Chapter 1

Question 0

To serve both buyers and sellers, marketing seeks to do what two things?

Answer 0

1. To discover the needs and wants of prospective customers and
2. To satisfy them

Question 1

The activity for creating, communicating, delivering, and exchanging offerings that benefits its customers, the organization, its stakeholders, and society as a whole.

Answer 1

Marketing

Question 2

The key to marketing discovering the needs and wants of prospective customers and satisfying these needs is the idea of —-.

Answer 2

exchange

Question 3

The trade of things of value between buyer and seller so that each is better off after trade.

Answer 3

Exchange

Question 4

An organization’s marketing activity focuses on — and — — —.

Answer 4

satisfying
assessing
Customer needs

Question 5

What is needed for marketing to occur

Answer 5

1. Two or more parties with unsatisfied needs
2. A desire and ability on their part to be satisfied
3. A way for the parties to communicate
4. Something to exchange

Question 6

Marketing focuses on — and — consumer needs.

Answer 6

Discovering

Satisfying

Question 7

The first objective in marketing

Answer 7

To discover the needs of prospective customers

Question 8

People with both the desire and the ability to buy a specific offering

Answer 8

Market

Question 9

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

Answer 9

Target market

Question 10

Two key suggestions for new-product launches

Answer 10

1. Focus on what the customer benefit is

2. Learn from the past

Question 11

Preventing product failures relies on what two components?

Answer 11

1. Find out what the consumers need and want

2. Produce what they need and want and don’t produce what they don’t need and want

Question 12

Marketing tries to satisfy consumer — and consumer —.

Answer 12

Wants

Needs

Question 13

Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

Answer 13

A need

Question 14

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

Answer 14

A want

Question 15

Marketing first se elks to discover — — through extensive —.

Answer 15

Consumer needs

Research

Question 16

Marketing secondly seeks to satisfy consumer needs by implementing a — — possessing the right combination of the —- —-.

Answer 16

Marketing program

Marketing mix

Question 17

Markets are made up of

Answer 17

Potential consumers

Question 18

All markets are ultimately —.

Answer 18

People

Question 19

After a firm has selected its target market consumers, someone in the organizations marketing department, typically the — —, must develop a complete — —- to reach consumers using the four P’s.

Answer 19

Marketing manager

Marketing program

Question 20

The four Ps

Answer 20

Product
Price
Promotion
Place

Question 21

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

Answer 21

Product

Question 22

What is exchanged for the product.

Answer 22

Price

Question 23

A means of communication between the buyer and the seller

Answer 23

Promotion

Question 24

A means of getting the product to the consumer

Answer 24

Place

Question 25

The four Ps (product, price, promotion, place) are elements of the --- ---

Answer 25

Marketing mix

Question 26

The four elements of the marketing mix are the --- --- that can be used to solve a marketing problem.

Answer 26

Controllable factors

Question 27

The cluster of benefits that an organization promises to customers to satisfy their needs.

Answer 27

Customer value proposition

Question 28

People with both the desire and the ability to buy a specific offering.

Answer 28

Market

Question 29

The 4 Ps comprise the ---

Answer 29

Marketing mix

Question 30

Controllable factors

Answer 30

4 Ps

Question 31

The elements of the marketing mix are called controllable factors because they are...

Answer 31

...under the control of the marketing dept in an org

Question 32

Designing an effective marketing mix conveys to potential buyers a clear ---.

Answer 32

Customer value proposition

Question 33

The cluster of benefits that an organization promises customers to satisfy their needs.

Answer 33

Customer value proposition

Question 34

Uncontrollable factors

Answer 34

Environmental forces

Question 35

List the five uncontrollable environmental forces

Answer 35

``` Social Economic Technological Competitive Regulatory ```

Question 36

The fact that firms gain loyal customers by providing --- --- is the essence of successful marketing.

Answer 36

unique value

Question 37

The unique combo of benefits received by target buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Answer 37

Customer value

Question 38

Three value strategies for customer service

Answer 38

Best price Best product Best service

Question 39

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.

Answer 39

Relationship marketing

Question 40

A plan that integrates the marketing mix to provide a good, service, or idea to a prospective buyer.

Answer 40

Marketing program

Question 41

Early years of the US up until late 1920s

Answer 41

The Production Era

Question 42

Era when goods were scarce and buyers were willing to accept any goods that were available and make due with them.

Answer 42

Production era

Question 43

1920s - 1960s

Answer 43

Sales Era

Question 44

Era when manufacturers found they could produce more goods than buyers could consume -- competition grew-- firms hired more sales people to find new buyers

Answer 44

Sales era

Question 45

Era starting in the late 1950s

Answer 45

The marketing concept era

Question 46

Era started when marketing became the motivating force among American firms

Answer 46

Marketing concept era

Question 47

The idea that an org should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organizations goals

Answer 47

Marketing concept

Question 48

An organization that focuses its efforts on (1) continuously collecting information about customer's needs and (2) sharing the information across departments and (3) using it to create customer value

Answer 48

Market orientation

Question 49

People with both the desire and the ability to buy a specific offering.

Answer 49

Market

Question 50

The 4 Ps comprise the ---

Answer 50

Marketing mix

Question 51

Controllable factors

Answer 51

4 Ps

Question 52

The elements of the marketing mix are called controllable factors because they are...

Answer 52

...under the control of the marketing dept in an org

Question 53

Designing an effective marketing mix conveys to potential buyers a clear ---.

Answer 53

Customer value proposition

Question 54

The cluster of benefits that an organization promises customers to satisfy their needs.

Answer 54

Customer value proposition

Question 55

Uncontrollable factors

Answer 55

Environmental forces

Question 56

List the five uncontrollable environmental forces

Answer 56

``` Social Economic Technological Competitive Regulatory ```

Question 57

The fact that firms gain loyal customers by providing --- --- is the essence of successful marketing.

Answer 57

unique value

Question 58

The unique combo of benefits received by target buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Answer 58

Customer value

Question 59

Three value strategies for customer service

Answer 59

Best price Best product Best service

Question 60

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.

Answer 60

Relationship marketing

Question 61

A plan that integrates the marketing mix to provide a good, service, or idea to a prospective buyer.

Answer 61

Marketing program

Question 62

Early years of the US up until late 1920s

Answer 62

The Production Era

Question 63

Era when goods were scarce and buyers were willing to accept any goods that were available and make due with them.

Answer 63

Production era

Question 64

1920s - 1960s

Answer 64

Sales Era

Question 65

Era when manufacturers found they could produce more goods than buyers could consume -- competition grew-- firms hired more sales people to find new buyers

Answer 65

Sales era

Question 66

Era starting in the late 1950s

Answer 66

The marketing concept era

Question 67

Era started when marketing became the motivating force among American firms

Answer 67

Marketing concept era

Question 68

The idea that an org should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organizations goals

Answer 68

Marketing concept

Question 69

An organization that focuses its efforts on (1) continuously collecting information about customer's needs and (2) sharing the information across departments and (3) using it to create customer value

Answer 69

Market orientation