Marketing (Chapter 1)

Question 1

Consumer

Answer 1

User of a good or service.

Question 2

Marketing

Answer 2

The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society.

Question 3

Marketing mix

Answer 3

A combination of the product itself, the promotional activities that introduce it and the place where it is made available, that together create a desired response among a set of predefined consumers.

Question 4

Four Ps

Answer 4

Product, price, promotion, place.

Question 5

Product

Answer 5

A tangible good, service, idea or some combination of these that satisfies consumer or business customer needs through the exchange process, a bundle of attributes including features, functions, benefits and uses.

Question 6

Promotions

Answer 6

The coordination of a marketer’s communication efforts to influence attitudes or behavior.

Question 7

Place

Answer 7

The availability of the product to the customer at the desired time and location

Question 8

Price

Answer 8

The assignment of value, or the amount the consumer must exchange to receive the offering

Question 9

Exchange

Answer 9

Process by which some transfer of value occurs between a buyer and seller

Question 10

Consumer goods

Answer 10

Goods individual consumers purchase for personal or family use.

Question 11

Services

Answer 11

Intangible products that are exchanged directly between the producer and customer.

Question 12

B2B Marketing

Answer 12

Marketing of goods and services from one organization to another.

Question 13

Industrial goods

Answer 13

Goods that individuals or organizations buy for further processing for their own use when they do business

Question 14

E-commerce

Answer 14

The buying or selling of goods and services electronically, usually over the internet.

Question 15

NFP organizations

Answer 15

Organizations with charitable, educational, community and other public service goals that buy goods and services to support their functions and to attract and serve their members

Question 16

NGOs (nongovernmental organizations

Answer 16

Another name for not for profit organizations.

Question 17

Marketing concept

Answer 17

A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s log-term profitability.

Question 18

Need

Answer 18

The recognition of any difference between a consumer’s actual state and some ideal or desired state.

Question 19

Want

Answer 19

Desire to satisfy needs in a specific way that are culturally and socially influenced.

Question 20

Benefit

Answer 20

Outcome sought by a costumer that motivates buying behavior that satisfies need or want.

Question 21

Demand

Answer 21

Customers’ desires for products couples with resources needed to obtain them.

Question 22

Market

Answer 22

All customers and potential customers who share a common need that can be satisfied by a specific produce, who have the resources to exchange for it who are willing to make the exchange and who have the authority to make the exchange.

Question 23

Virtual goods

Answer 23

Digital products consumers buy for use in online contexts.

Question 24

Rentrepreneurs

Answer 24

Enterprising consumers who make money renting out their possessions when they aren’t using them.

Question 25

Collaborative consumption

Answer 25

Activities practiced by rentrepreneurs.

Question 26

Utility

Answer 26

The usefulness or benefit that consumers receive from a product.

Question 27

Stakeholders

Answer 27

Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold - in other words, any person or organization that has a “stake” in the outcome.

Question 28

Production oreitnation

Answer 28

Management philosophy that emphasizes the most efficient ways to produce and distribute products.

Question 29

Selling orientation

Answer 29

Managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory.

Question 30

Consumer orientation

Answer 30

A business approach that prioritizes the satisfaction of customers’ needs and wants.

Question 31

Total quality management (TQM)

Answer 31

A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.

Question 32

Instapreneur

Answer 32

a business person who only produces a product when it is ordered.

Question 33

Triple-bottom-line orientation

Answer 33

A business orientation that looks at financial profits, the community in which the organization operates and creating sustainable business practices.

Question 34

Social marketing concept

Answer 34

A management philosophy that markets must satisfy customers’ needs in a ways that also benefits society and also deliver profits to the firm.

Question 35

Sustainability

Answer 35

A product design focus that seeks to create products that meet customer needs without compromising the ability of future generations to meet needs.

Question 36

Green marketing

Answer 36

A marketing strategy that supports environment stewardship, thus creating a differential benefit in the minds of consumers.

Question 37

Return in investment (ROI)

Answer 37

The direct financial impact of a firm’s expenditure of a resource, such as time or money.

Question 38

Attention economy

Answer 38

A company’s success is measured by its share of mind rather than the share of market, where companies make money when they attract eyeballs rather than just dollars.

Question 39

Value proposition

Answer 39

A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.

Question 40

Brandfests

Answer 40

Events that companies host to thank customers for their loyalty.

Question 41

Lifetime value of a customer

Answer 41

The potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime.

Question 42

Distinctive competency

Answer 42

A superior capability of a firm in comparison to its direct competitors.

Question 43

Marketing scorecards

Answer 43

Feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals.

Question 44

Metrics

Answer 44

Measurements or “scorecards” that marketers use to identify the effectiveness of different strategies or tactics.

Question 45

Differential benefit

Answer 45

Properties of products that set them apart from competitors’ products by providing unique customer benefits

Question 46

Value chain

Answer 46

a series of activities involved in designing, producing, marketing, delivering and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.

Question 47

Amafessionals

Answer 47

Consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic rather than financial income.

Question 48

Consumer-generated content

Answer 48

Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

Question 49

Social media

Answer 49

Internet-based platforms that allow users to create their own content and share it with others who access these sites

Question 50

Social networking platforms

Answer 50

Online platforms that allow a user to represent him- or herself via a profile on a website and provide and receive links to other members of the network to share input about common interests.

Question 51

Folksonomy

Answer 51

A classification system that relies on users rather than preestablished systems to sort contents.

Question 52

Wisdom of crowds

Answer 52

Under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products.

Question 53

Crowdsourcing

Answer 53

A practice where firms outsource marketing activities (such as selecting an ad) to a community of users.

Question 54

Open-source model

Answer 54

A practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product.

Question 55

Consuemr addiction

Answer 55

A physiological or psychological dependency on goods or services, including alcoholism, drug addiction, cigarettes, shopping and the user of the internet.

Question 56

Shrinkage

Answer 56

Losses experience by retailers due to shoplifting, employee theft, and damage to merchandise.

Question 57

Anticonsumption

Answer 57

The deliberate defacement of products.

Question 58

marketing plan

Answer 58

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.

Question 59

Mass Market

Answer 59

All possible customers in a market, regardless of the differences in specific needs and wants; the way in which the target market perceives the product in comparison to competitors’ brands.

Question 60

Market Segment

Answer 60

A distinct group of customers within a large market who are similar to one another in some way and whose needs differ from other customers in the larger market.

Question 61

Target market

Answer 61

The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

Question 62

Market position

Answer 62

The way in which the . target market perceives the product in comparison to competitors’ brands.