Ch 1 - Intro

Question 1

Marketing

Answer 1

Activities that develop an offering in order to satisfy a customer need

Question 2

Need

Answer 2

A state of being where we desire something that we do not possess but yearn to acquire

Question 3

Production Orientation

Answer 3

A focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available

Question 4

Sales Orientation

Answer 4

Hard selling to the customer who has greater choice thanks to more competition in the marketplace

Question 5

Marketing Company Orientation

Answer 5

A strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer

Question 6

Societal Marketing Orientation

Answer 6

Looking not only at the customer but expanding marketing efforts to include aspects of the external environment that go beyond a firm’s customers, suppliers, and competitors

Question 7

Customer Satisfaction

Answer 7

Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations

Question 8

Relationship Marketing

Answer 8

A strategy that focuses on keeping and improving relationships with current customers

Question 9

Exchange

Answer 9

People giving up one thing to receive another thing they would rather have

Question 10

Customer Value

Answer 10

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