Module 1: Understanding Marketing Management

Question 1

Identifying and meeting human and social needs at a profit.

Answer 1

Maketing

Question 2

Announced a new official definition of marketing.

Answer 2

American Marketing Association

Question 3

A physical place where buyers and sellers gathered to buy and sell goods.

Answer 3

Market

Question 4

They describe market as a collection of buyers and sellers who transact over a particular product or product class.

Answer 4

Economists

Question 5

Someone who seeks a response - attention, a purchase, a vote, a donation - from another party, called the __________

Answer 5

Marketer & Prospect

Question 6

Eight demands that Kotler cited.

Answer 6

• Negative demand
• Nonexistent demand
• Latent demand
• Declining demand
• Irregular demand
• Full demand
• Overfull demand
• Unwholesome demand

Question 7

What is marketed?

Answer 7

Goods
Services
Events
Experiences
Places
Properties
Ideas
Information

Question 8

Core marketing concepts

Answer 8

Value and Exchange

Question 9

Intangible rights or ownership to either real property (real estate) or financial property (stocks and bonds).

Answer 9

Properties

Question 10

Br orchestrating several services and goods, a from can create, stage, and market ________

Answer 10

Experiences

Question 11

Consumers begin to but the product less frequently or not at all.

Answer 11

Declining demand

Question 12

Consumers are adequately buying all products put into the marketplace.

Answer 12

Full demand

Question 13

Consumers may be attracted to products that have undesirable social consequences.

Answer 13

Unwholesome demand

Question 14

Consumers may share a strong need that cannot be satisfied by an existing product.

Answer 14

Latent demand

Question 15

Consumers may be unaware or of uninterested in the product.

Answer 15

Nonexistent

Question 16

More consumers would like to buy the product put into the marketplace.

Answer 16

Overfull

Question 17

Consumers dislike the product and may even pay to avoid it.

Answer 17

Negative demand

Question 18

Consumers purchases vary on seasonal, monthly, weekly, daily, or even hourly basis.

Answer 18

Irregular demand

Question 19

It is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.

Answer 19

Information

Question 20

From customer’s perspective it is a ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customers in acquiring that bundle of benefits.

Answer 20

Value

Question 21

A concept in which a person gives up something of value to them for something else they desire to have.

Answer 21

Exchange

Question 22

It is now regarded broadly in the context of an overall offering, which could include a bundle of goods, services, ideas, and other components, often represented by strong overarching branding.

Answer 22

Product

Question 23

Today, it is largely regarded in relationship to the conception of value.

Answer 23

Price

Question 24

It has undergone tremendous change.

Answer 24

Place

Question 25

Three transformative forces identified by Kotler

Answer 25

1. Technology 2. Globalization 3. Social responsibility

Question 26

One of the oldest concepts in business.

Answer 26

Production philosophy

Question 27

Proposes that consumers favour products offering the most quality, performance or innovative features.

Answer 27

Product philosophy

Question 28

It holds that consumers prefer products that are widely available and inexpensive.

Answer 28

Production philosophy

Question 29

It emerged in the mid1950s as a customer-centered, sense and respond philosophy.

Answer 29

Marketing philosophy

Question 30

Holds that consumers and businesses if left alone, won't buy enough of the organization's offerings.

Answer 30

Selling Philosophy

Question 31

A total company effort to achieve customer satisfaction at a profit.

Answer 31

Marketing philosophy

Question 32

Extension of marketing philosophy.

Answer 32

Holistic Philosophy

Question 33

Principal Components of Holistic Marketing

Answer 33

Internal marketing Integrated marketing Performance marketing Relationship marketing

Question 34

What are the holistic marketing philosophy or concep / or the evolution of marketing philosophy as explained by Kotler.

Answer 34

Production philosophy Product philosophy Selling philosophy Marketing philosophy Holistic marketing philosophy

Question 35

Involves the pricing strategy, product strategy, placing strategy, promotion strategy and communication strategy.

Answer 35

Integrated marketing

Question 36

It is centered on the relationship you have with your customers, employees, partners and competitors.

Answer 36

Relationship marketing

Question 37

Marketing that is focused on different business activities, such a how to sell a product, brand and customer equality, and the ethical and legal responsibilities as business and product upholds.

Answer 37

Performance marketing

Question 38

A process that involves the major functions of planning, organizing, leading, and controlling resources in order to achieve goals.

Answer 38

Management

Question 39

People within the organization charged with running the organization or on behalf of the owners.

Answer 39

Managers

Question 40

The activity of trying to achieve a goal using resources of whatever kind.

Answer 40

Managing

Question 41

Seven must-have skills and attributes for marketing managers today.

Answer 41

1. Relevance 2. Curiosity 3. Initiative 4. Relatability 5. Technology-inclined 6. Adaptable 7. Big picture

Question 42

A critical attribute employers look in their people, which applies to all professionals.

Answer 42

Initiative

Question 43

The basic human requirements such as for air, food, water, clothing, and shelter.

Answer 43

Needs

Question 44

These needs become ______ when directed to specific objects that might satisfy the need.

Answer 44

wants

Question 45

Wants for specific products backed by an ability to pay.

Answer 45

Demand

Question 46

A set of benefits that satisfy those needs.

Answer 46

Value proposition

Question 47

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

Answer 47

Offering

Question 48

An offering from a known source.

Answer 48

Brand

Question 49

It deliver and receive messages from target buyers and include newspapers, magazines, radio, television, mail, telephone, smart phone, billboards, posters, fliers, CDs, audiotapes, and the Internet.

Answer 49

Communication channels

Question 50

Help display, sell, or deliver the physical product or service(s) to the buyer or user.

Answer 50

Distribution channels

Question 51

Include TV, magazine and display ads, paid search, and sponsorships, all of which allow marketers to show their ad or brand for a fee.

Answer 51

Paid media

Question 52

Are communication channels marketers actually own, like a company or brand brochure, Web site, blog, Facebook page, or Twitter account.

Answer 52

Owned media

Question 53

Are streams in which consumers, the press, or other outsiders voluntarily communicate something about the brand via word of mouth, buzz, or viral marketing methods.

Answer 53

Earned media

Question 54

Occur when consumers view a communication, are a useful metric for tracking the scope or breadth of a communication’s reach that can also be compared across all communication types.

Answer 54

Impressions

Question 55

Is the extent of a customer’s attention and active involvement with a communication.

Answer 55

Engagement

Question 56

A central marketing concept, is primarily a combination of quality, service, and price (qsp), called the customer value triad. Value perceptions increase with quality and service but decrease with price.

Answer 56

Value

Question 57

Reflects a person’s judgment of a product’s perceived performance in relationship to expectations.

Answer 57

Satisfaction

Question 58

A channel stretching from raw materials to components to finished products carried to final buyers.

Answer 58

Supply Chain

Question 59

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

Answer 59

Competition

Question 60

Consists of the task environment and the broad environment.

Answer 60

Marketing Environment

Question 61

Includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers.

Answer 61

Task Environment

Question 62

Consists of six components: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment.

Answer 62

Broad Environment