Chapter 1

Question 1

Marketing

Answer 1

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 2

Customer Value

Answer 2

The perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared with the cost of obtaining it.

Question 3

Supply Chain

Answer 3

The linked set of companies that perform or support the delivery of a company’s goods or services to customers.

Question 4

Logistics

Answer 4

The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer.

Question 5

Production Orientation

Answer 5

A marketing strategy in which the firm focused on efficient processes and production to create quality products and reduce unit costs.

Question 6

Sales Orientation

Answer 6

A marketing strategy in which personal selling and advertising are used to persuade consumers to buy new products and more of existing products.

Question 7

Marketing Concept

Answer 7

The idea that a firm’s long-term success must include a companywide effort to satisfy customer needs and wants.

Question 8

Exchange

Answer 8

An activity that occurs when a buyer and seller trade things of value so that each is better off as a result.

Question 9

Needs

Answer 9

States of felt deprivation. Consumers feel that deprivation when they lack something useful or desirable like food, clothing, shelter, transportation, or safety.

Question 10

Wants

Answer 10

The form that human needs take as they are shaped by personality, culture, and buying situation.

Question 11

Marketing Mix

Answer 11

A combination of activities that represent everything a firm can do to influence demand for its good, service, or idea; often referred to as the four Ps of marketing (product, price, place, and promotion).

Question 12

Product

Answer 12

The specific combination of goods, services, or ideas that a firm offers to consumers.

Question 13

Price

Answer 13

The amount of something—money, time, or effort—that a buyer exchanges with a seller to obtain a product.

Question 14

Place

Answer 14

As one of the “four Ps,” includes the activities the firm undertakes to make its product available to potential customers. Also known as distribution.

Question 15

Promotion

Answer 15

All the activities that communicate the value of a product and persuade customers to buy it.

Question 16

Social Media

Answer 16

Internet-based applications that enable users to create their own content and share it with others who access these sites.

Question 17

Global Marketing

Answer 17

A marketing strategy that consciously addresses customers, markets, and competition throughout the world.

Question 18

Brand

Answer 18

The name, term, symbol, design, or any combination of these that identifies and differentiates a firm’s products.

Question 19

Marketing Analytics

Answer 19

The practice of measuring, managing, and analyzing market performance.