Ch. 1 Study Guide

Question 1

What is marketing?

Answer 1

the activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, and society at large.

Question 2

Marketing focuses on ___ and ____ consumer needs.

Answer 2

Discovering; Satisfying

Question 3

What four factors are needed for marketing to occur?

Answer 3

1. Two/more parties with unsatisfied needs
2. A desire and ability on their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange

Question 4

An organization can’t satisfy the needs of all consumers, so it must focus on subgroups which are its ____ _____.

Answer 4

target markets

Question 5

What are the 4 marketing mix elements that make up the organization’s marketing program?

Answer 5

Price
Product
Promotion
Place - Distribution

Question 6

What are the environmental forces?

Answer 6

1. Laws and regulations
2. The economy
3. Other organizations
4. Technology
5. Society

Question 7

What are the two key characteristics of the marketing concept?

Answer 7

1. Strive to satisfy consumer needs
2. Achieve organizational goals

Question 8

What is the difference between organizational buyers and ultimate consumers?

Answer 8

Organizational Buyers: Purchase products for organizational use/resale

Ultimate consumers: purchase products for their households

Question 9

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is referred to as ______.

Answer 9

Marketing

Question 10

What are the 4 Ps of the marketing mix?

Answer 10

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

Question 11

What are the marketing manager’s controllable factors?

Answer 11

The marketing mix; 4 Ps

Question 12

The marketing manager’s controllable factors - product, price, promotion, place - that can be used to solve a marketing problem are referred to as _____.

Answer 12

the marketing mix

Question 13

Which of the following best describes a service?
a. The benefits organizations receive in exchange for selling products
b. thoughts about concepts, actions, or causes
c. comprise the subset of tangible features of products
d. intangible items
e. Physical objects

Answer 13

d. intangible items

Question 14

The marketing mix refers to ______.

Answer 14

The marketing manager’s controllable factors; product, price, promotion, and place that can be used to solve a marketing problem.

Question 15

In 1952, GE’s annual report stated, “The concept introduces marketing at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business,” this statement has come to be known as the ____ _____.

Answer 15

marketing concept

Question 16

____ is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

Answer 16

Product

Question 17

_____ is the element of the marketing mix that describes a means of getting the product to the consumer.

Answer 17

Place/Distribution

Question 18

Which of the following is NOT an environmental force?
a. commercial
b. technological
c. regulatory
d. economic
e. social

Answer 18

a. commercial

Question 19

All of the following are marketing mix strategies that Chobani used to sell yogurt EXCEPT ___.
a. air a Super Bowl commercial featuring a large bear looking for a snack
b. sponsor US Olympic and Paralympic teams
c. rely on word of mouth to reach new customers
d. use Facebook, YouTube, and other social media to promote Chobani yogurt.
e. price the Chobani yogurt line below its major competitors to increase sales and market share

Answer 19

e. Price Chobani yogurt line below its major competitors to increase sales and market share.

Question 20

Exchange

Answer 20

the trade of things of value between a buyer and seller so that each other is better off after trade.

Question 21

Market

Answer 21

consists of people with both the desire and ability to buy a specific offering.

Question 22

Target market

Answer 22

one or more specific groups of potential consumers toward which an organization directs is marketing program.

Question 23

Customer Value Proposition

Answer 23

the cluster of benefits that an organization promises to customers to satisfy their needs.

Question 24

Environmental forces

Answer 24

the uncontrollable forces that affect marketing decision that consists of
social forces
economic forces
competitive forces
regulatory forces

Question 25

Customer Value

Answer 25

the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before sale and after sale service at a specific price.

Question 26

Relationship marketing

Answer 26

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

Question 27

Marketing program

Answer 27

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Question 28

Market segments

Answer 28

the relatively homogeneous groups of prospective buyers that 1. have common needs 2. will respond similarly to a marketing action.

Question 29

Marketing concept

Answer 29

the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve organization's goals.

Question 30

Marketing orientation

Answer 30

occurs when an organization focuses its efforts on 1 continuously collecting information about customers' needs, 2 sharing this information across departments, and 3 using it to create customer value.

Question 31

Customer relationship management (CRM)

Answer 31

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.

Question 32

Customer experience

Answer 32

the internal response that customer have to all aspects of an organization and its offerings

Question 33

Societal marketing concept

Answer 33

the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

Question 34

Product

Answer 34

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

Question 35

Ultimate consumers

Answer 35

the people who use the products and services purchased for a household.

Question 36

Organizational buyers

Answer 36

those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.

Question 37

Utility

Answer 37

the benefits or customer value received by users of the product.