chapter 1

Question 1

What is marketing?

Answer 1

creating, distributing, promoting, and pricing goods, services, and ideas to make favorable relationships with customers and stakeholders in a dynamic environment

Question 2

Aspects of marketing-mix

Answer 2

product, price, promotion, distribution

Question 3

What are the marketing environmental forces?

Answer 3

economic, political, competitive, legal, technological, sociocultural

Question 4

What is a target market?

Answer 4

specific demographic for a product

Question 5

What is supply chain management?

Answer 5

maintaining flow of products through physical distribution activities

Question 6

What is the product goal?

Answer 6

researching customers’ needs/wants and designing a product that satisfies them and being open to changing it (ex. warranties)

Question 7

What is the promotion goal?

Answer 7

used to inform or persuade to create a desirable response

Question 8

What is the price goal?

Answer 8

decisions associated with pricing objectives, policies, and product prices (most flexible variable in marketing mix)

Question 9

What is the distribution goal?

Answer 9

keeping inventory, transportation, and storage costs as efficient as possible while making products available to as many customers as possible

Question 10

Customer value =

Answer 10

customer benefit - customer cost

Question 11

What are nonmonetary costs?

Answer 11

time, risk, and effort

Question 12

Who are stakeholders?

Answer 12

customers, employees, investors/shareholders, suppliers, governments, communities, competitors

Question 13

What is the marketing concept (philosophy)

Answer 13

customer satisfaction while allowing business to achieve goals

Question 14

4 steps for an exchange

Answer 14

1. two or more people participate and each possess
   something of value that the other party desires
2. exchange should provide satisfaction to both parties
3. each party must have confidence/trust in each other
4. parties in exchange must meet each their expectations (build trust)

Question 15

Things of value

Answer 15

money, credit, labor goods, services, ideas

Question 16

What is the marketing environment?

Answer 16

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

Question 17

Stages of marketing evolution

Answer 17

production orientation, sales orientation, market orientation

Question 18

Ways to obtain a profit

Answer 18

acquiring new customers, enhancing profitability of existing customers, and extending duration of customer relationships

Question 19

What is customer relationship management (CRM)?

Answer 19

using info about customers to create
marketing strategies that develop desirable customer relationships

Question 20

What is relationship marketing?

Answer 20

establishing long-term, mutually satisfying buyer-seller
relationships

Question 21

What is customer lifetime value (CLV)?

Answer 21

key measurement that forecasts a customer’s lifetime economic contribution based on relationship marketing efforts

Question 22

What is socially responsible marketing?

Answer 22

promoting welfare of customers and stakeholders

Question 23

What is green marketing?

Answer 23

strategic process with stakeholder assessment to create
meaningful long-term relationships with customers while maintaining/enhancing the natural environment

Question 24

How many civilian workers in the US perform marketing activities?

Answer 24

25-33 percent