Chapter 1

Question 1

Marketing

Answer 1

the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Question 2

Needs

Answer 2

States of felt deprivation

Question 3

Wants

Answer 3

The form human needs take as they are shaped by culture and individual personality

Question 4

Demands

Answer 4

Human wants that are backed by buying power

Question 5

Market offerings

Answer 5

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Question 6

Marketing myopia

Answer 6

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Question 7

Exchange

Answer 7

The act of obtaining a desired object from someone by offering something in return

Question 8

Market

Answer 8

The set of all actual and potential buyers of a product or service

Question 9

Customer relationship management

Answer 9

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

Question 10

Marketing management

Answer 10

The art and science of choosing target markets and building profitable relationships with them

Question 11

Production concept

Answer 11

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiently

Question 12

Product concept

Answer 12

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

Question 13

Selling concept

Answer 13

The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

Question 14

Marketing concept

Answer 14

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Question 15

Societal marketing concept

Answer 15

The idea that a company’s marketing decision should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests

Question 16

Customer perceived value

Answer 16

Managing detailed information about individual customers are carefully managing customer touch points to maximize customer loyalty

Question 17

Customer satisfaction

Answer 17

The extent to which a product’s perceived performance matches a buyer’s expectations

Question 18

Customer-engagement marketing

Answer 18

Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

Question 19

Customer brand advocacy

Answer 19

Actions by which satisfied customers initiate favorable interactions with others about a brand

Question 20

Consumer-generated marketing

Answer 20

Brand exchanges created by consumers themselves–both invited and uninvited–by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

Question 21

Partner relationship management

Answer 21

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Question 22

Customer lifetime value

Answer 22

The value of the entire stream of purchases a customer makes over a lifetime of patronage

Question 23

Share of customer

Answer 23

The portion of the customer’s purchasing that a company gets in its product categories

Question 23

Customer equity

Answer 23

The total combined customer lifetime values of all of the company’s customers

Question 24

Internet of Things

Answer 24

A global environment where everything and everyone is digitally connected to everything and everyone else

Question 25

Digital and social media marketing

Answer 25

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices