Ch 13

Question 1

The process of creating value for customers and building relationships with those customers in order to capture value back from them

Answer 1

Marketing

Question 2

Marketing efforts to attract people and organizations to a particular geographical area

Answer 2

Place Marketing

Question 3

Identification and marketing of a social issue, cause, or idea to selected target markets

Answer 3

Cause-Related Marketing

Question 4

Differences between a person’s actual state and his or her ideal state; they provide the basic motivation to make a purchase

Answer 4

Needs

Question 5

Specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality

Answer 5

Wants

Question 6

The act of obtaining a desired object or service from another party by offering something of value in return

Answer 6

Exchange Process

Question 7

An exchange of value between parties

Answer 7

Transaction

Question 8

The power of a good or service to satisfy a human need

Answer 8

Utility

Question 9

An approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization

Answer 9

Marketing Concept

Question 10

A focus on developing and maintaining long-term relationships with customers, suppliers, and distribution partners for mutual benefit

Answer 10

Relationship Marketing

Question 11

The degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider

Answer 11

Customer Loyalty

Question 12

A type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers

Answer 12

Customer Relationship Management

Question 13

The creation and sharing of product-related information among customers and potential customers

Answer 13

Social Commerce

Question 14

The collection and analysis of information for making marketing decisions

Answer 14

Marketing Research

Question 15

A marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest

Answer 15

Position Based Marketing

Question 16

The delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique

Answer 16

Stealth Marketing

Question 17

Individuals or households that buy goods and services for personal use

Answer 17

Consumer Market

Question 18

Companies, government agencies, and other organizations that buy goods and services either to resell or to use in the creation of their own goods and services

Answer 18

Organizational Market

Question 19

Tension that exists when a person’s beliefs don’t match his or her behaviors; a common example is buyer’s remorse, when someone regrets a purchase immediately after making it

Answer 19

Cognitive Dissonance

Question 20

The process of examining an organization’s current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives

Answer 20

Strategic Marketing Plan

Question 21

Selling more of a firm’s existing products in the markets it already serves

Answer 21

market Penetration

Question 22

Creating new products for a firm’s current markets

Answer 22

Product Development

Question 23

Selling existing products to new markets

Answer 23

Marketing Development

Question 24

Creating new products for new markets

Answer 24

Diversification

Question 25

A firm’s portion of the total sales in a market

Answer 25

Market Share

Question 26

An overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix

Answer 26

Marketing Strategy

Question 27

A group of customers who need or want a particular product and have the money to buy it

Answer 27

Market

Question 28

The division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors

Answer 28

Marketing Segmentation

Question 29

The study of the statistical characteristics of a population

Answer 29

Demographics

Question 30

Classification of customers on the basis of their psychological makeup, interests, and lifestyles

Answer 30

Psychographics

Question 31

Categorization of customers according to their geographical location

Answer 31

Geographic Segmentation

Question 32

Categorization of customers according to their relationship with products or response to product characteristics

Answer 32

Behavioral segmentation

Question 33

Specific customer groups or segments to whom a company wants to sell a particular product

Answer 33

Target Markets

Question 34

Managing a business in a way designed to occupy a particular place in the minds of target customers

Answer 34

Positioning

Question 35

The four key elements of marketing strategy: product, price, distribution, and customer communication

Answer 35

Marketing Mix

Question 36

A bundle of value that satisfies a customer need or want

Answer 36

Product

Question 37

The amount of money charged for a product or service

Answer 37

Price

Question 38

Systems for moving goods and services from producers to customers; also known as marketing channels

Answer 38

Distribution channels

Question 39

A wide variety of persuasive techniques used by companies to communicate with their target markets and the general public

Answer 39

Promotion