Chapter 1

Question 1

Marketing

Answer 1

as the activity, set of institutions, and processes for delivering,, and exchanging offerings that have value for customers. clients, partners , and society at large

Question 2

Discovering consumer needs

Answer 2

• is the first objective in marketing
• marketers can use customer survey’s, concept tests to help understand customer ideas.
• crowdsourcing websites to solicit and evaluate ideas.

Question 3

consumer needs and consumer wants

Answer 3

• Marketing tries to satisfy both.
• Need:occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.
• A want: is a need that is shaped by a person’s knowledge,culture, and personality.

Question 4

Target market

Answer 4

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

Question 5

Product

Answer 5

A good, service, or idea to satisfy the consumer’s needs

Question 6

Price:

Answer 6

what is exchanged for the product

Question 7

promotion

Answer 7

a means of communication between the seller and buyer

Question 8

place

Answer 8

a means of getting the product to the consumer

Question 9

customer value

Answer 9

is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Question 10

3 value strategies

Answer 10

best service
best price
best product

-most companies do not have all 3 in common but some have two in common and alot should have at least one in common

Question 11

customer relationship management

Answer 11

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

• foundations is built upon customer experience
• indirect-unplanned touches, word of mouth
• direct- contacts through buying
• A focus has been creating relationships through social media, for example facebook, twitter, youtube,
• this focus has allowed org. to understand and market to current and perspective customers in ways that are still evolving.

Question 12

ultimate consumers

Answer 12

are the people who use the products and services they purchase for household

Question 13

organizational buyers

Answer 13

manufacturers, wholesalers, retailers, and government agencies that buy products and services for there own use for resale.