CHAP 1

Question 1

are movements in the market that are new or different reactions, which eventually lead to change, either in a negative or positive way for business. Businesses can anticipate and analyze market trends to improve their practices, attract the right target audience, adjust budgets, focus their marketing efforts, and more.

Answer 1

MARKET TRENDS

Question 2

can easily make or break a business. Catching the trend early and analyzing it could keep you ahead of the competition and protect your market share.

Answer 2

MARKET TRENDS

Question 3

is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties:

Answer 3

CHANGE

Question 4

will continue to affect everyone’s business and personal life.

Answer 4

GLOBAL FORCES

Question 5

will continue to advance and amaze us.

Answer 5

TECHNOLOGY

Question 6

There will be a continuing push toward _____&of the economic sector.

Answer 6

DEREGULATION

Question 7

Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “___”

Answer 7

meeting needs profitably.

Question 8

is the conscious effort to achieve desired exchange outcomes with target markets. It is a process of controlling the marketing aspects, setting goals, organizing the plans step by step, taking decisions for the firm, and executing them to get maximum turnover by meeting the consumers’ demands.

Answer 8

MARKETING MANAGEMENT

Question 9

5 Functions of Management: POLESCO

Answer 9

PLANNING, ORGANIZING, LEADING, STAFFING, CONTROLLING

Question 10

The process of choosing appropriate goals and actions to pursue and determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals.

Answer 10

PLANNING

Question 11

Establishing worker relationships that allow them to work together to achieve their organizational goals.

Answer 11

ORGANIZING

Question 12

Articulating a vision, energizing employees, and motivating people using vision, influence, persuasion, and effective communication skills.

Answer 12

LEADING

Question 13

Recruiting and selecting employees for positions within the company.

Answer 13

STAFFING

Question 14

Evaluating how well goals are being achieved, improving performance, and establishing standards to help measure progress and make informed decisions.

Answer 14

CONTROLLING

Question 15

5 Marketing Concepts

Answer 15

PRODUCTION CONCEPT, PRODUCT CONCEPT, SELLING CONCEPT, MARKETING CONCEPT, SOCIETAL MARKETING CONCEPT

Question 16

Consumers prefer products that are widely available and inexpensive. Managers of this businesses concentrate on high production efficiency, low costs, and mass distribution. This concept is used when a company wants to expand its market.

Answer 16

PRODUCTION CONCEPT

Question 17

Holds that consumers favor products that offer the most quality, performance, or innovative features. This companies often design their products with little or no customer input, focusing instead on making superior products.

Answer 17

PRODUCT CONCEPT

Question 18

Assumes that consumers must be coaxed into buying through aggressive selling and promotion. This concept is often practiced with unsought goods (e.g., insurance). Many firms apply the selling concept when they have overcapacity and want to sell what they produce rather than what the market wants.

Answer 18

SELLING CONCEPT

Question 19

holds the key to achieving organizational goals consits of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets

Answer 19

THE MARKETING CONCEPT

Question 20

Carefully selecting target markets and preparing tailored marketing programs.

Answer 20

TARGET MARKET

Question 21

Correctly understanding customers’ needs and wants. Customer needs can be classified as stated needs, real needs, unstated needs, delight needs, and secret needs.

Answer 21

CUSTOMER NEEDS

Question 22

When all departments work together to serve customers’ interests.

Answer 22

INTEGRATED MARKETING

Question 23

Achieving profit for private firms or attracting funds for nonprofits.

Answer 23

PROFITABILITY

Question 24

to determine needs, wants, and interest of the tarket market and to deliver desired satisfaction more effectively and efficiently than competittors n a way that preserves or enhances the well beoiong of both individual consumer and society

Answer 24

SOCIETAL MARKETING CONCEPT

Question 25

Companies are adjusting in various ways to cope with changes in the environment. Here are some current trends

Answer 25

REINGINEERING, OUTSOURCING, E-COMMERCE, BENCHMARKING, ALLIANCES, PARTNER-SUPPLIERS, MARKET-CENTERED, GLOBAL AND LOCAL, DECENTRALIZED

Question 26

Focusing on reorganizing key processes managed by multidisciplinary teams.

Answer 26

REINGINEERING

Question 27

Buying more products from outside sources if they are cheaper and better.

Answer 27

OUTSOURCING

Question 28

Making products available on the internet, with increasing business-to-business purchasing online.

Answer 28

E-COMMERCE

Question 29

Adopting best practices from world-class performers.

Answer 29

BENCHMARKING

Question 30

from trying to win alone to forming networks of partner firms

Answer 30

ALLIANCES

Question 31

Relying on fewer but more reliable suppliers who work closely with the company.

Answer 31

PARTNER-SUPPLIERS

Question 32

Organizing by market segment.

Answer 32

MARKET-CENTERED

Question 33

Being both global and local in business operations.

Answer 33

GLOBAL AND LOCAL

Question 34

frombeing managed from the top to encouraging more initiative and entrepreneurship at the local level

Answer 34

DECENTRALIZED

Question 35

As the environment changes, marketers are rethinking their philosophies, concepts, and tools. here are major marketing themes at the start of new millenium:

Answer 35

relationship marketing
customer lifetime value
customer share
target marketing
individualization
customer data base
integrated marketing communications
channels as partners
every employee is a marketer
model based decision making

Question 36

Building long-term, profitable customer relationships.

Answer 36

RELATIONSHIP MARKETING

Question 37

from making a profit on each sale to making profits by managing this. some companies offer to deliver a constantly needed products on a regular basis at a lower price per unit because they will enjoy the customers’ business for a longer period

Answer 37

CUSTOMER LIFETIME VALUE

Question 38

from focus on gaining market share to focus on building this. companies build this by offering a large variety of goods to their existing customer and by training employees in cross selling and up selling

Answer 38

CUSTOMER SHARE

Question 39

from selling to everyone to trying to be the best firm serving well defined ______________.

Answer 39

TARGET MARKETING

Question 40

from selling the same offer in the same way to everyone in the target market to individualizing and customizing messages and offerings

Answer 40

INDIVIDUALIZATION

Question 41

Building databases to track individual customers’ purchases, preferences, demographics, and profitability.

Answer 41

CUSTOMER DATABASE

Question 42

Using several communication tools to deliver a consistent brand message.

Answer 42

INTEGRATED MARKETING COMMUNICATION

Question 43

Treating intermediaries as partners in delivering value to customers.

Answer 43

CHANNELS AS PARTNERS

Question 44

Recognizing that every employee contributes to customer satisfaction.

Answer 44

EVERY EMPLOYEE IS A MARKETER

Question 45

from making decisions on intuition or slim data to basing decisions on models and facts on how the marketplace works

Answer 45

MODEL- BASED DECISION MAKING