Chapter 1

Question 1

The Role of Marketing

Answer 1

Brands need to be differentiated and marketers are challenged to stay current to ensure their strategies and messages resonate with customers

Question 2

Need

Answer 2

Occurs when a person feels deprived of basic necessities

Question 3

Want

Answer 3

A need that is shaped by a person’s knowledge, culture, and personality

Question 4

3 types of CVP (Customer value proposition)

Answer 4

1. Product design
2. Pricing strategies
3. Service elements
   PPS

Question 5

Customer value proposition

Answer 5

Unique combination of benefits received by targeted buyers that will satisfy their needs; includes quality, price, convenience, delivery, and both before sale and after-sale service

Question 6

Target Market

Answer 6

Specific group or segment of existing and potential consumers to which marketers direct their marketing efforts

Question 7

Marketing Mix (4P’s)

Answer 7

Product, price, place, and promotion

Question 8

Marketing

Answer 8

process of planning and managing goods, services, or ideas to meet consumer needs

Question 9

Exchange

Answer 9

the trade of things of value between buyers and sellers so that each benefits

Question 10

What can be marketed

Answer 10

Good service or idea

Question 11

Market

Answer 11

Describes potential consumers who have both the willingness and ability to buy a product

Question 12

Marketing Regulations and ethical considerations

Answer 12

Regulations safeguard people, communities and the environment