Ch 1 - Overview of Marketing

Question 1

Marketing

Answer 1

a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships

Question 2

marketing plan

Answer 2

written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements

Question 3

need

Answer 3

basic necessities, such as food, clothing, shelter, and safety

Question 4

want

Answer 4

particular way in which person chooses to satisfy a need, which is shaped by a person’s knowledge, culture, and personality

Question 5

market

Answer 5

refers to groups of people who need or want company’s products or services and have the ability and willingness to buy them

Question 6

target market

Answer 6

customer segment or group to whom the firm is interested in selling its products/services

Question 7

marketing mix (four Ps)

Answer 7

product, price, place, promotion - controllable set of activities that a firm uses to respond to the wants of its target market

Question 8

goods

Answer 8

items that can be physically touched

Question 9

services

Answer 9

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

Question 10

ideas

Answer 10

thoughts, opinions, philosophies, and intellectual concepts

Question 11

price

Answer 11

overall sacrifice a consumer is willing to make - money, time, energy - to acquire a specific product/service

Question 12

B2C

Answer 12

business to consumer - process in which businesses sell to consumers

Question 13

B2B

Answer 13

business to business - process of selling merchandise/service from one business to another

Question 14

C2C

Answer 14

consumer to consumer - process in which consumers sell to other consumers

Question 15

social media

Answer 15

the use of digital tools to easily and quickly create and share content to foster dialogue, social relationships, and personal identities

Question 16

value

Answer 16

reflects the relationship of benefits t costs, or what the consumer gets for what he gives

Question 17

relational orientation

Answer 17

method of building relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship

Question 18

customer relationship management (CRM)

Answer 18

business philosophy programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers

Question 19

supply chain

Answer 19

group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services