Week 1 (Chapter 1)

Question 1

Negative Demand

Answer 1

Consumers dislike the product and may pay to avoid it

Question 2

Nonexistent Demand

Answer 2

Consumers may be unaware of or disinterested in the product

Question 3

Latent Demand

Answer 3

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

Question 4

Declining Demand

Answer 4

Consumers begin to buy the product less frequently or not at all

Question 5

Irregular Demand

Answer 5

Consumer purchases vary on a seasonal, monthly, weekly, daily or hourly basis

Question 6

Full Demand

Answer 6

Consumers are adequately buying all products put into the marketplace

Question 7

Overfull Demand

Answer 7

More consumers would like to buy the product than can be satisfied

Question 8

Unwholesome Demand

Answer 8

Consumers may be attracted to products that have undesirable social consequences

Question 9

Stated Needs

Answer 9

What the customer says they want

Question 10

Real Needs

Answer 10

The customer wants a car whose operating cost, not initial price, is low

Question 11

Unstated Needs

Answer 11

The customer expects good service from the dealer

Question 12

Delight Needs

Answer 12

The customer would like the dealer to include an onboard GPS navigation system

Question 13

Secret Needs

Answer 13

The customer wants friends to see him or her as a savvy consumer

Question 14

The Production Concept

Answer 14

Consumers prefer products that are widely available an inexpensive

Question 15

The Product Concept

Answer 15

Consumers favor products offering the most quality performance or innovative features

Question 16

The Selling Concept

Answer 16

Consumers and businesses, if left alone, won’t buy enough of the organization’s products

Question 17

The Marketing Concept

Answer 17

Don’t find the right customers for your products, find the right products for your customers

Question 18

The Holistic Marketing Concept

Answer 18

Everything matters: Development, design, implementation of marketing programs, processes and activities

Question 19

Marketing (definition)

Answer 19

Identifying and meeting human social needs profitably

Question 20

Marketing Management (definition)

Answer 20

Art and science of choosing target markets and getting, keeping, and groing customers through creating, delivering and communication superior customer value

Question 21

What is marketed? (10 entities)

Answer 21

• Goods
• Services
• Events
• Experiences
• Persons
• Places
• Properties
• Organizations
• Information
• Ideas

Question 22

Key Customer Markets

Answer 22

• Consumer Markets
• Business Markets
• Global Markets
• Nonprofit / Government

Question 23

Core Concepts of Marketing

Answer 23

• Needs, wants and demands
• Targeting, positioning, segmentation
• Offering and brands
• Value and satisfaction
• Marketing channels
• Supply chain
• Competition
• Marketing environment
• Marketing planning

Question 24

Marketing Channels

Answer 24

• Communication
• Distribution
• Service

Question 25

Marketing Environment

Answer 25

* Demographic * Economic * Socio-cultural * Natural * Technological * Political / Legal

Question 26

Major Societal Forces

Answer 26

* Network information technology * Globalization * Deregulation * Privatization * Heightened competition * Industry convergence * Retail transformation * Disintermediation * Consumer buying power * Consumer participation * Consumer resistance

Question 27

Company Orientations

Answer 27

* Production * Product * Selling * Marketing

Question 28

Relationship Marketing

Answer 28

* Customers * Employees * Marketing Partners * Financial Community

Question 29

Internal Marketing

Answer 29

The task of hiring, training, and motivating able employees who want to serve customers well

Question 30

Performance Marketing

Answer 30

* Financial accountability * Social responsibility marketing

Question 31

Types of Corporate Social Initiatives

Answer 31

* Corporate social marketing * Cause marketing * Cause-related marketing * Corporate philanthropy * Corporate community involvement * Socially responsible business practices

Question 32

New 4 P's

Answer 32

1. People 2. Processes 3. Programs 4. Performance

Question 33

Marketing Management Tasks

Answer 33

* Develop market strategies and plans * Capture marketing insights * Connect with customers * Build strong brands * Shape market offerings * Deliver value * Communicate value * Create long-term growth