Ch. 1 Customer Relationships and Value through Marketing

Question 1

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 1

Marketing

Question 2

Seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them.

Answer 2

What does marketing seek to do?

Question 3

The trade of things of value between buyer abd seller so that each is better off after the trade

Answer 3

Exchange

Question 4

1- two or more parties w/ unsatisfied needs.
2- a desire and ability on their part to have their needs satisfied.
3- a way for the parties to communicate.
4- something to exchange.

Answer 4

What is needed for marketing to occur.

Question 5

Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

Answer 5

Need

Question 6

A need that is shaped by a persons knowledge, culture, and personality.

Answer 6

Want

Question 7

People with both the desire and the ability to buy a specific offering

Answer 7

Market

Question 8

One or more specific groups of potential consumers toward which an organization directs its marketing program

Answer 8

Target market

Question 9

Product
Price
Promotion
Place

Answer 9

The four Ps : controllable marketing mix factors.

Question 10

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 10

Product

Question 11

What is exchanged for the product

Answer 11

Price

Question 12

A means of communication between the seller and buyer

Answer 12

Promotion

Question 13

A means of getting the product to the consumer

Answer 13

Place

Question 14

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

Answer 14

Environmental forces

Question 15

The Controllable factors (product price promotion and place) that can be used by the marketing manager to solve a marketing problem

Answer 15

Marketing mix

Question 16

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

Answer 16

Customer value

Question 17

Research suggests that firms cannot succeed by being all things to all people

Answer 17

Instead, firm seak to build long-term relationships with customers by providing unique value to them

Question 18

Links the organization to it’s individual customers, employees, suppliers and other partners for their mutual long-term benefit

Answer 18

Relationship marketing

Question 19

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

Answer 19

Marketing program

Question 20

The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action

Answer 20

Market segments

Question 21

The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organizations goals

Answer 21

Marketing concept

Question 22

And organization with a market orientation focus is its efforts on (1) continuously collecting information about constumers needs, (2) sharing this information across department, and (3) using it to create customer value

Answer 22

Market orientation

Question 23

The process of identifying perspective 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 advocate after their purchase

Answer 23

Customer relationship management (CRM)

Question 24

The internal response that customers have to all aspects of an organization and its offering

Answer 24

Customer experience

Question 25

The view that organization should satisfy the needs of consumers in a way that provide for society’s well-being

Answer 25

Societal marketing concept

Question 26

The people who use the products and services purchase for a household. Also called consumers, buyers, or customers

Answer 26

Ultimate consumers

Question 27

Does manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that by products and services for their own use or for resale

Answer 27

Organizational buyers

Question 28

The benefits or customer value recieved by users of the product

Answer 28

Utility