Chapter 1

Question 1

def of marketing

Answer 1

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

what are the 4Ps

Answer 2

price, product, place, promotion

Question 3

example of B2B

Answer 3

consulting

Question 4

example of B2C

Answer 4

Apple to everyone

Question 5

example of C2C

Answer 5

facebook marketplace

Question 6

example of C2B

Answer 6

paid reviews

Question 7

evolution of marketing orientations

Answer 7

product, sales, market, value

Question 8

what are the core concepts of marketing (4)

Answer 8

create value: customers must believe that the firm’s products and services are valuable; that is, the products and services are worth more to the customers than they cost.

communication: enhance the value of products and services through various forms of communication, such as advertising and personal selling.

delivery of value: ensuring the right products and services are available when, where, and in the quantities their customers want.

long-term relationships: recognize the value of loyal customers and strive to develop long-term relationships with them.

Question 9

Describe how marketers create value for a product or service

Answer 9

Ability to design products and services that achieve the right balance between benefits and costs—not too little, not too much.

Developing a lasting relationship with their customers so those customers return again and again.

Question 10

Summarize the four orientations of marketing

Answer 10

product orientation: a good product will sell itself. Manufacturers are concerned with product innovation, not with satisfying the needs of individual consumers, and keep producing with the assumption that people will buy it. Marketing with this orientation is simply about informing the customer that a product exists, whether it is used at all.

sales orientation: rely on a sales team to sell. Production is maximized and then heavy doses of personal selling and advertising help distribute and sell the product. The role of marketing is focused only on the sale of products.

market orientation: celebrates the customer. Learn the customer’s needs and wants and design products to fit the customers. Marketing plays an important role by communicating the different attributes, or value, created by each product.

Value-based orientation: what you get for what you give. Marketing plays a role in creating, delivering and communicating the value, especially in relation to other products available, and transacting the value through to customers.

Question 11

Understand the importance of marketing both within and outside the firm.

Answer 11

Within: coordinate with other functional areas, such as product design, production, logistics, and human resources, enabling them to get the
right product to the right customers at the right time. helps facilitate the smooth flow of goods through the supply chain, all the way from raw materials to the consumer.

Outside: facilitates buying process, and support career goals. embrace of solid, ethical business practices. cornerstone of entrepreneurialism.