Advocacy

Answer 23

Actions by which satisfied customers initiate favorable interactions with others about a brand

Question 24

What is Customer-Generated Marketing

Answer 24

Brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

Question 25

What is Selling Concept

Answer 25

The idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort