chapter 1 what is marketing

Question 1

What is the definition of marketing ?

Answer 1

Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”American Marketing Association,

Question 2

Outline marketing components?

Answer 2

1. Creating. The process of collaborating with suppliers and customers to create offerings that have value.
2. Communicating.Broadly,describing those offerings,as well as learning from customers.
3. Delivering.Getting those offerings to the consumer in away that optimizes value.
4. Exchanging. Trading value for those offerings.

Question 3

four Ps:

Answer 3

1. Product. Goods and services (creating offerings).
2. Promotion.Communication.
3. Place.Getting the product to a point at which the customer can purchase it (delivering). 4. Price. The monetary amount charged for the product (exchanging).

Question 4

the four Ps were called

Answer 4

the marketing mix,

Question 5

Value

Answer 5

mean the benefits buyers receive that meet their needs.

Question 6

personal value equation

3. What is the personal value equation?

Answer 6

value = benefits received – [price + hassle]

Question 7

marketing concept

Answer 7

philosophy underlying all that marketers do, requires that marketers seek to satisfy customer wants and needs.

Question 8

production orientation

Answer 8

they believed that the best way to compete was by reducing production costs
example: Henry Ford’s Model A automobile cheap and affordable for just about everyon

Question 9

production era

Answer 9

lasted until the 1920s, when production-capacity growth began to outpace demand growth and new strategies were called for.

Question 10

selling orientation

Answer 10

meaning they believed it was necessary to push their products by heavily emphasizing advertising and selling

Question 11

selling era.

Answer 11

Companies like the Fuller Brush Company and Hoover Vacuum began selling door-to-door and the vacuum-cleaner salesman (they were always men) was created.

Question 12

product orientation

Answer 12

This focus on product innovation

Question 13

marketing era.

Answer 13

the marketing concept was developed, and from about 1950 to 1990, businesses operated

Question 14

value era

Answer 14

a time when companies emphasize creating value for customers.

Question 15

one ­to­ one era

Answer 15

the way to compete is to build relationships with customers one at a time and seek to serve each customer’s needs individually

Question 16

service-­dominant logic

Answer 16

an approach to business that recognizes that consumers want value no matter how it is delivered, whether it’s via a product, a service, or a combination of the two.

Question 17

supply chain

Answer 17

includes a number of organizations and functions that mine, make, assemble, or deliver materials and products from a manufacturer to consumers

Question 18

Logistics,

Answer 18

the actual transportation and storage of materials and products, is the primary component of supply chain management, but there are other aspects of supply chain management that we will discuss later.

Question 19

exchange,

Answer 19

he actual transaction

In most instances, we consider the exchange to be cash for products and services

Question 20

2. How has marketing changed from the four Ps approach to the more current value­based
   perspective?

Answer 20

Product, price, place, and promotion are nouns. As such, these words fail to capture all the activities of marketing. For example, exchanging requires mechanisms for a transaction, which consist of more than simply a price or place. Exchanging requires, among other things, the transfer of ownership.

Question 21

do Nonprofit Organizations engage in marketing ?

Answer 21

Nonprofit organizations also engage in marketing. When the American Heart Association (AHA) created a heart-healthy diet for people with high blood pressure, it bound the diet into a small book, along with access to a special Web site that people can use to plan their meals and record their health- related activities.

Question 22

do Nonprofit Organizations engage in marketing ?

Answer 22

Nonprofit organizations also engage in marketing. When the American Heart Association (AHA) created a heart-healthy diet for people with high blood pressure, it bound the diet into a small book, along with access to a special Web site that people can use to plan their meals and record their health- related activities.

Question 23

DO Government entitiesengage in marketing ?

Answer 23

also engage in marketing activities. For example, when the U.S. Army advertises to parents of prospective recruits, sends brochures to high schools, or brings a Bradley Fighting Vehicle to a state fair, the army is engaging in marketing.

Question 24

social marketing.

Answer 24

Marketing conducted in an effort to achieve certain social objectives can be done by government agencies, nonprofit institutions, religious organizations, and others

Question 25

Marketing conducted in an effort to achieve certain social objectives is called

Answer 25

social marketing.

Question 26

1. What types of companies engage in marketing?

Answer 26

For­Profit Companies Nonprofit Organizations Government entities religious organizations

Question 27

1.3 Why Study Marketing?

Answer 27

Marketing Enables Profitable Transactions to Occur Marketing Delivers Value Marketing Benefits Society Marketing Costs Money Marketing Offers People Career Opportunities

Question 28

2. How does marketing provide value?

Answer 28

marketing delivers value, marketing delivers value to both the customer and the company.

Question 29

3. Why does marketing cost so much? Is marketing worth it?

Answer 29

when marketing results in more informed consumers receiving a greater amount of value, then the cost is justified.

Question 30

2. How does marketing provide value?

Answer 30

marketing delivers value, marketing delivers value to both the customer and the company. At the broader level, this process creates jobs and improves the quality of life in a society

Question 31

3. Why does marketing cost so much? Is marketing worth it?

Answer 31

Marketing can be costly, so firms need to hire good people to manage their marketing activities. when marketing results in more informed consumers receiving a greater amount of value, then the cost is justified.

Question 32

1. Why does everything start with customers? Or is it only marketing that starts with customers?

Answer 32

He recognized that if his company failed to meet customers’ needs, someone else would. The mission of the company then became the one shown

Question 33

2. What are the key parts of a marketing plan?

Answer 33

he marketing plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value.

Question 34

Figure 1.5 Steps in Creating a Marketing Plan

Answer 34



Question 35

3. What is the relationship between social responsibility, sustainability, service­dominant logic, and the global business environment?

Answer 35

A marketing plan is influenced by environmental trends such as social responsibility, sustainability, service­dominant logic, the increased availability of data and effective metrics, and the global nature of the business environment.

Question 36

How does the concept of metrics fit?

Answer 36

Technology has increased the amount of information available to decision makers. As such, the amount and quality of data for evaluating a firm’s performance is increasing

Question 37

social responsibility

Answer 37

equires that you must actively seek to improve the lot of others.

Question 38

Sustainability

Answer 38

is an example of social responsibility and involves engaging in practices that do not diminish the earth’s resources.