Chapter 1

Question 1

What is marketing?

Answer 1

a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships

Question 2

4 Ps of marketing

Answer 2

PRODUCT, PRICE, PLACE AND PROMOTION

Question 3

The 4 orientations of marketing

Answer 3

1. Product orientation
2. Sales orientation
3. Market orientation
4. Value-based orientation

Question 4

Product orientation (company goal and describe)

Answer 4

• company goal: develop and distribute better products
• consumers continuously encounter newer and better products
• may not necessarily translate to consumer satisfaction though

Question 5

Sales orientation (company goal and describe)

Answer 5

• company goal: focus on selling
• companies spend a lot of money on hiring, training, and incentivizing its sales people

Question 6

Market orientation (company goal and describe)

Answer 6

• company goal: know and understand the consumer
• companies focus on intelligence generation, dissemination, and responsiveness

Question 7

Value-Based orientation

Answer 7

• company goal: create value for consumers/stakeholders
• value for all: people’s needs + Profits + Planet (i.e., societal marketing concept)

Question 8

How do firms become value-driven?

Answer 8

1. Gather & share information
2. Balance costs with benefits
3. Build relationships
4. Connect with customers using social media

Question 9

What are the core concepts in marketing and how are they important in understanding marketing?

Answer 9

a. Satisfying consumer needs and wants
b. Models of exchange
c. Value creation via the 4Ps
d. Used by individuals and organizations alike
e. Impacts everyone