Ch 1 ACCESS power point

Question 1

Delivering value to customers is the main goal of

Answer 1

Marketing

Question 2

What does marketing seek to do?

Answer 2

Discover needs and wants of customers
Satisfy customers

Question 3

What is the key to achieving customers and to discover their wants and needs?

Answer 3

Exchange

Question 4

the trade of things of value between a buyer and a seller so that each is better off after the trade is known as

Answer 4

Exchange

Question 5

A ________ consists of people with both the desire and the ability to buy a specific offering.

Answer 5

Market

Question 6

What are the diverse elements that influence marketing actions?

Answer 6

• Mission and objectives determine the business and goals
• Management establishes goals
• marketing works with other departments to provide customer-satisfying products
• Society
• Environmental forces shape marketing actions

Question 7

Figure 1-1 slide 8

Question 8

What are the 4 things needed for marketing to occur?

Answer 8

1. Two+ parties with unsatisfied needs.
2. A desire and ability to be satisfied.
3. A way for the parties to communicate.
4. Something to exchange.

Question 9

T/F- 40% of new products fail

Answer 9

True

Question 10

T/F- It takes 3,000 ideas to generate one commercial success

Answer 10

True

Question 11

A ________ ________ consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.

Answer 11

Target Market

Question 12

What term consists of the controllable factors— product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Answer 12

Marketing Mix

Question 13

Which 4 P’s focuses on the good, service, or idea?

Answer 13

Product

Question 14

Which 4 P’s focuses on something to exchange?

Answer 14

Price

Question 15

Which 4 P’s focuses on the communication between buyer and seller?

Answer 15

Promotion

Question 16

Which 4 P’s focuses on how the product gets to the consumer?

Answer 16

Place

Question 17

What are the 5 uncontrollable environmental factors?

Answer 17

Social
Competitive
Economic
Regulatory
Technological

Question 18

The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces is known as

Answer 18

Environmental Forces

Question 19

The marketing program focuses on how customer relationships are built. What are the 3 requirements?

Answer 19

Gaining loyal customers
Creating customer value
Customer value strategies:
Best Price
Best Servie
Best Product

Question 20

The unique combination of benefits
received by targeted buyers that includes quality, convenience,
on-time delivery, and both before-sale and after-sale service at
a specific price is known as

Answer 20

Customer Value

Question 21

What term links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Answer 21

Relationship Marketing

Question 22

T/F- Relationship marketing converts needs into products by creating marketing programs and/or marketing segments

Answer 22

True

Question 23

What term focuses on meeting the needs of a customer

Answer 23

Marketing Concept

Question 24

What term focuses on creating customer value

Answer 24

Market Orientation

Question 25

When companies develop codes of conduct, policies, and guidelines this is known as

Answer 25

Ethics

Question 26

The view that organizations should satisfy the needs of consumers in a way that provides for society’s well- being is known as the

Answer 26

Societal Marketing Concept

Question 27

Who buys and uses what is marketed?

Answer 27

Ultimate consumers
Organizational Buyers

Question 28

Who benefits from the market?

Answer 28

Consumers who buy
Organizations that sell
society as a whole

Question 29

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers is known as

Answer 29

Marketing Programs

Question 30

What term can be described as the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will
respond similarly to a marketing action.

Answer 30

Market Segments

Question 31

the idea that an organization should
(1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization’s goals.
This is know as

Answer 31

Marketing Concept

Question 32

when an organization focuses its efforts
on
1) continuously collecting information about customers’ needs
2) sharing this information across departments
3)using it to create customer value.
this is known as the

Answer 32

Market Orientation

Question 33

the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of
the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase. This is known as

Answer 33

Customer Relationship Management

Question 34

the internal response that customers have to all aspects of an organization and its offering is known as

Answer 34

Customer experience

Question 35

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else
of value.

Answer 35

Product

Question 36

What term consist of the people who use the
products and services purchased for a household. Also called consumers, buyers, or customers.

Answer 36

Ultimate Consuners

Question 37

What term can be described as those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and
government agencies that buy products and services for their own use or for resale.

Answer 37

Organizational Buyers

Question 38

What term consists of the benefits or customer value received by users of the product

Answer 38

Utility