Chapter 1

Question 1

marketing

Answer 1

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it’s stakeholders.

Question 2

stakeholders

Answer 2

buyers, sellers, or investors in a company, community residents, and even citizens of the nations where foods and services are made and sold. in other words, any person or organization that has a stake in the outcome.

Question 3

consumer

Answer 3

the ultimate user of a good or service

Question 4

marketing concept

Answer 4

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long term profitability.

Question 5

need

Answer 5

the recognition of any difference between a consumer’s actual state and some ideal or desired state.

Question 6

want

Answer 6

the desire to satisfy needs in specific ways that are culturally and socially influenced.

Question 7

benefit

Answer 7

the outcome sought by a customer that motivates buying behavior-that satisfies a need or want

Question 8

demand

Answer 8

customers’ desires for products coupled with the resources needed to obtain them

Question 9

market

Answer 9

all the customers and potential customers who share a common need that can be satisfied by a specific produce, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange

Question 10

marketplace

Answer 10

any location or medium used to conduct an exchange

Question 11

virtual goods

Answer 11

digital products consumers buy for use in online contexts

Question 12

utility

Answer 12

the usefulness or benefit consumers receive from a products

Question 13

exchange

Answer 13

the process by which some transfer of value occurs between a buyer and a seller

Question 14

product

Answer 14

a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through exchange process; a bundle of attributes including features, functions, benefits, and uses

Question 15

product orientation

Answer 15

a management philosophy that emphasizes the most efficient ways to produce and distribute products.

Question 16

selling orientation

Answer 16

a managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory

Question 17

consumer orientation

Answer 17

a business approach that prioritizes the satisfaction of customers’ needs and wants

Question 18

total quality management (TQM)

Answer 18

a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

Question 19

instapreneur

Answer 19

a businessperson who only produces a product when it is ordered

Question 20

triple bottom line orientation

Answer 20

a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices

Question 21

customer relationship management (crm)

Answer 21

a systematic tracking of consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs. crm allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts

Question 22

value

Answer 22

The benefits a customer receives from buying a good or service.

Question 23

attention economy

Answer 23

a company’s success is measured by its share of mind rather than share of market, where companies make money when they attract eyeballs rather than just dollars

Question 24

social marketing concept

Answer 24

a management philosophy that marketers must satisfy customers’ needs in ways that also benefit society and also deliver profit to the firm

Question 25

sustainability

Answer 25

a product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs

Question 26

green marketing

Answer 26

a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers

Question 27

return on investment (roi)

Answer 27

the direct financial impact of a firm's expenditure of a resource such as time or money

Question 28

popular culture

Answer 28

the music, movies, sports, books, celebrities and other forms of entertainment consumed by the mass market

Question 29

myths

Answer 29

stories containing symbolic elements that express the shared emotions and ideals of a culture

Question 30

consumer goods

Answer 30

the goods individual consumers purchase for personal or family use

Question 31

services

Answer 31

intangible products that are exchanged directly between the producer and the customer

Question 32

business to business marketing

Answer 32

the marketing of goods and services from one organization to another

Question 33

industrial goods

Answer 33

goods individuals or organizations buy for further processing or for their own use when they do business

Question 34

e commerce

Answer 34

the buying or selling of goods and services electronically, usually over the Internet

Question 35

shrinkage

Answer 35

losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise

Question 36

anticonsumption

Answer 36

the deliberate defacement of products

Question 37

not for profit organizations

Answer 37

organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members

Question 38

value proposition

Answer 38

a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

Question 39

lifetime value of a customer

Answer 39

the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime

Question 40

distinctive competency

Answer 40

a superior capability of a firm in comparison to its direct competitors

Question 41

differential benefit

Answer 41

properties of products that set them apart from competitors' products by providing unique customer benefits

Question 42

value chain

Answer 42

a series of activities involved in designing, producing, marketing, delivering, and supporting any product. each link in the chain has the potential to either add or remove value from the product the customer eventually buys

Question 43

marketing scorecards

Answer 43

feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals

Question 44

metrics

Answer 44

measurements or scorecards marketers use to identify the effectiveness of different strategies or tactics

Question 45

amafessionals

Answer 45

consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic income rather than financial income

Question 46

consumer generated content

Answer 46

everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

Question 47

social networking

Answer 47

online platforms that allow a user to represent himself via a profile on a Web site and provide and receive links to other members of the network to share input about common interests

Question 48

Web 2.0

Answer 48

the new generation of the WWW that incorporates social networking and user interactivity

Question 49

folksonomy

Answer 49

a classification system that relies on users rather than preestablished systems to sort contents

Question 50

wisdom of crowds

Answer 50

under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products

Question 51

open source model

Answer 51

a practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product

Question 52

marketing plan

Answer 52

a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

Question 53

mass market

Answer 53

all possible customers in a market, regardless of the differences in their specific needs and wants

Question 54

market segment

Answer 54

a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market

Question 55

target market

Answer 55

the market segments on which an organization focuses its marketing plan and toward which directs its marketing efforts

Question 56

market position

Answer 56

the way in which the target market perceives the product in comparison to competitors' brands

Question 57

marketing mix

Answer 57

a combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers

Question 58

four p's

Answer 58

product, price, promotion, and place

Question 59

price

Answer 59

the assignment of value, or the amount the consumer must exchange to receive the offering

Question 60

promotion

Answer 60

the coordination of a marketer's communication efforts to influence attitudes or behavior

Question 61

place

Answer 61

the availability of the product to the customer at the desired time and location