mm mod 1

Question 1

is a societal process by which individuals and
groups obtain what they need and want through creating,
offering and exchanging products and services of value freely
with others.

Answer 1

Marketing

Question 2

The art and science of choosing
target markets and getting, keeping and growing customers
through creating, delivering, and communicating superior
customer value.

Answer 2

Marketing Management

Question 3

process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods,
services to create exchanges that satisfy individual and
organizational goals.

Answer 3

Marketing Management

Question 4

can be identified by
examining demographic, psychographic, and
behavioral differences among buyers.

Answer 4

Market Segments

Question 5

Physical (shopping in a store)

Answer 5

Marketplace

Question 6

Digital (shopping on the internet)

Answer 6

Marketspace

Question 7

cluster of complementary goods and services
that are closely related in the minds of consumers but are
spread across a diverse set of industries.

Answer 7

Metamarket

Question 8

Someone who is seeking a response from another
party, called the prospect.

Answer 8

Marketer

Question 9

Basic human requirements.

Answer 9

needs

Question 10

Shaped by one’s society.

Answer 10

wants

Question 11

Wants for specific products backed by the
ability to pay.

Answer 11

demands

Question 12

A set of benefits companies’ offer to
customers to satisfy their needs.

Answer 12

Value Proposition

Question 13

Can be a combination of products, services,
information and experiences.

Answer 13

Offering

Question 14

An offering from a known source.

Answer 14

brand

Question 15

a combination of quality, service and price, called
the CUSTOMER VALUE TRIAD.

Answer 15

value

Question 16

The core concept of marketing, the process
of obtaining a desired product from someone by offering
something in return

Answer 16

exchange

Question 17

A trade of values between two or more
parties, involving at least two things of value,
agreed-upon conditions, a time of agreement, and a place
of agreement.

Answer 17

transaction

Question 18

Aims to build long-term
mutually satisfying relations with key parties –
customers, suppliers, distributors – in order to earn and
retain their long-term preference and business.

Answer 18

Relationship Marketing

Question 19

To reach a target market, the marketer uses three
(3) kinds of marketing channels.

Answer 19

marketing channels

Question 20

(3) kinds of marketing channels.

Answer 20

1.)Communication Channels
2.)Distribution Channels
3.)Service Channels

Question 21

Describes a longer channel stretching
from raw materials to components to final products that
are carried to final buyers.

Answer 21

supply chain

Question 22

Includes all of the actual and potential
rival offerings and substitutes that a buyer might
consider

Answer 22

competition

Question 23

The overall marketing
environment consists of: TASK ENVIRONMENT and
BROAD ENVIRONMENT.

Answer 23

Marketing Environment

Question 24

immediate actors. examples companies, suppliers, agents, target market

Answer 24

task environment

Question 25

pest political, economic, society and technological. external, highly controllable

Answer 25

broad environment

Question 26

Also called marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.

Answer 26

marketing program

Question 27

is the conscious effort to achieve desired exchange outcomes with target markets.

Answer 27

Marketing Management

Question 28

One of the oldest in business, holds that consumers prefer products that are widely available and inexpensive. This is also used a company wants to expand the market.

Answer 28

Production Concept

Question 29

Holds that consumers favor those products that offer the most quality, performance, or innovative features.

Answer 29

product concept

Question 30

This concept assumes that consumers must be coaxed into buying, so the company has a battery of selling and promotion tools to stimulate buying.

Answer 30

Selling Concept

Question 31

the aim is to sell what the company makes rather than make what the market wants.

Answer 31

selling concept

Question 32

It holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets.

Answer 32

marketing concept

Question 33

marketing concept rests on four pillars:

Answer 33

TARGET MARKET, CUSTOMER NEEDS, INTEGRATED MARKETING and PROFITABILITY.

Question 34

The purpose is to achieve profitable growth through capturing a larger share of each customer’s expenditures, building high customer loyalty, and focusing on customer lifetime value.

Answer 34

The Customer Concept

Question 35

Holds that the organization’s task is to determine the needs, wants and interests of target market and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.

Answer 35

The Societal marketing Concept

Question 36

Types of Entities Marketing People are involved:

Answer 36

1.) Goods 6.) Places 2.) Services 7.) Properties 3.) Experiences 8.) Organizations 4.) Events 9.) Information 5.) Persons 10.) Ideas

Question 37

4 Markets:

Answer 37

1.) Consumer Markets 2.) Business Markets 3.) Global Markets 4.) Nonprofit and governmental Markets

Question 38

4 Levels of Competition:

Answer 38

1.) Brand Competition 2.) Industry Competition 3.) Form Competition 4.) Generic Competition

Question 39

5 Types of Needs:

Answer 39

1.) Stated Needs 2.) Real Needs 3.) Unstated Needs 4.) Delight Needs 5.) Secret Needs