CH01: Mktg Realities

Question 1

marketing

Answer 1

identifying and meeting human needs, whether they are social, emotional, or physical

Question 2

marketer

Answer 2

someone who seeks a response (attention, purchase, vote, donation, etc.) from another party

Question 3

industry

Answer 3

group of sellers

Question 4

market

Answer 4

groups of customers

Question 5

what is the role of market forces?

Answer 5

shape relationship between buyers and sellers

Question 6

the 4 main market forces

Answer 6

• technology
• globalization
• physical environment
• social responsibility

Question 7

holistic marketing

Answer 7

integrated approach to managing strategy and tactics

Question 8

relationship marketing

Answer 8

building mutually satisfying long term relationships with key constituents

Question 9

internal marketing

Answer 9

hiring, training, motivating employees to serve customer needs

Question 10

performance marketing

Answer 10

financial and nonfinancial returns to company and society from marketing activities and programs

Question 11

the 5 marketing concepts

Answer 11

• production concept
• product concept
• selling concept
• marketing concept
• market-value concept

Question 12

“production” marketing concept

Answer 12

high efficiency, low cost, mass distribution (e.g. sweatshops)

Question 13

“product” marketing concept

Answer 13

quality, performance, innovation; product before all else; market may not exist for product

Question 14

“selling” marketing concept

Answer 14

market needs coaxing or customers will not buy enough (e.g. used cars)

Question 15

“marketing” marketing concept

Answer 15

develop the right products for your customers (customer only focus)

Question 16

“market-value” marketing concept

Answer 16

broad, integrated perspective (create value for customers, company, collaborators) – pay attention to all touch points customer has with the company

Question 17

the 5 ways to organize the marketing department

Answer 17

• functional (most typical)
• geographic (e.g. my region)
• product/brand (e.g. one team for phones, one for smart watches)
• market (by vertical, size, type)
• matrix (combines product and market)

Question 18

marketing network

Answer 18

company and supporting stakeholders

Question 19

integrated marketing

Answer 19

coordination of all marketing activities and programs aimed at designing, communicating, and delivering value to customers