Chapter 1

Question 1

The definition of Marketing?

Answer 1

The process of creating, distributing, promoting, pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Question 2

The definition of Customers?

Answer 2

The purchasers of organizations’ products; the focal point of all marketing activities

Question 3

The definition of Target market?

Answer 3

A specific group of customers on whom an organization focuses its marketing efforts

Question 4

What are the Components of Strategic Marketing?

Answer 4

1 - Customers

2 - Price
3 - Promotion
4 - Product
5 - Distributing

6 - Economical Forces
7 - Political Forces
8 - Sociocultural Forces
9 - Legal and Regulatory Forces
10 - Technological Forces
11 - Competitive Forces

Question 5

What does Marketing involves?

Answer 5

1 - Developing and managing a product that will satisfy customer needs
2 - Pricing the product at an acceptable level for buyers
3 - Making the product available in the right place

Question 6

what are the Marketing mix?

Answer 6

Four marketing activities—product, price, distribution, and promotion—that a firm can control to meet the needs of customers within its target market

Question 7

What are the Marketers must?

Answer 7

1 - Develop a marketing mix that matches the needs of customers in the target market
2 - Constantly monitor the competition and adapt their products, distribution decisions, promotion, and pricing to foster long-term success
3 - Collect in-depth, up-to-date information about customer needs

Question 8

What is the definition of Product?

Answer 8

Definition: A good, a service, or an idea

Good: A physical entity that you can touch
Service: The application of human and mechanical efforts to people or objects to provide intangible benefits to customers
Idea: A concept, a philosophy, an image, or an issue

Question 9

What does The product variable involves?

Answer 9

1 - creating or modifying brand names and packaging
2 - decisions regarding warranty and repair services

Question 10

What does The price variable relates to?

Answer 10

The price variable relates to decisions and actions associated with pricing objectives and policies and actual product prices

Question 11

Distribution role?

Answer 11

1 - Products must be available at the right time and in appropriate locations.
2 - A marketing manager makes products available in the quantities desired to as many target-market customers as possible while minimizing these three costs:
- Inventory
- Transportation
- Storage
3 - The advent of the internet and electronic commerce has dramatically influenced the distribution variable.

Question 12

What does The Promotion variable relates to?

Answer 12

The promotion variable relates to activities used to inform and persuade to create a desired response.

Question 13

Promotion can?

Answer 13

1 - Inform customers about product features
2 - Help to sustain interest in established products
3 - Urge people to take a particular stance on a political or social issue

Question 14

The definition of Value?

Answer 14

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product

Question 15

Customer benefits include?

Answer 15

anything a buyer receives in an exchange

Question 16

Customer costs include?

Answer 16

anything a buyer must give up to obtain the benefits the product provides, including cost, time, effort, and risk

Question 17

A product that demonstrates value has a feature/enhancement that provides benefits:

Answer 17

1 - Lowest price
2 - Convenience
3 - Availability

Question 18

The definition of Exchanges?

Answer 18

The provision or transfer of goods, services, or ideas in return for something of value

Question 19

Four conditions must exist for an Exchange to happen?

Answer 19

1 - Two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires
2 - The exchange should provide a benefit or satisfaction to both parties involved in the transaction
3 - Each party must have confidence in the promise of the “something of value” held by the other
4 - To build trust, the parties to the exchange must meet expectations

Question 20

How to maintain an exchange relationship?

Answer 20

1 - Buyers must be satisfied with the good, service, or idea obtained
2 - Sellers must be satisfied with the financial reward or something else of value received

Question 21

The definition of Stakeholders?

Answer 21

Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes

Question 22

The definition of Marketing environment?

Answer 22

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix

Question 23

These forces affect a marketer’s ability to facilitate value-driven exchanges in Three general ways?

Answer 23

1 - Customer Influence
2 - Marketing Activity Determinations
3 - Marketing Manager Decisions and Actions

Question 24

The definition of Marketing concept?

Answer 24

A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals

Question 25

The evolution of marketing has gone through three periods, including:

Answer 25

1 - Production orientation
2 - Sales orientation
3 - Market orientation

Question 26

The definition of Market orientation?

Answer 26

An organizationwide commitment to researching and responding to customer needs

Question 27

When did Market orientation emerge?

Answer 27

mid-20th century

Question 28

The definition of Customer relationship management?

Answer 28

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Question 29

Profits can be obtained through relationships in the following ways?

Answer 29

1 - acquiring new customers
2 - enhancing the profitability of existing customers
3 - extending the duration of customer relationships

Question 30

The definition of Relationship marketing?

Answer 30

Establishing long-term, mutually satisfying buyer‒seller relationships

Question 31

Factors which drive customer satisfaction?

Answer 31

1 - The core product or service offered
2 - Support services and systems
3 - The technical performance of the firm
4 - Interaction with the firm and its employees
5 - The emotional connection with customers

Question 32

The definition of Green marketing?

Answer 32

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment