Module 1

Question 1

What is marketing?

Answer 1

the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Question 2

how does the American Association of Marketing define marketing?

Answer 2

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.

Question 3

Why are marketing mix variables views as controllable?

Answer 3

they can be modified

Question 4

What is the easiest marketing mix variable to change?

Answer 4

price

Question 5

How do companies define their products?

Answer 5

by what they do to satisfy their customers

Question 6

What is the essence of marketing?

Answer 6

to develop satisfying exchanges from which both customers and marketers benefit

Question 7

What is a target market?

Answer 7

A specific group of customers that organizations focus their marketing efforts on

Question 8

What are the 4 variables of the marketing mix?

Answer 8

Product, price, promotion, distribution

Question 9

What is a product?

Answer 9

A good, service, or idea

Question 10

What is the “one brand” strategy used for?

Answer 10

To create a unified global presence

Question 11

Why is price a critical component?

Answer 11

customers are concerned about benefits, roles, and costs

Question 12

What is the world’s largest chain?

Answer 12

subway

Question 13

What can promotion increase?

Answer 13

public awareness of the organization and of new or existing products

Question 14

What does the promotion mix focus on?

Answer 14

integrated marketing communication to inform and persuade consumers to purchase a product

Question 15

what is the important element of managing long-term customer relationships and implementing the marketing concept?

Answer 15

value

Question 16

what is value?

Answer 16

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

Question 17

what’s the customer value equation?

Answer 17

customer value = customer benefits - customer costs

Question 18

what are customer benefits?

Answer 18

anything a buyer receives in an exchange

Question 19

what are customer costs?

Answer 19

anything a buyer must give up to obtain the benefits the product provides

Question 20

in developing marketing activities, it’s important to recognize that customers receive ______ based on their _______

Answer 20

benefits, experience

Question 21

a product that demonstrates value usually has a feature or enhancement that provides…

Answer 21

benefits

Question 22

the development of an effective marketing strategy requires understanding… (3)

Answer 22

1) the needs and desires of customers
2) designing a marketing mix to satisfy them
3) providing the value they want

Question 23

individuals and organizations engage in marketing to facilitate _____

Answer 23

exchanges

Question 24

what 4 conditions need to exist for an exchange?

Answer 24

1. 2 or more individuals, groups, or organizations must participate & possess something of value that the other party wants
2. exchange provides a benefit or satisfaction to both parties
3. each party is confident in the promise of the “something of value” held by the other
4. parties must meet expectations

Question 25

to maintain an exchange relationship, both parties must be _____

Answer 25

satisfied

Question 26

what does the marketing environment affect?

Answer 26

the marketing mix

Question 27

what are the forces that that surround the customer & affects the marketing mix? what is this called?

Answer 27

the marketing environment includes the following forces - competitive - economic - political - legal & regulatory - technological -sociocultural

Question 28

can we predict how the marketing environment might affect consumers?

Answer 28

no

Question 29

although the marketing environment can pose threats to marketers, they also pose _____

Answer 29

opportunities

Question 30

firms that fail to attract customers aren't doing what?

Answer 30

helping potential customers satisfy their wants and needs

Question 31

the marketing concept says that an organization should try to provide products that ______ customers _____ through a coordinated set of activities that also allows the organization to achieve its ____

Answer 31

satisfy, needs, goals

Question 32

what is the major focus of the marketing concept?

Answer 32

customer satisfaction

Question 33

the development of marketing can be divided into which 3 time periods?

Answer 33

1. production orientation 2. sales orientation 3. market orientation

Question 34

what is market orientation?

Answer 34

an organization-wide commitment to researching and responding to customer needs

Question 35

a market orientation should recognize the need to...

Answer 35

create specific types of value-creating capabilities that enhance organizational performance

Question 36

an organization can't be market oriented with an _______ ______

Answer 36

information system

Question 37

what does customer relationship management focus on?

Answer 37

using information about customers to create marketing strategies that develop & sustain desirable customer relationships

Question 38

profits can be obtained through relationships in which 3 ways?

Answer 38

1. acquiring new customers 2. enhancing the profitability of existing customers 3. extending the duration of customer relationships

Question 39

what is relationship marketing?

Answer 39

establishing long-term, mutually satisfying buyer-seller relationships

Question 40

as the customer's confidence grows, what else grows?

Answer 40

the firm's understanding of the customer's needs.

Question 41

customer relationship management provides a bridge between ______ ______ & ____ _____ aimed at long-term relationships

Answer 41

information technology, data analytics

Question 42

how much of a consumer's dollar goes towards marketing expenses for that product?

Answer 42

1/2

Question 43

marketing helps create a successful _____ & contributes to the well being of society

Answer 43

economy

Question 44

is marketing necessary to advance a global economy?

Answer 44

yes

Question 45

marketers have new methods to store, communicate, and share information through advances platforms that access...

Answer 45

big data

Question 46

can technology help marketers understand and satisfy more customers?

Answer 46

yes

Question 47

companies are starting to use ____ ____ to connect with their customers

Answer 47

social media

Question 48

_____ _______ & ______ ______ are part of strategic planning & the implementation of marketing activities.

Answer 48

social responsibility, ethical conduct

Question 49

companies are starting to embrace ____ marketing

Answer 49

green

Question 50

what is green marketing?

Answer 50

a strategic process that involves stakeholder assessment to create meaningful, long-term relationships while maintaining, supporting, and enhancing the natural environment

Question 51

what are some example of green marketing?

Answer 51

1. energy consumption reduction 2. eco-friendly packaging 3. recyclable products

Question 52

what did Warby Parker establish?

Answer 52

selling cheaper designer-style perscription glasses made in house, and the Buy A Pair, Give A Pair program

Question 53

determining value is a(n) _______ process, while in reality the process of assessing value is highly _______

Answer 53

subjective, objective

Question 54

the _____ _____ consists of external forces that directly or indirectly influence an organization’s acquisition of inputs and creation of outputs

Answer 54

marketing environment

Question 55

the process of collecting information about forces in the marketing environment is called..

Answer 55

environmental scanning

Question 56

the process of assessing and interpreting the information gathered through environmental scanning is called...

Answer 56

environmental analysis

Question 57

environmental analysis helps managers do what?

Answer 57

identify potential threats and opportunities linked to environmental changes.

Question 58

Marketing managers take two general approaches to environmental forces: accepting them as _____ or attempting to _____ and _____ them

Answer 58

uncontrollable, influence, shape

Question 59

An organization that views environmental forces as uncontrollable remains _____ and _____ toward the environment.

Answer 59

passive, reactive

Question 60

marketing managers who believe that environmental forces can be shaped adopt a more _____ approach

Answer 60

proactive

Question 61

how does a marketer define a firm's competition?

Answer 61

other firms that market products that are similar to or can be substituted for its products in the same geographic area

Question 62

competitors can be classified into which 4 types?

Answer 62

1. brand competitors 2. product competitors 3. generic competitors 4. total budget competitors

Question 63

how do brand competitors market their products?

Answer 63

with similar features and benefits to the same customers at similar prices

Question 64

what do product competitiors do?

Answer 64

compete in the same product class but market products with different features, benefits, and prices ex) coke & iced tea

Question 65

what do generic competitors do?

Answer 65

provide very different products that solve the same problem or satisfy the same basic customer need

Question 66

what do total budget competitors do?

Answer 66

compete for the limited financial resources of the same customers

Question 67

what are the 4 types of competitive structures?

Answer 67

monopoly, oligopoly, monopolistic competition, pure competition

Question 67

when does a monopoly exist?

Answer 67

when an organization offers a product that has no close substitutes, making that organization the sole source of supply, they control the suppy completely

Question 70

when does a oligopoly exist?

Answer 70

when a few sellers control the supply of a large proportion of a product

Question 71

when does monopolistic competition exist?

Answer 71

when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its product

Question 72

when does pure competition exist? (rare)

Answer 72

when there's a large number of sellers, none of which could significantly influence price or supply

Question 73

why would marketers need to monitor the actions of major competitors?

Answer 73

to determine what specific strategies competitors are using and how those strategies affect their own

Question 74

what is buying power?

Answer 74

a person's resources that can be traded in an exchange

Question 75

marketers are most interested in which type of income? why?

Answer 75

disposable income because people use it for spending or saving

Question 76

what is discretionary income?

Answer 76

Disposable income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

Question 77

what is wealth?

Answer 77

accumulation of past income, natural resources, and financial resources

Question 78

people gain more buying power are their ____ increases

Answer 78

wealth

Question 79

what is willingness to spend? what's it related to?

Answer 79

inclination to buy because of expected satisfaction from a product, it's related to their ability to buy

Question 80

Fluctuations in the economy follow a general pattern, often referred to as the ____ ____

Answer 80

business cycle

Question 81

what are the 4 stages of the business cycle?

Answer 81

prosperity, recession, depression, and recovery

Question 82

During ____, unemployment is low, and total income is relatively high. Assuming a low inflation rate, this combination ensures high buying power

Answer 82

prosperity

Question 83

During a _____, however, unemployment rises, while total buying power declines. Pessimism accompanying a ____often stifles both consumer and business spending.

Answer 83

recession

Question 84

A prolonged recession may become a ____, a period in which unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy.

Answer 84

depression

Question 85

During ______, the economy moves from depression or recession to prosperity. During this period, high unemployment begins to decline, total disposable income increases, and the economic gloom that reduced consumers’ willingness to buy subsides. Both the ability and the willingness to buy increase.

Answer 85

recovery

Question 86

the _____ forces of the marketing environment have the potential to influence marketing decisions and strategies

Answer 86

political

Question 87

which federal regulatory unit influences marketing activities the most?

Answer 87

The federal trade commission

Question 88

which organization enforces regulations prohibiting the sale and distribution of adulterated, misbranded, or hazardous food and drug products

Answer 88

food and drug administration (FDA)

Question 89

which is the local regulatory agency that's supported by local businesses

Answer 89

better business bureau

Question 90

which self regulatory entity considers cases in which an advertiser challenges issues raised by NAD about an advertisement

Answer 90

national advertising review board

Question 91

which forces help determine what, where, how and when people buy products?

Answer 91

sociocultural forces

Question 92

what is social responsibility?

Answer 92

an organization's obligation to maximize its positive impact & minimize its negative impact on society

Question 93

marketing ______ is the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders.

Answer 93

citizenship