Chapter 1

Question 1

There must be 2 or more parties with unsatisfied needs.

Answer 1

PREREQUISITES FOR MARKETING

Question 2

The desire or need for one party to meet (satisfy) the needs of another.

Answer 2

PREREQUISITES FOR MARKETING

Question 3

Parties must have something to exchange.

Answer 3

PREREQUISITES FOR MARKETING

Question 4

There must be a means to communicate.

Answer 4

PREREQUISITES FOR MARKETING

Question 5

The components of a marketing mix (Four P’s)

Answer 5

PRODUCT
PRICE
PLACE
PROMOTION

Question 6

Goods, services, or ideas offered by a firm.

Answer 6

PRODUCT

Question 7

Focus on what the consumer is willing to pay.

Answer 7

PRICE

Question 8

Manner in which goods are distributed by a firm.

Answer 8

PLACE

Question 9

Anyway of informing the marketplace of your existence.

Answer 9

PROMOTION

Question 10

Wish or desire for something.

Answer 10

WANT

Question 11

Condition in which there is a deficiency of something or one requiring relief.

Answer 11

NEED

Question 12

It can effect price and insurance

Answer 12

WANTS VS. NEEDS

Question 13

Eras of Marketing

Answer 13

PRODUCTION ERA
SALES ERA
MARKETING ERA

Question 14

Primary focus was producing high-quality products.

Answer 14

PRODUCTION ERA

Question 15

Focus on volume and sales.

Answer 15

SALES ERA

Question 16

Customer-driven/marketplace-driven

Answer 16

MARKETING ERA

Question 17

5 Elements of Marketing Orientation

Answer 17

CONSUMER ORIENTATION
COMPETITOR ORIENTATION 
INTER-FUNCTIONAL COORDINATION
LONG-TERM FOCUS
PROFITABILITY

Question 18

Having sufficient understanding of the target buyers to be able to create superior value for them.

Answer 18

CONSUMER OREINTATION

Question 19

Recognizing competitors’ SWOT analysis.

Answer 19

COMPETITOR ORIENTATION

Question 20

Coordinating and deploying company resources that focus on creating value for the customer.

Answer 20

INTER-FUNCTIONAL COORDINATION

Question 21

Adopting a perspective that includes a continuous search for ways to add value by making appropriate business investments.

Answer 21

LONG-TERM FOCUS

Question 22

Earning revenues sufficient to cover long-term expenses

Answer 22

PROFITABILITY

Question 23

Group of customers the organization wishes to attract

Answer 23

TARGET MARKET

Question 24

Who does marketing?

Answer 24

Everyone

Question 25

Who are the customers?

Answer 25

Patients, Physicians, Schools,Staff...

Question 26

Determines which services are most needed. (Satisfies customers' needs)

Answer 26

MARKET-DRIVEN PLANNING

Question 27

Makes decisions that are self serving without having the parts in place to implement the desired service.

Answer 27

NON MARKET-DRIVEN PLANNING

Question 28

An organization must develop a marketing strategy that is sensitive to what 3 factors?

Answer 28

Stakeholders, Environmental factors, and Society

Question 29

Any group that has a relationship with the company.

Answer 29

Stakeholders

Question 30

Regulations (legal issues), Social(demographic and culture trends), Technological Economic(changes in income distribution), and competitive factors

Answer 30

Environmental Factors

Question 31

Each distinct product or related set of products has its own marketing organization. Responsibility rests with the product line manager.

Answer 31

PRODUCT-ORIENTED ORGANIZATION

Question 32

Each distinct major market has it own marketing organization.

Answer 32

MARKET-ORIENTED ORGANIZATION

Question 33

Entity that can implement organized processes for improving quality and controlling the cost of car.

Answer 33

ACO (Accountable Care Organization)

Question 34

Planning and EXECUTION THE CONCEPTION, PRICING, PROMOTION, AND DISTRIBUTION OF IDEAS, GOODS, AND SERVICES to create exchanges that satisfy individual and organizational objectives.

Answer 34

MARKETING