Ch. 7 Customer Driven Marketing

Question 1

Buying Behaviour

Answer 1

the decision processes and actions of people who purchase and use products

Question 2

Concentration Approach

Answer 2

a market segmentation approach in which a company develops one marketing strategy for a single market segment

Question 3

Culture

Answer 3

the integrated, accepted pattern of human behaviour, including thought, speech, beliefs, actions, and artifacts

Question 4

Exchange

Answer 4

the act of giving up one thing (money, credit, labour, goods) in return for something else (goods, services, or ideas)

Question 5

Market

Answer 5

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

Question 6

Market Segment

Answer 6

a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires

Question 7

Market Segmentation

Answer 7

a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs

Question 8

Marketing

Answer 8

a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas

Question 9

Marketing Concept

Answer 9

the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals

Question 10

Marketing Mix

Answer 10

the four marketing activities—product, price, promotion, and distribution—that the firm can control to achieve specific goals within a dynamic marketing environment

Question 11

Marketing Orientation

Answer 11

an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers

Question 12

Marketing Research

Answer 12

a systematic, objective process of getting information about potential customers to guide marketing decisions

Question 13

Marketing Strategy

Answer 13

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

Question 14

Muliti-segment Approach

Answer 14

a market segmentation approach in which the marketer aims its efforts at two or more segments, developing a marketing strategy for each

Question 15

Perception

Answer 15

the process by which a person selects, organizes, and interprets information received from their senses

Question 16

Personality

Answer 16

the organization of an individual’s distinguishing character traits, attitudes, or habits

Question 17

Place /Distribution

Answer 17

making products available to customers in the locations and quantities desired

Question 18

Price

Answer 18

a value placed on an object exchanged between a buyer and a seller

Question 19

Primary Data

Answer 19

marketing information that is observed, recorded, or collected directly from respondents

Question 20

Promotion

Answer 20

a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas

Question 21

Reference Groups

Answer 21

groups with whom buyers identify and whose values or attitudes they adopt

Question 22

Secondary Data

Answer 22

information that is compiled inside or outside an organization for some purpose other than changing the current situation

Question 23

Social Classes

Answer 23

a ranking of people into higher or lower positions of respect

Question 24

Social Roles

Answer 24

a set of expectations for individuals based on some position they occupy

Question 25

Target Market

Answer 25

a specific group of consumers on whose needs and wants a company focuses its marketing efforts

Question 26

Target-market Approach

Answer 26

an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs