Chapter 1

Question 1

Marketing Concept?

Answer 1

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

Question 2

Marketing Program?

Answer 2

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

Question 3

Customer relationship management (CRM)?

Answer 3

The process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers choose them in the marketplace.

Question 4

Customer Experience?

Answer 4

The internal response that customers have to all aspects of an organization and its offerings. (May include internal (sellers, the customers personal experience), and external (other customers word of mouth, reviews))

Question 5

Societal marketing concept?

Answer 5

The view that organizations should satisfy the needs of consumers in a way that also provides for societies well being.

Question 6

Organizational buyers?

Answer 6

Wholesalers, manufactures, retailers, government that buy goods and services for resale or their own use

Question 7

Ultimate buyers?

Answer 7

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

Question 8

Product?

Answer 8

A good, service, or idea that is bundle with tangible and intangible attributes that satisfies the consumers’ needs and is received in exchange for something

Question 9

Should marketing try to satisfy consumer needs or wants?

Answer 9

Both

Question 10

What does Robert M McMath recommend for new key launches? (2)

Answer 10

1. Focus on what the customer benefit is 2. learn from the past

Question 11

What is the first objective of marketing needs?

Answer 11

The first objective is to discover the needs of prospective customers. (Consumers may not always no what they want or be able to describe what they want.)

Question 12

Marketing mix?

Answer 12

The controllable factors -price, product, promotion, and place-that a marketing manager can use to solve a marketing problem

Question 13

What is a want?

Answer 13

A want is a need that is controlled by a consumers culture, knowledge, and personality

Question 14

Utility?

Answer 14

The benefits or customer value received by users of the product

Question 15

What is a need?

Answer 15

A need occurs when a person feels deprived of basic necessities such as food, shelter, clothing

Question 16

Target Market?

Answer 16

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Question 17

Market?

Answer 17

People with both the wants and the ability to buy a specific offering.

Question 18

Environmental Factors?

Answer 18

Uncontrollable factors- technological, regulatory, social, economic, and competitive.

Question 19

Customer value proposition?

Answer 19

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

Question 20

Exchange?

Answer 20

The trade of things of value between a buyer and seller so that each is better off

Question 21

customer value?

Answer 21

Buyers benefits, including quality, convenience, on time delivery, and before/after sale service at a specific price.

Question 22

Marketing?

Answer 22

The activity for creating and delivering offerings that benefit the organization, its stakeholders, and society.

Question 23

Relationship marketing?

Answer 23

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

Question 24

Marketing orientation?

Answer 24

Focusing organizational efforts to collect and use information about customer needs to create customer value.

Question 25

4 different types of utility?

Answer 25

Form- production of product or service
Place- having the offering available
Time-having the offering available when needed
Possession- value of making an item easy to purchase through provision of credit cards or financial arrangement

Question 26

Who benefits from effective marketing?

Answer 26

Consumers that buy, organizations that sell, society as a whole

Question 27

What is a principle activity of a firms marketing department?

Answer 27

To scrutinize its consumers to understand what they need and want and the forces that shape those needs and wants

Question 28

What are the 4 tools or 4 Ps of marketing?

Answer 28

Product, price, place, promotion (A means of communication between buyer and seller)

Question 29

What/Who makes up a market?

Answer 29

Potential consumers make up a market.

Question 30

Why are the 4 Ps called controllable factors?

Answer 30

The marketing mix elements are called controllable factors because they are under the control of the marketing department in an organization.

Question 31

How do firms gain loyal customers?

Answer 31

By providing unique value. Firms figure out what customers perceive as value and deliver on it.

Question 32

Name some things the marketing department both shapes and is shaped by:

Answer 32

Internal - the company itself
External - other organizations, suppliers, shareholders, customers
Environmental - social, economic, technological, regulatory, competition

Question 33

To serve both buyers and sellers, marketing seeks to:

Answer 33

Discover the needs and wants of prospective customers

To satisfy them

Question 34

Who presents marketing professionals?

Answer 34

American Marketing Association

Question 35

How many business fail?

Answer 35

More than half of all new business fail within the first 5 years

Question 36

How does marketing effect me?

Answer 36

Marketing can help me be a better consumer, informed citizen, and help with career planning.

Question 37

Who does marketing effect?

Answer 37

Marketing effects everyone i.e. all individuals, organizations, all industries, and all countries.

Question 38

Firms cannot be all things to all people. What must firms do?

Answer 38

They must find ways to build long term relationships and provide unique value to their targeted audience. Many forms focus on one of three strategies best price, best product, best service.

Question 39

Name the 4 things needed for marketing to occur?

Answer 39

Two or more parties with unsatisfied needs
Desire and ability to satisfy those needs
Away for parties to communicate
Something to exchnage

Question 40

In terms of selling a product what does marketing relationship involve?

Answer 40

A personal, ongoing relationship between the organization and its individual customers that begins before and continue after the sale.

Question 41

Name some firms who have implemented the marketing concept with success?

Answer 41

General Electric, Facebook, Marriott

Question 42

What are the 4 stages in the life of firms

Answer 42

Productions era-pre 1920s
Sales era 1920-1960
Marketing concept - 1950-today
Customer relationship era-Today

Question 43

How does marketing balance ethics and social responsibility?

Answer 43

Many companies, industries, and professional association have created a code of ethics.
Social responsibility- The well being of society at large should be recognized in an organization’s marketing decisions.

Question 44

What is marketed?

Answer 44

Goods, Ideas, and services