Ch 1

Question 1

What are the two facets of marketing?

Answer 1

1) Philosophy

2) Organization function

Question 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

Answer 2

Marketing

Question 3

People giving up something in order to receive something else they would rather have

Answer 3

Exchange

Question 4

What are the five conditions for an exchange to exist?

Answer 4

1) There must be two parties
2) Each party has something of value to the other party
3) Each party is capable of communication and delivery
4) Each party can accept/reject
5) Each party believes it is appropriate or desirable to deal with the other party

Question 5

What are the four competing philosophies that strongly influence an organization’s marketing process?

Answer 5

1) Production
2) Sales
3) Market
4) Societal Marketing

Question 6

Philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the market place

Answer 6

Production Orientation

Question 7

Based on the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

Answer 7

Sales Orientation

Question 8

A simple and intuitively appealing philosophy that articulates a market orientation

Answer 8

Marketing Concept

Question 9

Firms that adopt and implement the marketing concept

Answer 9

Market Orientated

Question 10

Extending the marketing concept by acknowledging that some products that customers want may not really be in their best interests or the best interests of society as a whole

Answer 10

Societal Marketing Orientation

Question 11

The relationship between benefits and the sacrifice necessary to obtain those benefits

Answer 11

Customer Value

Question 12

The customer’s evaluation of a good or service in terms of whether that good or service has met their needs and expectations

Answer 12

Customer Satisfaction

Question 13

Strategy that focuses on keeping and improving relationships with current customers

Answer 13

Relationship Marketing

Question 14

Delegation of authority to solve customers’ problem quickly - usually by the first person the customer notifies regarding a problem

Answer 14

Empowerment

Question 15

Collaborative efforts of people to accomplish common objectives

Answer 15

Teamwork